Toyota names Matsushita title sponsor

Tokyo - Matsushita Electric Industrial Co., Ltd. (Matsushita) and Toyota Motor Corporation (TMC) announced today that, together with Toyota Motorsport GmbH (TMG), they have signed a formal agreement entitling Matsushita to serve as the title...

Tokyo - Matsushita Electric Industrial Co., Ltd. (Matsushita) and Toyota Motor Corporation (TMC) announced today that, together with Toyota Motorsport GmbH (TMG), they have signed a formal agreement entitling Matsushita to serve as the title sponsor of the Toyota Formula One (F1) racing team.

Under the agreement, the Toyota F1 team will be named "Panasonic TOYOTA Racing" and its cars competing on F1 circuits the world over will bear the Matsushita brand logo "Panasonic" on their sides and rear wing. The term of the sponsorship is five years from 2002, the year in which Toyota enters F1 competition, through 2006.

This latest Matsushita-TMC tie-up builds on a long and fruitful relationship of mutual trust and collaboration in the development of various technologies, such as those related to automotive audio-visual equipment and hybrid-car batteries.

Matsushita has also pledged to support Toyota's F1 project by actively providing the necessary cutting-edge technology that the team needs for a successful entry into F1 racing.

-Toyota

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Series Formula 1