The P201 featured a triangular monocoque, hip-level radiators, outboard front springs and inboard brakes.

The car made its debut in the 1974 South African Grand Prix, driven by Jean-Pierre Beltoise, who qualified in 11th position.

However, Beltoise was able to use qualifying tyres in the race due to the P201's handling, and was able to drive through the field for a second-place finish.

[5] At Monaco, Beltoise, who had qualified 11th and led the first practice times at one point, was in collision with Denny Hulme's McLaren on the first lap when the New Zealander got off-line and in attempting to rejoin, triggered a multiple accident.

[6] At Sweden, Henri Pescarolo drove the second chassis, with the brakes moved inboard, and he and Beltoise qualified 19th and 13th respectively.

The earlier P201 chassis was raced by François Migault who retired on lap 60 with gear linkage problems having qualified 25th, and last, on the grid.

[8] At the French Grand Prix, the earlier chassis was adapted to suit Pescarolo and Beltoise drove the later car, which had modified cylinder heads.

Pescarolo finished tenth, more than four minutes behind the winner Clay Regazzoni, and Beltoise retired on lap 5 when the engine stopped.

[11] For the Austrian Grand Prix, BRM made only one entry as a result of internal difficulties and Beltoise had P201/02 and P201/03 available.

[18] At the Spanish Grand Prix, he qualified a new chassis, P201/05, in 23rd position and retired after seven laps with fuel system problems.

[24] The BRM team did not appear at the British or German Grands Prix stating that the V12 engine was felt to be uncompetitive.

[28] At the 1976 Brazilian Grand Prix, British driver Ian Ashley qualified chassis P201/04 in 21st place and retired on lap three, with oil pump failure.