Toyota today announced their immediate withdrawal from Formula One. Toyota are the latest in a string of manufacturers to depart from the sport, following Honda pulling out last year and BMW ending their F1 tenure at the end of the 2009 season.

The news comes after the Japanese car manufacturer recorded significant losses caused by the global financial crisis.

In a press release the Toyota Motor Corporation (TMC) stated: ‘when considering TMC's motor-sports activities next year and beyond from a comprehensive midterm viewpoint reflecting the current severe economic realities, TMC decided to withdraw from F1.’

In their eight seasons competing in Formula One, the Cologne based team clocked up 13 podium positions, 3 pole positions and an impressive points haul, but have failed to score a single win despite having one of the largest budgets in the paddock.

The news is a blow for Toyota driver Kamui Kobayashi, who was widely expected to be given a permanent seat next season after two impressive races covering for injured Timo Glock.

Neither Toyota’s Glock or Jarno Trulli were expected to stay with the squad for the 2010 season, with the drivers being linked to seats at Renault and the newly founded Lotus F1 team respectively.

With Toyota’s exit from the sport, the recently purchased Sauber team look more likely for a place on the 2010 grid. The former BMW Sauber team was purchased by investment company Qadbak last September, and currently hold a reserve position for 2010.