Addressing a news conference here, Akio Toyoda, company president said, "We are pulling out of Formula One completely. I offer my deepest apologies to Toyota's many fans for not being able to achieve the results we had targeted."
"Based on the current economic environment, we realize we have no choice but to withdraw from Formula One," Toyoda said.
"This was a difficult but ultimately unavoidable decision. Since 2008 with the worsening economic climate, we have been struggling with the question of whether to continue in F1," he added.
The world's largest car maker is now the third major manufacturer to withdraw from F1 in the space of 11 months after Honda and BMW.