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TOKYO - Toyota came close to following Honda out of Formula One after their Japanese rivals pulled out of the glamour sport to cut costs in December, Toyota team principal Tadashi Yamashina said yesterday.
"Our Formula One budget was cut again and again from its original figure," Yamashina said.
"It was cut again after Honda's announcement they were leaving F1 and within a month the figure was reduced again after Toyota's yearly earnings target was revised."
Toyota have yet to win a race after seven years in Formula One and spent an estimated $300million (R3billion) on the Cologne-based team last year.
"Winning and results are important," Yamashina said. - Reuters