INDYCAR announced that it has released Lotus from its contract to supply engines to the IZOD IndyCar Series.

“We appreciate the effort that Lotus made in helping return manufacturer competition to the IZOD IndyCar Series,” said Brian Barnhart, INDYCAR president of operations and strategy. “However, Lotus has made a business decision not to return in 2013 and asked for its release. We wish them well and would welcome their participation again in the future."

Added Lotus COO Aslam Farikullah: “Lotus is grateful to INDYCAR for the opportunity to compete during the 2012 season and for the support provided throughout. The decision not to continue was not an easy one and Lotus does not discount the possibility to re-enter the series at some time in the future. For the time being, Lotus will focus on core business activities as a leading sports car manufacturer and world class engineering consultancy.”

The series will move forward with Chevrolet and Honda as engine manufacturers for the 2013 season. Per the IZOD IndyCar Series rules, each engine manufacturer must be able to supply 60 percent of the field of entrants.