Toyota Motor says it will end its sponsorship deal with the Olympics and Paralympics. The Japanese carmaker says the top-tier contract with the International Olympic Committee will not be renewed after it expires at the end of the year.
Chairman Toyoda Akio made the announcement on the company’s media channel on Thursday. He questioned whether the sponsorship was the right approach. Toyoda cited what he called “the increasing political undertone of the Games.”
The carmaker signed the contract in 2015. The deal is limited to one company per industry.
Toyota has since used the Olympic symbol in its products and ads. It has provided vehicles for transporting athletes, among other games-related purposes.
The company says it plans to continue supporting individual athletes and developing equipment for para-sports through the Toyota Mobility Foundation.