The Japanese car manufacturer posted its worst-ever financial loss for the year to March and is tomorrow expected to announce further losses for the year to September.
The Toyota team has failed to win any of its 139 races since making its F1 debut in 2002, but finished fifth in the 2009 constructors' championship.
Toyota's departure from F1 will leave the sport with no Japanese team. Honda left at the start of the 2009 season and Bridgestone, the Japanese tyre company, announced on Monday that it would not be renewing its contract to supply F1 after its current deal ends at the end of the 2010 season.
In July, Toyota pulled out of hosting the Japanese Grand Prix at its home circuit from next year.
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