Toyota reported to quit Formula One

TOKYO, Nov. 4 (Xinhua) -- Toyota Motor was reported on Wednesday to leave the Formula One racing championship in a bid to cut cost.

Toyota Motorsport Chairman and Team Principal Tadashi Yamashina cries at a news conference at the company's headquarters in Tokyo November 4, 2009. Toyota Motor announced its withdrawal from Formula One racing after this year.(Xinhua/Reuters Photo)

Another Japanese carmaker Honda pulled out in December last year amid global economic downturn. Brawn GP, which took over the old Honda team, won the 2009 F1 championship.

According to Japanese news agency Kyodo, Toyota, the only Japanese automaker participating in F1 this year, is seeking to cut costs as it expects to post an operating loss for the six months ended Sept. 30.

The company is due to report earnings Thursday.