Toyota to pull out of Formula 1

Tokyo: Toyota's exit from Formula One racing is imminent, Japanese media reported on Wednesday.

Toyota was widely expected to follow Honda as the second major Japanese automaker to withdraw from the sport. Honda pulled out last December, citing a slowdown in the global economy. Brawn GP, which took over the old Honda team, won the 2009 F1 championship.

Toyota, the world's largest automaker, is seeking to cut costs as it expects to post an operating loss for the six months ended Sept. 30. It is due to report earnings Thursday.

The company posted its worst ever loss in the financial year ended March.

Japanese newspaper Mainichi reported Toyota's expected F1 exit early on Wednesday, and the Kyodo news agency later cited unnamed sources close to the situation as saying Toyota Motor Corp. would withdraw from F1.

The company has not confirmed the reports, and has scheduled a news conference for 5 pm local time (0800 GMT) at its Tokyo headquarters with Toyota president Akio Toyoda and Tadashi Yamashina, senior managing director of Toyota motorsports activity.

Earlier, a Toyota spokeswoman said she would investigate the local media reports.