(CNN) -- Suzuki have confirmed they will not race in the 2012 MotoGP world championship, although they are planning to return for the 2014 season.
The Japanese manufacturer had been expected to quit the sport completely, having already lost rider Alvaro Bautista to Honda.
Spaniard Bautista finished the 2011 season in 13th place but has signed to race for the San Carlo Honda Gresini team in 2012.
A statement released by Suzuki on the official MotoGP website said: "This suspension is to cope with tough circumstances mainly caused by the prolonged recession in developed countries, a historical appreciation of Japanese Yen and repeated natural disasters.
"Having an eye to returning to MotoGP in 2014, Suzuki will now focus on developing a competitive new racing machine for that class."
The statement continued: "Suzuki will continue motocross racing activity and support of road racing activities using mass-produced motorcycles and co-operation with the supplier of its development racing kit parts."
Meanwhile, in Formula One, Renault team principal Eric Boullier has confirmed on the manufacturer's official website that he has accepted an apology from driver Vitaly Petrov, after the Russian's post-race outburst following last weekend's Abu Dhabi Grand Prix.
Boullier said: "The interview was made minutes after Vitaly jumped out of the car last Sunday. The race was tough, he was upset not to have scored points and he was exhausted.
"Drivers are not robots, they're human beings and as far as we are concerned, the matter is closed."