Dodge is withdrawing from NASCAR competition at the end of the 2012 season.
The decision announced Tuesday impacts Dodge's involvement in both the Sprint Cup Series and the Nationwide Series. Penske Racing currently fields two Dodge Chargers in Sprint Cup and two Dodge Challengers in Nationwide.
Penske announced in February that it would move to Ford next year, and SRT President and CEO Ralph Gilles said that had an impact on the decision.
Gilles said the company has been evaluating all its options for five months. He said "in the end, we simply couldn't develop the right structure" to race at a level and quality expected.
Gilles did not rule out a return to NASCAR in the future.