Toyota to pull out of Formula One

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Toyota's exit from Formula One racing is imminent, Japanese media reported Wednesday.

Toyota was widely expected to follow Honda as the second major Japanese automaker to withdraw from the sport. Honda pulled out last December, citing a slowdown in the global economy. Brawn GP, which took over the old Honda team, won the 2009 F1 championship.

Toyota, the world's largest automaker, is seeking to cut costs as it expects to post an operating loss for the six months ended Sept. 30. It is due to report earnings Thursday.

The company posted its worst ever loss in the financial year ended March.