Jan 16 2009
Toyota to review NASCAR budget
Toyota has been forced to review their spending in NASCAR, according to Toyota Racing Development president Lee White.
White said in a conference call Thursday that he expects the drops in car sales to have an impact on the Japanese manufacturer’s racing programs, and said there could be a cut in the TRD’s NASCAR budget.
“There is probably not anything on this earth here that Toyota is involved with now that is not under some level of review regarding budget expenditure,” White said.
“That includes everything that we do, everything that TRD does and everything we do around motorsports,” White added. “There is a review of everything. Certainly if contracts have expired, it’s very likely that contracts have not been renewed, or if they are being renewed, they are certainly being renegotiated.”
Toyota reported massive losses in the final quarter of 2008, larger than those of both General Motors and Ford. Both GM and Ford have already scaled back their involvement in NASCAR.
Toyota has already announced that they plan closures in production plants in Japan for 11 days over the next two months.
Despite the gloom, White doesn’t expect Toyota or any other manufacturer to completely withdraw their cars from NASCAR.
“The last thing that you’ll see any of them reduce is cars on the racetrack with numbers on them competing,” said White. “That is what it takes to gain the hearts and minds of the consumer and of the fans. I think you’ll see the four manufacturers still out there, still being represented and still having cars going around the racetrack.”
