Toyota insist they can reduce costs and still compete in Formula One
Five of Formula One's top teams have pledged to remain in the sport. BMW Sauber, Ferrari, McLaren-Mercedes, Renault and Toyota are all determined not to follow Honda by quitting F1. Honda bowed out for financial reasons, prompting motorsport boss Max Mosley to warn that cost-cutting was vital to avoid losing any of the other teams. Toyota, believed to be under pressure in the current economic crisis, said they were "committed to succeeding in Formula One and to reducing costs". That is despite the team, who considerably outperformed Honda in 2008, scoring four times as many points and finishing fifth in the constructors' championship, axeing the media launch for their 2009 car as a money-saving measure. We are contributing to activities which will achieve significant cost reductions, whilst maintaining the spirit of the sport
Toyota F1 statement French team Renault, who finished in fourth with 80 points to Toyota's 56, also revealed they remained committed to the sport. But former F1 giants Williams, who limped to eighth place in 2008, have yet to make a statement. One of the few remaining independent teams, Williams have seen sponsors RBS, AT&T; and Philips suffer heavy losses in recent months. Honda withdrew from the sport on Friday, leaving their Northamptonshire-based team just weeks to find new backers or face closure. The Formula One Teams Association (Fota) met on Thursday to discuss proposals to secure the future of the sport, and said agreement had been reached on "substantial cost-cutting for 2009 and 2010" as well as "additional initiatives to improve the show". With top teams spending about £300m a year, Mosley, president of governing body the International Automobile Federation (FIA), said the sport had to cut soaring costs. Despite Mosley describing the team's cost-cutting proposals as "fiddling about", Toyota, who have one of the biggest budgets in F1, are sure they are on the right path. HOW SAFE ARE REMAINING TEAMS? BMW Sauber - secure
Large budget, safe despite 25% slump in BMW sales Ferrari - very secure
Future not in doubt. Huge fanbase, beating heart of F1 Force India - secure
Owned by billionaire Vijay Millya, well-funded for 2009 at least McLaren - very secure
Sound finances, strong core of sponsors Red Bull - secure
Owned by billionaire Dietrich Mateschitz, money no object Renault - vulnerable
Manufacturing losses make team vulnerable to Honda-style pull-out Toro Rosso - safe
Also owned by Mateschitz - how long can he sustain two teams? Toyota - vulnerable
Very large budget, car sales down, could struggle Williams - vulnerable
Big losses in 2007, no car maker or billionaire backing "We are contributing to the Fota activities which will achieve significant cost reductions, whilst maintaining the spirit of the sport," a statement from the manufacturer read. "We hope Fota's proposals and activities will be given the widespread support they deserve as they provide the sound, stable base Formula One requires at this time." BMW board member Klaus Draeger, whose team won in Canada this year and finished third overall, said in a statement that Honda's decision would have no bearing on his company's involvement in F1. "F1 involvement is an integral part of the company strategy," he added. "There is no better platform than Formula One for demonstrating our brand values. "BMW, moreover, makes targeted use of the Formula One project as a technology accelerator for series production. "With the BMW Sauber F1 Team, we have from the start focused on high efficiency and have achieved our successes with a compact and powerful team. The cost-benefit ratio is commensurately positive." Norbert Haug, the head of Mercedes Motorsport which powered Briton Lewis Hamilton to his recent title victory, also revealed his team were working hard on measures to reduce costs. "Our Formula One involvement is built on financially solid foundations and is in large part financed by our sponsoring partners," he said. "Mercedes-Benz's contribution is cost-efficient, the resonance in the media and in the public which last season and Lewis Hamilton's win generated was worth many times our financial investment." He added: "This pullout is very sad. It only shows how important the cost-cutting measures are that we've been advocating for more than five years, and which have only been realised to a small degree. 606: DEBATE Could we realistically be looking at a 14-car grid in Melbourne?
Sheff Hatter "Within the Formula One Teams Association, we're working very hard on measures to cut costs, and over the next two years we must achieve cuts of at least 50%." Luca Cordero di Montezemolo, chairman of Ferrari, one of the sport's strongest and most secure teams, remained positive about the sport's future. "We unanimously agreed to important short and long term measures, for 2009 and 2010," he said. "We gave a new push toward a reduction in costs especially to help the smaller teams already from the next season." Red Bull, Toro Rosso and Force India operate under a separate financial model, relying on funding from billionaire owners to finance their campaigns, and are not believed to be in difficulty.
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Cosworth's 2004 Champ Car engine 
Formula One looks set to enter an era of standardised engines. The FIA is meeting with teams in Monte Carlo and is expected to approve the use by some teams of a standardised power unit provided by Cosworth, an automotive engineering company, from 2010 onwards. The move to a standard engine, which is common in lower tiers of open wheeled racing such as GP2, was pushed for by FIA President Max Mosley earlier this year as he aims to reduce team costs. This would not see the exclusion of manufacturer made engines, as at this time participation in the system would be voluntary and teams would be free to build licensed Cosworth engines or their own powerplants but on a performance par with the Cosworth unit. Mosley has stated that stabilising Formula One means that the FIA "...must stabilize the system with a base engine which anyone can have and which is inexpensive, as well as a standard gearbox" and has warned of future budget problems, saying that "Honda pulled out because of falling car sales and there is no guarantee that these falling sales, which affect all manufacturers, will not drop further".

Ahead of the meeting of the FIA there have been rumours in the Italian press that Formula One team Renault had broken with the Formula One Teams' Association (FOTA), rumours which Renault has strongly denied. FOTA was established earlier this year by the teams to negotiate with the FIA over cost cutting measures and other changes, changes it hopes will stop the introduction of compulsory standardisation of engines and other parts on F1 cars. The FOTA's position was hard hit last week by the announcement by Honda that they were leaving F1 due to the economic crisis, a move which has caused many teams to re-assert their commitment to a future in Formula One. David Richards, whose Prodrive entry to Formula One was called off last season due to costs, highlighted what he sees as the need for fundamental changes, saying that Honda's exit was 'a salutary lesson for the whole of F1 that things are going to have to change, and everything is going to have to come back a little bit if the whole sport is to prosper in the future'.

Five teams have reportedly expressed an interest in the Cosworth engines from the 2010 season, the five being all four independent teams (Williams, Force India, Red Bull Racing and Scuderia Toro Rosso) joined by manufacturer Renault. If only four teams sign up to the idea, the FIA has announced it will go ahead. Renault have been highly vocal in criticising the failure of the engine development freeze that has existed in Formula One and have, after a couple of seasons of struggling, been under pressure from their parent company to justify the continued expenditure in Formula One. Cosworth have previously been prolific engine suppliers in Formula One, their last stint was supplying engines to Williams in 2006.

The talks come as many of the Formula One teams are in Jerez for part of their winter testing regime, with potential Toro Rosso driver Sebastian Buemi topping the time sheets for the first two days.