Toyota today quit Formula One and then apologised to their supporters for failing to win a race during their eight years in the sport.

Team principal Tadashi Yamashina was in tears at an emotional press conference in Tokyo, where it was announced that the parent company's huge losses meant it could no longer fund an F1 team.

The car manufacturer expects an operating loss of nearly £5billion for the year and is understood to have splashed £270million on the sport this season.

Company president Akio Toyoda said: “It was a very difficult but unavoidable decision. I offer my deepest apologies to Toyota's many fans for not being able to achieve the results we had targeted.”

Toyota were fifth in this season's constructors' championship, with Jarno Trulli and Timo Glock finishing eighth and 10th respectively in the drivers' standings. Toyota's exit comes in the wake of rival leading car manufacturers Honda and BMW leaving the pit lane because of the global financial crisis.

However, there will be no gaps on the grid next year as Sauber are expected to lose their first reserve' status to take Toyota's place. Lotus, Campos and Manor are also joining F1 next year to take the number of teams to 13.

Meanwhile, Pirelli has ruled out replacing Bridgestone as Formula One tyre supplier from 2011. Bridgestone announced on Monday it will quit the sport after next season.