Peugeot 'Never Again' in F1

French car manufacturer Peugeot have made it clear that their recent decision to leave Formula One is final, saying they will never again compete in Formula One.

The President of Peugeot, Frédéric Saint-Geours, spoke at a press conference, saying that he was relieved that the company were no longer involved in Formula One.

"I want one thing to be made totally clear," he said, "and that is that we are pulling out of Formula 1 for good. In life, one must never say never, but if you want my opinion, it is that Peugeot will never again race in Formula 1. We have even stipulated in the contract with AMT that we will not do so for the next five years."

He explained that the decision was a financial one, saying: "We came to this decision way back in November 1999 because we simply do not believe that the massive investments in Formula 1 are justified by the returns."

"I maintain that even though we are in a period when many major manufacturers are deciding to enter Formula 1, we have the right to have a different opinion and to adopt different sporting and commercial strategies," he added.

After entering Formula One in 1994 with McLaren with a fourth place in the Constructors' Championship, Peugeot have only achieved at best moderate success with Jordan and Prost, with Prost yet to score a point so far this year.

At the end of the year, Asia Motor Technologies will buy all Peugeot Sport's resources so they can supply Arrows with engines next year, while Peugeot Sport's headquarters will close at the same time.

However, their withdrawal from Formula One does not mean a total withdrawal from motorsport for Peugeot. "We will continue to compete in the World Rally Championship, but Formula 1 is not for us," confirmed Saint-Geours.