Although Peugeot had participated in the auto-business since the early 1890s, it is reasonable to see the 201 as the company's first volume model.

The 201 was presented at the 1929 Paris Motor Show as the Wall Street Crash burst upon the world. Many European manufacturers would not survive the shock waves emanating from New York, but the compact no-nonsense 201 would match the mood of the moment, enabling Peugeot to survive the economic crisis with its finances intact and its status as a major league auto producer established.