Will Panasonic chop Toyota team budget?

The Japanese electronics producer, Panasonic, who is Primary sponsor of the Toyota F1 Team, will layoff 15,000 of its employees according to a company statement. 27 of their factories will be closed globally. The company lost almost $4 billion last year.

Earlier this year, the company announced that it will remain title sponsor of the Toyota team, but after the news of today it's unclear whether the company will cut the F1 budget or not.