Asiatech ceases operations

Engine manufacturer Asiatech is no more after closing operations at the end of October. The company took over Peugeot, who supplied engines to Prost Grand Prix, in 2000 and in 2001 partnered Arrows for a year until the team took on Cosworth...

Engine manufacturer Asiatech is no more after closing operations at the end of October. The company took over Peugeot, who supplied engines to Prost Grand Prix, in 2000 and in 2001 partnered Arrows for a year until the team took on Cosworth engines in 2002. Asiatech then moved to supply Minardi but at the end of this season the company said it was having problems with funding for its own F1 project.

Asiatech had hopes of building its own chassis and competing in F1 as a team in its own right. A wind tunnel model of the chassis was displayed at Monza but despite the project nearing completion in readiness for 2003, financial problems bought the scheme to a halt. A previously firm guarantee of funding fell through and Asiatech was left with little to do except close the project, and subsequently the company, down for good.

"Because of a lack of funds guaranteed for the continuation of its activity, Asia Motor Technologies France SAS, ceased its operations on October 31, 2002," a statement from the company said.

Minardi have yet to disclose where its engine supply will come from in 2003 but it's thought that Cosworth is a strong contender. Jaguar use Cosworth engines and Jordan signed a deal for a supply for 2003. Arrows also ran Cosworth engines this season but with the team's future prospects looking dim, Cosworth may have space for another team to supply.

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Series Formula 1
Teams Minardi , Jordan