26 Dec 2008

Toyota committed to another formula one season

10:35 am on 26 December 2008

Toyota will not be joining Honda in leaving Formula One.

The giant Japanese company has declared itself resolutely committed to continuing in formula one despite what promises to be its first operating loss for 70 years as the depression in the global car industry worsens.

But Toyota's team president, John Howett, as vice-chairman of the Formula One Teams Association, has backed calls for a re-evaluation of the way the sport's income is distributed by Bernie Ecclestone, the commercial rights holder.