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Toyota Motors made the announcement on Wednesday, saying the withdrawal was "effective as of the end of the 2009 season," which came to an end on Sunday.

The company added that "harsh economic realities had taken an adverse effect" on the carmaker and that it needed to "cut costs and focus on its core business."

The carmaker is set to report losses for the second consecutive year, due in most part to collapsing sales in US and European markets.

Bildunterschrift: Großansicht des Bildes mit der Bildunterschrift:  Seven years, no victories for Toyota drivers like Timo Glock

Last Japanese team to leave F1

Toyota's Cologne-based team debuted in Formula One in 2002 but was never able to notch a Grand Prix win. In the 2009 season, drivers Jarno Trulli and Timo Glock finished eighth and 10th in the individual standings, respectively.

The world's largest automobile producer is now the last of a line of Japanese carmakers to leave F1 motor racing. Honda pulled out at the end of last year, after an on-again, off-again involvement in the sport that began in 1964.

Fellow auto giant BMW also decided to call it quits earlier this year.

The Toyota announcement also comes after the Renault team shocked the F1 world with scandal. In September, the team received a two-year suspended ban for fixing the 2008 Singapore Grand Prix; team boss Flavio Briatore was banned from F1 permanently.

glb/AFP/dpa
Editor: Trinity Hartman