Toyota to enter F1

Toyota have announced plans to enter Formula One by 2003

Toyota have announced plans to enter Formula One by 2003. The Japanese car manufacturers have decided to challenge rivals Honda, who have announced their return to grand prix racing after a six-year absence.

The plans include the development of a new engine and chassis, which will be built and based at the company's Cologne factory.

The project will be headed by Andre de Contanze, a 57-year-old French driver with several victories at Le Mans and other world races.