Toyota have announced plans to enter Formula One by 2003. The Japanese car manufacturers have decided to challenge rivals Honda, who have announced their return to grand prix racing after a six-year absence.

The plans include the development of a new engine and chassis, which will be built and based at the company's Cologne factory.

The project will be headed by Andre de Contanze, a 57-year-old French driver with several victories at Le Mans and other world races.