Motor racing-Toyota scale back 2009 F1 launch to cut costs

LONDON Nov 26 (Reuters) - Toyota have scaled back the launch of their 2009 Formula One car as part of cost-cutting measures.

"To emphasise its commitment to overall cost reduction in Formula One, the team will not proceed with its traditional pre-season event programme," Toyota said in a statement on Wednesday.

Instead of a formal launch at the team's Cologne factory, with reporters and company officials flown in from around the world, studio images of the new TF109 car will be unveiled through the internet on Jan. 15.

Toyota said the car would begin testing on Jan. 20 at the new Algarve circuit in southern Portugal.

The world's biggest car maker has spent billions of dollars in Formula One since the team's debut in 2002 but is suffering along with other manufacturers from slumping global sales due to the economic recession.

Toyota Motor Corp. had its top-notch credit ratings cut for the first time in a decade on Wednesday, hitting its shares and raising borrowing costs.

(Reporting by Alan Baldwin; Editing by Clare Fallon)