Tire giant Bridgestone has become the latest Japanese firm to end its Olympic sponsorship, following pullouts by Toyota and Panasonic, saying it wants to focus on motorsport.

Bridgestone said on Tuesday that it "still strongly believes in the IOC's vision of 'building a better world through sport,'" referring to the International Olympic Committee.

"Still believing in the power of sports, the company will carry that momentum forward" by using tire products to "drive innovation," a statement said.

The decision comes after Japanese electronics giant Panasonic and auto titan Toyota said last month they had decided to end their top-tier Olympic sponsorship.

Toyota's chairman Akio Toyoda has said the Olympic Games were "becoming increasingly political," while Panasonic announced their withdrawal citing "management considerations."

Bridgestone struck sponsorship deals with the Olympics for 10 years in 2014 and the Paralympics for six years in 2018, a company spokesman said on Wednesday.

The contract will not be renewed when it expires at the end of 2024, the firm said.

In December, Bridgestone said it had been named as the tire supplier for the Formula E World Championship from 2026.

It described its role in the championship for electric cars as "a cornerstone of the company's sustainable global motorsports strategy."