Toyota Quits F1?

Joe Sward, the terrific F1 journo and Delphic Oracle of rumors such as these, says that Toyota’s board has made a decision on F1. They are quitting—effective immediately. This is being reported, Saward says, in the Japanese paper Mainichi Shimbun . He also says his contacts in Japan are verifying the news as well. Joe has always been a great guy and stand up journo on the sharp edge of the journalistic stick, and I have every reason to believe he is correct.

You can read his comments here .

So Tokyo has brought us two damning stories in as many days with Bridgestone’s shock announcement and now—although not so shocking—Toyota’s final curtain call. As Saward points out, the board members were to meet this month to determine budgets for 2010 and the F1 teams fate was certainly in the balance. The news of their exit is not the most shocking of news as Toyota has failed to achieve their goals after a decade in the sport.

Reality could be leveraged against the team as they were most likely drawn into the sport by Honda’s presence and it could be argued that Honda’s exit left little for Toyota to prove from a Japanese car manufacturer’s standpoint. This is indeed sad news, as Toyota had their best year in 2009 from a pace standpoint and looked to be moving in the right direction. It also is equally sad as the team may have found the long-lost Japanese driver that actually has pace in Kamui Kobayashi.

Like BMW, Toyota’s building blocks were coming together—but unlike the German marque, it took seven additional years to get it right. I am saddened by the news as Toyota, to me, has relevancy in F1. Why? Because Toyota is the worlds largest automaker and they have certainly felt the credit crunch like everyone else. Additionally, I offer a brand equity issue they face.

They have a large presence in the US and several plants that employ many Americans. They have a good product yet the juggernaut that has been the Camry has lost it’s pizazz in the US. It isn’t the go-to car like it used to be and their involvement in NASCAR hasn’t done much to pump up their image as there is nothing “stock” about the stock car series. The only thing Toyota is the shape of the body practically. I think Toyota has become the Oldsmobile of the US market…cars for older people.

I still think Toyota has a lot to prove but alas, it won’t be in F1 and I don’t think NASCAR is the best fit for them. The NASCAR truck series, however, is relevant to me as their trucks have done very well in the States. Please understand, I think Toyota makes a terrific product and this news saddens me to the core, particularly for all the men and woman working in Cologne.

But there is little one can do to convince a board that staying in F1 is a good idea when your main competitor has bowed out, a top German car maker has bowed out to be more “green,” and the image you want the entire world to see is an electric car named Prius for the guilt-ridden smugness it both sates and offers. In this light; loud, gas guzzling F1 cars may not attract the eco-conscience of the discriminating and idealistic world citizen.

The next question? Will there be homes for the displaced Cologne workers or will Toyota find a buyer for the team? One considers the Hinwill-based teams need for a slot ont he 2010 grid and perhaps the two can work together to form one terrific team from two quitters. Perhaps this news will allow Dr. Mario Thiessen to sleep tonight.

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