Panasonic Toyota Racing was a Formula One team owned by the Japanese automobile manufacturer Toyota and based in Cologne, Germany. Toyota announced their plans to participate in Formula One in 1999, and after extensive testing with their initial car, dubbed the TF101, the team made their debut in 2002. The new team grew from Toyota's long-standing Toyota Motorsport GmbH organisation, which had previously competed in the World Rally Championship and the 24 Hours of Le Mans. Despite a point in their first-ever race, Panasonic Toyota Racing never won a Grand Prix, their best finish being 2nd position, which they achieved five times – in 2005, 2008 and 2009.
Toyota drew criticism for their lack of success, especially after the 2006 Formula One season, in which the team's best result was 3rd place in the Australian Grand Prix. Toyota was a well-funded team, but despite this, strong results had never been consistent.
On 4 November 2009, Toyota announced its immediate withdrawal from Formula One, ending the team's involvement in the sport after eight seasons. Wikipedia