According to Reuters, Japan’s Mainichi newspaper wrote today that the company would make the announcement in a news conference at 8 am this morning. Toyota is understood to be going ahead with the move despite having already signed an agreement committing itself to the series until 2012.
Toyota is continuing to suffer massive losses during the global economic downturn. The company has not won a single F1 race since entering in 2002, despite funding its team to the tune of 300 million yen (£186 million) per year.
It follows fellow Japanese companies Super Aguri, Honda and tyremaker Bridgestone who have left F1 in the last two years.
