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PSA Peugeot Citroën announced today it would withdraw from endurance racing with immediate effect due to difficult economic conditions in Europe. Such a move would allow greater focus on upcoming car model launches in 2012.

"Peugeot prefers to concentrate its 2012 resources on its commercial performance and, in particular, ensuring the successful launches of the 208, 3008 HYbrid4, 508 RXH, 508 HYbrid4 and 4008," the French brand said in a press statement.

This follows suit with an announcement made in October by Chief Executive Philippe Varin, following several profit warnings, to save 800 million euros ($1.03 billion) and cut 6,000 jobs in 2012, according to Reuters.

Peugeot's success with their 908 prototype racecar includes 14 victories in the last 16 races, the most notable being their double win at the 24 Hours of Le Mans in 2009 ending Audi's winning streak for five consecutive years.

Ironically, a PSA spokeswoman told Reuters that its Citroën brand will continue its participation in the World Rally Championship.

Gallery: Peugeot axes endurance racing program

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