Toyota, the Japan-based car manufacturer, has confirmed that it plans to pull out of Formula One - the third company to withdraw from the sport during the last 12 months.

The decision means that the sport will feature no Japanese representative in the 2010 World Championship, following withdrawal of Honda in December 2008. Germany-based company BMW has also announced it is pulling out. In a statement, a spokesperson for Toyota said: "When considering Toyota Motor Corporation's (TMC) motor-sports activities next year and beyond from a comprehensive midterm viewpoint reflecting the current severe economic realities, TMC decided to withdraw from Formula One."

However, the Federation Internationale de L'Automobile (FIA) - world motor sports' governing body - has voiced concerns over Toyota's decision to pull out of Formula One weeks after it appeared to commit to the sport until 2012. A FIA spokesperson said: "Toyota's decision, however, comes just weeks after its Formula One team signed the new Concorde Agreement until 2012.

"Urgent clarification is now being sought from the Toyota Formula One team as to its legal position in relation to the championship." Meanwhile, France-based company Renault has refused to confirm whether it is also set to withdraw from the sport. According to the BBC, a spokesperson for the company said a decision would be made by the end of 2009.