28tm_logo.pngIn a new twist to backdowns that have of late dogged the Formula One world, Toyota Motor Corporation (NYSE: TM, TM message board) is reportedly mulling over distancing itself from hosting the 2010 Japanese Grand Prix. The carmaker was designated to play host to the prestigious event – the 16th leg of the 18-round F1 series – at its privately-owned race course, the Fuji Speedway located at the foot of Mount Fuji.

  Fuji Speedway returned to host the 2007 and 2008 events after a 30-year break, whilst Suzuka Circuit which is owned by fellow Japanese automaker, Honda Motor Co., Ltd.
(NYSE: HMC), will host this year’s event despite having pulled its own team out of the race at the end of last year, as concern of the recession grew. In contrast, Toyota is said to be still entertaining plans of fielding its German-based team for the race next year.

  In May, some sections of the Japanese Media had reported that Toyota could yield to pressures from its workforce which had questioned the rationale of bearing the expenses that come with hosting the race, at the price of jobs in its major enterprise.

  For the year ended in March, the carmaker registered its first ever fiscal full year net loss of $4.4 billion, and warned that it would lose $5.5 billion for the current year. For the January – March quarter, Toyota said it lost $7.7 billion, faring worse than its arch-rival General Motors Corporation (OTC: GMGMQ) which had lost $5.9 billion for the comparable period.
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  By the time of writing, TM stock was selling at $75.81, up from $75.53 for the preceding trading session.

Reference:
http://www.toyota.co.jp/en/index.html