Toyota withdraws from Formula 1

Toyota has confirmed that it is pulling out of Formula 1 racing after posting its worst ever financial loss.

The world's largest car manufacturer will concentrate on its core business.

Toyota president Akio Toyoda said the Japanese team had no option but to pull out citing "the current severe economic realities" affecting the world.

The team failed to win any of the 139 races it entered after making its F1 debut in 2002 but was fifth in the 2009 constructors' championship.

Toyota's withdrawal leaves the sport with no Japanese team after Honda left F1 at the start of the 2009 season. They become the third manufacturer to quit the sport in the last 11 months after BMW announced it was leaving in July.