Toyota Motor was expected to announce Wednesday it is quitting Formula One, joining an exodus of Japanese automakers from the multi-million dollar sport due to the global economic crisis.

Toyota announced it would hold a briefing on its motorsports activities at 5.00 pm (0800 GMT) Wednesday, after Japanese media reported the world`s largest car manufacturer was set to leave the F1 circuit.

The company is expected to look for a buyer in Europe for its F1 team, the Kyodo News agency reported, citing unnamed sources close to the matter.

Honda and BMW have already exited F1 to cope with the credit crunch and Toyota`s withdrawal would leave no Japanese automaker left in the high-octane motorsport, raising fresh fears for its future.

Toyota`s team has not won a grand prix since its 2002 debut on the F1 circuit and finished this season ranked fifth in the constructor championship.

The Mainichi newspaper said the auto giant had earlier planned to continue its F1 participation until 2012 but decided to cut costs by making this year`s season -- which ended Sunday in Abu Dhabi -- its last.

The company declined to comment on the reports.

Facing a collapse in worldwide car sales, Toyota has already pulled out of hosting the Japanese Grand Prix at its Fuji Speedway circuit from next year.

Other firms have also been withdrawing from motor sports.

On Monday Bridgestone said it would end its contract as the official tyre supplier to F1.

Honda announced in December its shock withdrawal from F1, selling its team to former principal Ross Brawn -- reportedly for just one British pound.

Suzuki and Subaru meanwhile have withdrawn from the world rally championship, while motorcycle maker Kawasaki has exited the MotoGP and Mitsubishi is quitting the Dakar Rally despite a dozen victories.

Toyota`s decision to exit F1 comes as the global economic downturn forces Japanese automakers to slash costs and step up their focus on environmentally friendly cars such as petrol-electric hybrids.