Length of contract: 3 years | Annualised value: US$35 million | Overall value: US$105m

Consumer electronics manufacturer Panasonic, Toyota's title sponsor since the team's first season in 2002, has renewed its deal with the Formula One side for another three years.

Though Toyota are yet to win a Grand Prix, the team finished fifth in the championship in 2008.

The new sponsorship deal is believed to be on the same financial terms as the current agreement.

"I would like to extend my deepest thanks to Panasonic Corporation for continuing as our title sponsor, despite the particularly harsh economic climate," said Tadashi Yamashima, the Toyota team principal.

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

The deal lays to rest speculation in December, vigorously denied by Toyota, that the team might be forced to follow Honda in pulling out of Formula One.