Simplify the following text for a Grade 7 native English-speaking person.
Original: On November 4 , 2004 , Chevrolet stated that it would be ending its IRL engine program effective with the end of the 2005 season , citing costs that exceeded value , according to then GM Racing Director Doug Duchardt , `` The investment did not meet our objectives . ''
Simplified: On November 4 , 2004 , Chevrolet stated that it would be ending its IRL engine program at the end of the 2005 season .