Toyota Motor Corp. said Monday it plans to keep racing Formula One and NASCAR cars, even as demand for autos plummets worldwide.
The company will participate in the two racing series "despite being financially restricted by severe business conditions," it said.
Toyota is forecasting its first loss in 59 years as the global recession hammers demand for automobiles and the company seeks loans from the government.
Automakers including Honda Motor Co. and Fuji Heavy Industries Ltd. have pulled out of auto racing and off-road rallies to cut costs amid the worst economic crisis the world has faced since the Great Depression.
Honda left F1 last year and Renault SA, France's second-largest carmaker, may eventually follow, it said earlier this month.
Renault's sponsor, ING Groep NV, will end its three-year contract after the 2009 season as part of a cost-cutting program.
Following Honda's departure, the nine remaining teams agreed in December to slash costs by 30 percent by banning testing during the racing season and sharing data on tires and fuel — previously areas of fierce competition.
Brawn GP will replace Honda Racing in the 2009 Formula One world championship.
This year's F1 season begins with the March 29 race in Melbourne.
Other carmakers participating in the sport include Daimler AG, Ferrari SpA and Bayerische Motoren Werke AG.