Tokyo, Japan -- (Sports Network) - In an effort to cut costs, Toyota Motor Corporation announced Wednesday it was going to pull out of Formula One racing.

In a press release, Toyota said it remained dedicated to competing at the top of motor sports, but because of the abrupt economic changes that started last year it was withdrawing from the circuit.

Toyota leaves F1 having compiled 13 podium and 87 point finishes over eight seasons since 2002. The company said it intended to find a solution for parties who would be affected by the decision.

This is the second major Japanese car company to withdraw from F1. Honda called it quits with the circuit last December to cut costs.