Toyota to Terminate Olympic Sponsorship After 2024 Paris Olympics

TapTechNews September 27th news, Akio Toyoda, the chairman of Toyota Motors, posted today that Toyota has decided to terminate the Olympic Worldwide Partner Agreement after the 2024 Paris Olympics and Paralympics and will not renew the contract.

Akio Toyoda wrote that after listening to various opinions and suggestions from many people, he finally found a relatively proper way to deal with it, that is, even if Toyota no longer sponsors the Olympics and Paralympics, it can still continue to provide assistance to Toyota athletes in other ways.

According to the Japan News Agency, Toyota Motors became an Olympic sponsor in 2015, and the contract period is 10 years, ending in December 2024.

The News Agency also pointed out that Toyota Motors originally hoped to only extend the sponsorship contract for the Paralympics, while the IOC (TapTechNews note: the International Olympic Committee) said that it was impossible to only continue to sponsor the Paralympics. Since the Tokyo Olympics exposed cases of malfeasance and backroom dealing, the Olympics has been haunted by negative impressions, and enterprises have withdrawn from sponsorship. Panasonic Holdings, which has been sponsoring the Olympics since 1987, also announced on the 10th of this month that the top sponsorship will end with the Paris Olympics and will not extend the contract.