Japanese electronics company Panasonic Corp yesterday renewed their title sponsorship of the Toyota Formula One team until 2012 despite the global recession.

Panasonic, whose South Korean-based rivals LG Electronics are now an official sponsor of the series, have backed Toyota since their Formula One debut in 2002. The Cologne-based team finished fifth overall last season.

"I would like to extend my deepest thanks to Panasonic Corporation for continuing as our title sponsor, despite the particularly harsh economic climate," team principal Tadashi Yamashina said in a statement after the internet launch of the new TF109 car.

"The team will redouble its efforts this year in order to achieve its long-sought-after first victory."

No figure was given for the renewed deal, which had been due to expire at the end of 2009.

Engine supremo leaves team

Toyota also announced yesterday that Formula One engine supremo Luca Marmorini has left the company.

Toyota said Japanese Kazuo Takeuchi would take the Italian's place.

The engine rules have changed for this season, meaning drivers are limited to eight engines per season. The units now also have to last for three races in a row while development has been frozen.

Under cost-saving measures, the engines have also been limited to 18,000 rpm compared to 19,000 last year.