Monday December 13th, 1999

Toyota's entry to Formula One could be as early as 2001, a spokesman for the company said today. Last week, Toyota made the required deposit of $48 million to the FIA, to ensure it reserved the 12th spot for a team in F1 to the Japanese giant. The money will be paid back to Toyota during their first season, though they stand to lose $12 million of it per year, as of 2001, should they fail to realize their reserved slot within the next five years.

"We are making the utmost efforts in direction of speeding up Toyota's entry to F1," senior director Akihiko Saito told the press today. "If there will be a possibility, we are hoping to do so even in the year of 2001."

Previous reports say Toyota plan to accelerate its F1-related research and development, including investment in an advanced wind-tunnel test facility in Cologne, Germany. According to some reports, an annual budget of $165 million has been set forth by the company for a program to build both its own car and engine.