It is forecast that the giant Japanese carmaker will stand to lose $1.7 billion for the upcoming financial year in March 2009.

This is Toyota’s first ever loss in their 71 year history.

Despite that, Toyota has assured their fans, sponsors, backers and motorsport authorities that they’re still ‘in the game’.

The F1 game that is.

So to offset that loss, Toyota has planned for cost cutting such as reducing their annual F1 spending which is as much as $445 million for current year.