Japan's Toyota Motor announced on Wednesday it was quitting Formula One racing, joining an exodus of Japanese automakers from the sport due to the global economic crisis.

Toyota said its decision to withdraw after this year's season — which ended Sunday in Abu Dhabi — reflected "the current severe economic realities."

The announcement was made at an early-morning news conference in Tokyo on with company president Akio Toyoda and team principal Tadashi Yamashina also in attendance, reports said.

Honda and BMW have already exited F1 to cope with the credit crunch and Toyota's withdrawal leaves no Japanese automaker left in the high-octane motorsport, raising fresh fears for its future.

Despite heavy investment in the team, they have never won a race, although they had 11 podium finishes, including three in the 2009 season in which the team finished fifth in the manufacturers' standings.

Their drivers have included Ralf Schumacher, Olivier Panis, Allan McNish and this year's line-up of long-term team member Jarno Trulli and Timo Glock. Glock, who was injured, was replaced for the final two races of 2009 by Japanese driver Kamui Kobayashi.