Toyota president Akio Toyoda said the Japanese automaker is pulling out of Formula One racing as the company wants to focus on its core business.

Toyota Formula One racing team has pull out from the Championship. It says the company need to cut costs and focus on its core business if it wants to stay afloat.

Toyota official statement was, “Based on the current economic environment, we realise we have no choice but to withdraw from Formula One.”

This is the second Japanese company to withdraw from the sport this year, after Honda. Toyota is the world’s largest automaker, and has cited worsening economic conditions that resulted in their withdrawal.

The Toyota officials has affirmed with their decision, and their return will only be likely if the economic conditions improves.

As for FIA, they have responded they’ll take a legal review of Toyota decision, as the company has put it in ink and paper to commit to F1 through 2012.