Nov. 4, 2009 (United Press International) -- Toyota Motor Corp. (NYSE:TM) , citing cost-cutting measures, said Wednesday it would withdraw its team from Formula One racing.

Toyota issued a statement Wednesday saying it would leave F1 racing at the end of the 2009 season. The F1 schedule wrapped up last weekend with the Abu Dhabi Grand Prix.

Toyota joined the F1 circuit in 2002 but its cars never managed a Grand Prix victory. Team drivers Jarno Trulli and Timo Glock were expected to look to other F1 teams for possible cars for 2010.

The company said it was "dedicated to competing at the pinnacle of motor sports, even in the face of the abrupt economic changes that started last year.

"However, when considering TMC's motor-sports activities next year and beyond from a comprehensive midterm viewpoint reflecting the current severe economic realities, TMC decided to withdraw from F1."