The Formula One Teams' Association (FOTA) says it is sorry to see Toyota leave Formula 1 but insists the sport is still in a period of strength.
Toyota is the third manufacturer to walk away from the sport in the last 12 months, following Honda and BMW, after announcing its departure on Wednesday morning.
"The Formula One Teams' Association today expressed sadness at the unexpected decision by Toyota to withdraw," the statement said. "All the FOTA teams send sincere messages of goodwill to all at Toyota – staff, drivers and sponsors – and thank them for the positive contribution they have made to Formula 1 in recent years.
"Regrettably, notwithstanding Toyota's commitment to compete until 2012 deriving from the signature of the Concorde Agreement, the particular financial pressures within the car manufacturing industry - together with a period of uncertainty and unnecessary confrontation in F1 that is now finally over - created conditions which have made it difficult for Toyota to stay in the sport at this time.
"We hope very much that Toyota will return in the not too distant future, but in the meantime every effort must be made by the sport's management to ensure that the 2010 season is as successful as we all hope."
The statement added that F1 needs to do all it can to retain the remaining manufacturers.
"These efforts should include ensuring that the 2010 grid remains fully subscribed - we should remember that there are still more teams entered than in any year since 1995 – and that our sport remains a focus for technological innovation and competitive racing. The departure of an important car manufacturer cannot be underestimated and its reasons need to be addressed."
FOTA also paid tribute to Toyota team boss John Howett, who served as FOTA vice chairman throughout 2010.
"FOTA also wishes to put on record its thanks to John Howett for his great passion and his fundamental contribution in his role as vice chairman of FOTA, in helping negotiate the new Concorde Agreement, securing longer term stability in F1's rules and a more constructive, collaborative environment with all stakeholders."