Toyota commits to F1 despite loss

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Toyota has vowed to continue running its Formula One team despite forecasting an annual loss of £1.1bn.

Following Honda's shock departure from the sport in December because of the global economic crisis, it had been feared Toyota could follow suit.

But Toyota Motor Corporation president Katsuaki Watanabe insisted: "We will continue F1 and other motorsport activities while cutting costs.

"To keep [spending] up at the current level is extremely difficult."

Japan's biggest carmaker announced on Monday that it was bracing itself for its first annual loss in 71 years because of plummeting sales and a surge in the value of the yen.

Watanabe added: "The change in the world economy is of a magnitude that comes once every hundred years.

"We are facing an unprecedented emergency."

But Toyota, who made their F1 debut in 2002, insist they do not plan to follow fellow Japanese teams Honda, Subaru and Suzuki out of motorsport.

Honda, which spent more than £300m a year on F1, withdrew from the sport on 5 December blaming the contraction of the global economy.

Last week Subaru, whose cars are made by Fuji Heavy Industries, and Suzuki pulled out of the World Rally Championships for the same reason.

Toyota plans to continue operating in F1 though warned the team would have to scale back costs.

This month F1's teams and the governing body, the FIA, agreed key cost-cutting measures for the next two seasons to help guarantee the future of the sport.

Those measures include doubling engine life, reducing engine revs and cutting the cost of engines to independent teams.

Toyota field youngster Caldarelli at Bahrain test

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Toyota have brought the curtain down on their 2008 testing programme by introducing a new face behind the wheel of the TF108. Italian youngster Andrea Caldarelli, a member of Toyota’s young driver programme since 2007, enjoyed his first official Formula One outing during the team’s three-day test at Bahrain this week.

Caldarelli, who hails from Pescara, the same Italian city as Toyota race driver Jarno Trulli, completed 128 laps over Monday and Tuesday, and ended with a best lap of 1m 33.170s. Last season he raced in both the Formula Renault West European Championship and Eurocup.

“This has been a great experience for me and I have thoroughly enjoyed it,” he said “To get the chance to test a Formula One car when I am still only 18 is such a good opportunity and I was determined to make the most of it. Obviously the TF108 is a big step up compared to my usual car; the power is amazing but so are the brakes, and the grip you have going round corners takes a few laps to adjust to.

"I think I did a good job considering the circuit is new to me and this is my first full Formula One test. I would like to say thank you to Toyota for giving me the chance to test the TF108. This experience gives me extra motivation to fight as hard as possible to one day race a Formula One car.”

Timo Glock was also in action in Bahrain, continuing the team's 2009 preparations. Glock not only analysed Bridgestone's new slick tyres in conjunction with a low-downforce aerodynamic configuration, but tested a new gearbox and evaluated some mechanical devices to advance the team's KERS development. Toyota expect to run their complete KERS system for the first time in January.

Glock covered 258 laps during his three days in the car and clocked a best time of 1m 32.090s. Third driver Kamui Kobayashi, who took over Caldarelli’s TF108 on Wednesday, completed 33 laps to use up the final kilometres of the team's 2008 testing allowance.