May 11 (GMM) Volkswagen, the German carmaking giant, has played down suggestions it could launch a formula one project some time soon.

"There are always rumours about Volkswagen and formula one," said Jost Capito, who has taken over from Kris Nissen as the head of the Wolfsburg-based company's motor racing boss.

However, he is quoted by Germany's Sport1 as insisting that VW is only concentrating on its world rally programme.

"The WRC programme is approved from 2013 to 2015," Capito insisted. "There is no room to think about anything else.

"It (F1) is not on our radar," he is also quoted as saying by France's L'Equipe. "Our hands are full already."

In the wake of BMW, Honda and Toyota's departures, the only mass production carmakers in F1 are Renault - as an engine supplier - and Mercedes.

Ferrari, McLaren, Lotus and Caterham produce niche sports cars.

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