Toyota is the largest car manufacturer in the world, but its presence in Formula 1 has been uneven, debuting in 2002, but never wining a Grand Prix. They exited the competition in 2009, due to the financial crisis. Fifteen years later, they're back... kind of.
In October, the Japanese company announced their return to the competition, but they will do it with a partner, American F1 team Haas. Both companies will "share expertise and knowledge, as well as resources": Toyota Gazoo Racing (their motorsport and R&D division) will provide design, technical and manufacturing services to Haas, while Haas will offer technical expertise and commercial benefits.
The deal, however, will run alongside Haas current agreement with Ferrari, which will still manufacture the engines of the cars.
Despite their experience and financial muscle, Toyota still won't make a team of its own, perhaps wary of the failure of their previous experience, in which they achieved thirteen podiums but no wins, and achieved a best finish of fourth in the constructors' championship.
By making it solely a technical partnership, the deal will give Toyota the opportunity to develop their knowledge and skill without taking too many risks, while MoneyGram Haas F1 Team (an American team currently managed by Japanese Ayao Komatsu) will get benefit from Toyota's engineering.