The TS010 was developed in response to rule changes in the 1992 World Sportscar Championship, which mandated the use of a 3.5L naturally aspirated engine, replacing the previous 3.6L twin turbocharged V8. Toyota completed their RV10 engines and began testing in 1991, necessitating a new chassis design to accommodate the new V10 engine.
Former Tom Walkinshaw Racing designer Tony Southgate led the design of the TS010, creating a more aerodynamic and longer body than previous Toyota Group C sportscars. Chassis #002 was completed towards the end of 1991, debuting at the final round of the 1991 WSC season at Autopolis, finishing 6th overall with drivers Geoff Lees and Andy Wallace.
For the 1992 season, Toyota faced competition primarily from Peugeot. At the opening round in Monza, Toyota secured its first victory after a leading Peugeot retired, with chassis #002 driven by Geoff Lees and Hitoshi Ogawa taking the win. However, chassis #004 was damaged in an early race accident.
Subsequent races saw mixed results, with reliability issues preventing consistent finishes. At the 24 Hours of Le Mans, Toyota entered three cars – chassis #005 and #006 being new builds – and achieved a 2nd-place finish, six laps behind the winning Peugeot, with another car finishing 8th.
Following Le Mans, the TS010 continued to race at Donington Park and Suzuka Circuit, consistently finishing behind the dominant Peugeots. At the final round at Circuit de Nevers Magny-Cours, Toyota finished 3rd and 4th. Toyota ultimately finished 2nd in the teams championship, earning approximately half the points of Peugeot.
After the Suzuka race, Toyota entered a single TS010 in the final two rounds of the All Japan Sports Prototype Championship. The car won at Fuji Speedway, and was joined by a second TS010 after the end of the World Sportscar Championship season. The team secured a 1st and 4th place finish, defeating Nissan and Mazda, and securing a manufacturer’s championship in the Group C category.
With both the World Sportscar Championship and All Japan Sports Prototype Championships cancelled for 1993, the TS010’s only race entry was the 24 Hours of Le Mans. Three additional chassis – #007, #008, and #009 – were built specifically for the event. Eddie Irvine, Masanori Sekiya, and Toshio Suzuki drove a TS010 to a 4th-place overall finish, behind the top three Peugeots. A second TS010 finished 8th, while the third car did not finish. Following this race, the TS010 was officially retired as Toyota shifted its focus to IMSA competition in the United States.