Nov. 4 (Bloomberg) -- Toyota Motor Corp. will announce today its withdrawal from Formula One racing after this year’s championship series, the Mainichi newspaper reported, without saying where it obtained the information.

Toyota, the only Japanese automaker participating in the race this year, is seeking to cut costs as it expects to post an operating loss for the six months ended Sept. 30. The race costs the company tens of billion yen a year, the report said.

Yuta Kaga, a spokesman for the Toyota City, Japan-based automaker, declined to comment on the report.

To contact the reporters on this story: Takehiko Kumakura at tkumakura@bloomberg.net; Yuki Hagiwara in Tokyo at yhagiwara1@bloomberg.net

Last Updated: November 3, 2009 21:15 EST