(November 4, 2009) Toyota has confirmed that it will pull the plug on its Formula One program immediately, AutoWeek reported today. The news was announced by company boss Akio Toyoda in Tokyo some 11 days before a much anticipated meeting where the team's budget was to be discussed.

Toyota's withdrawal comes following the departure of Honda 11 months ago, and confirmation from Bridgestone on Monday that it will leave F1 at the end of 2010. It leaves Japan with no strong connections to the sport for the first time since Honda's return in 1983.

Toyota arrived in F1 amid great fanfare in 2002, and while it has earned pole positions and podiums — the red and white cars finished second in two of the last four races of this year. There had been no wins.