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Formula 1 Racing (Toyota to Quit Racing)
Toyota Motor Corp. is planning to leave Formula One motor racing, a person close to the Japanese auto maker said Wednesday, in the latest blow to the popular global sport.
Toyota follows Honda as the second major Japanese automaker to withdraw from Formula One.
Toyota is expected to call a news conference in Japan later today to announce the decision, which follows the end of this year's racing season this past weekend, the knowledgeable person said.
The exact reason for the move wasn't immediately clear. But it comes at a time when Toyota is struggling with losses following the collapse of car sales in the U.S. and other major markets. Running a Formula One racing team is extremely expensive, costing as much as hundreds of millions of dollars a year.
Toyota's expected announcement could deal a major blow to the future of Formula One, which in recent months has also seen BMW AG and Honda Motor Co. leave the sport to cut costs amid sluggish global auto sales. Formula One also has been suffering from declining attendance, internal power struggles and a poor environmental image.
Although a marginal sport in the U.S., Formula One has established itself as the pinnacle of international motor racing and attracts huge television audiences in Europe, the Middle East and Asia. That has made it a big business, with sponsorship and television deals totaling billions of dollars.
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