Panasonic, the leading brand for which Matsushita Electric Industrial Co., Ltd. is known, and TOYOTA MOTOR CORPORATION (TMC) announced today that they have agreed and signed a contract to renew Panasonic's title sponsorship of the Toyota Formula One (F1) program.
Panasonic has been Toyota F1's title sponsor since Toyota entered into the FIA Formula One Championships in 2002, and the current contract is valid through the end of 2006. The renewed, three-year contract is valid through the end of 2009. The team, the name of which — Panasonic Toyota Racing — remains the same, will continue challenging Formula One Championships at circuits around the world.
Panasonic and TMC have been building a longstanding business relationship through such activities as joint development of automotive AV equipment and batteries for hybrid cars, and both partners hope to continue strengthening their cooperation through the F1 program.