Ferrari has suggested that the departure of Toyota, BMW and Honda from Formula 1 in the past year is due to the actions of the sport’s bosses rather than the economic downturn.
Toyota announced its decision to pull out of the World Championship earlier today, citing the “current severe economic realities” as the reason for its abrupt exit. But an item published on Ferrari’s official website argued that … Details
The FIA has described Bridgestone and Toyota’s decisions to exit Formula 1 as a “concern” – and says it wants to clarify Toyota’s legal position, as it had previously committed to the sport until 2012.
Toyota, along with all the other current teams, had signed the new Concorde Agreement in the summer, binding the Japanese company to F1 for the next three seasons. Although in theory its departure … Details
General Motors, in a startling reversal on Tuesday, called off a deal to sell its struggling European operations to a consortium led by Canadian auto parts giant Magna, in partnership with Russia’s state-owned Sberbank and cash-strapped automaker GAZ.
In a statement, GM said the “improving business environment” and “the importance of Opel/Vauxhall to GM’s global strategy” had …Â Details
Toyota Motor withdrew from Formula One on Wednesday, leaving Japan without a team in motorsport’s premier series.
Company president Akio Toyoda apologized for the team’s failure to record a single race victory since joining F1 in 2002 despite an estimated annual budget of around $300 million.
“This was a difficult but ultimately unavoidable decision,” he told a news conference in Tokyo. “Since last year … Details