Toyota, world’s largest automaker, says it is pulling out of Formula One after economic slump

Toyota announces it is pulling out of Formula One

TOKYO — Japanese automaker Toyota says it is pulling out of Formula One racing.

Toyota president Akio Toyoda said at a news conference Wednesday the company wants to focus on its core business.

The world’s largest car manufacturer posted its worst ever loss in the financial year which ended March, and is expecting the losses to continue this fiscal year.

Toyota follows Honda as the second major Japanese automaker to withdraw from F1. Honda pulled out in December last year amid worsening economic conditions.