From GMM
Executives of the Toyota Motor Corporation considered following fellow struggling Japanese carmaker Honda out of formula one, a top chief of the Cologne based team has admitted.
Tadashi Yamashina, team principal and chairman of the marque's motor racing arm Toyota Motorsport GmbH, told a news conference that the global financial crisis led Tokyo based officials to consider reducing costs by pulling out of the sport.
"I stressed again and again in the company's executive board meetings there was no way we should pull out, although we have to drastically cut our costs," he is quoted as saying by the Yomiuri Shimbun newspaper.
"Obviously our negative business reports did cause some doubt."
Yamashina said Panasonic's decision to extend its contract as team title sponsor through to 2012 was instrumental.
"I was extremely happy that Panasonic decided to renew its contract with us even though they also had some financial trouble. Their understanding of what we are doing allowed us to keep racing," he admitted.
However Yamashina told the news agency Reuters: "Our formula one budget was cut again and again from its original figure. It was cut again after Honda's announcement they were leaving F1 and within a month the figure was reduced again after Toyota's end of yearly earnings target was revised. I'm not able to put a figure on how much the budget was slashed but in all my time at Toyota I have never seen cuts like it," he said.
photo:Toyota
Executives of the Toyota Motor Corporation considered following fellow struggling Japanese carmaker Honda out of formula one, a top chief of the Cologne based team has admitted.
Tadashi Yamashina, team principal and chairman of the marque's motor racing arm Toyota Motorsport GmbH, told a news conference that the global financial crisis led Tokyo based officials to consider reducing costs by pulling out of the sport.
"I stressed again and again in the company's executive board meetings there was no way we should pull out, although we have to drastically cut our costs," he is quoted as saying by the Yomiuri Shimbun newspaper.
"Obviously our negative business reports did cause some doubt."
Yamashina said Panasonic's decision to extend its contract as team title sponsor through to 2012 was instrumental.
"I was extremely happy that Panasonic decided to renew its contract with us even though they also had some financial trouble. Their understanding of what we are doing allowed us to keep racing," he admitted.
However Yamashina told the news agency Reuters: "Our formula one budget was cut again and again from its original figure. It was cut again after Honda's announcement they were leaving F1 and within a month the figure was reduced again after Toyota's end of yearly earnings target was revised. I'm not able to put a figure on how much the budget was slashed but in all my time at Toyota I have never seen cuts like it," he said.
photo:Toyota