Update: Marco Simoncelli's Funeral Set for Thursday; Body Arrives in Italy [VIDEO]

Marco Simoncelli's death on Sunday as result of a crash during the Malaysian MotoGP has left top executives at Honda Racing Corp. shocked at his untimely passing.

Simoncelli, 24, an Italian rider, reportedly lost control of his bike while coming out of a right-hand bend at the Sepang circuit where he seemed to have lost his balance as he drifted back across into the middle of track. That led Simoncelli into the path of Colin Edwards and Valentino Rossi and both riders collided Simoncelli, knocking his helmet off during the incident, according to ESPN.

MotoGP told the media that Simoncelli was transported by ambulance to the circuit medical centre where the medical staff tried to resuscitate him.

Despite their efforts, Marco sadly succumbed to his injuries at 4:56 p.m. local time, MotoGP noted in statement.

Simoncelli was competing in his second season in Moto GP for the Honda team. He placed eighth in the overall standings in his debut campaign in 2010, ESPN reported. That report also noted that the Italian rider's death is the first fatality in MotoGP since Daijiro Katoh died as a result of injuries he received in the Japanese MotoGP in 2003.

Honda Corp. said the accident that killed the 24 year old took place on lap two of the Malaysian GP after which the race was instantly red flagged and later cancelled.

Unfortunately Marco's injuries were too severe, Honda Racong Corp. stated. Our thoughts are with his family at this tragic time.

Honda Racing Corp also stated that test scheduled for tomorrow with Dani Pedrosa and Casey Stoner on the 2012 prototypes at the Sepang Circuit has been cancelled.

Here's how Honda team have reacted to the shocking accident.

Shuhei Nakamoto - HRC Executive Vice President
I just don't know what to say, words escape me. Marco was a very nice guy and a very talented rider. Sometimes I was a little harsh with him, for example after his first MotoGP podium in Brno when I told him: Lucky podium! and he was so angry... but I wanted to motivate him as I knew he was able to do even more. I was thinking that when he won his first race we would have been able to celebrate together... Now I just want to say thank you to Marco, for what you gave me and pass my sincere condolences to his family and this very sad time.

Dani Pedrosa
In a tragedy like this there is not much to say. I just want to give my condolences to his family and all the people who love him. I've been with his father and all we could do was to hug, nothing else matters. It was a fatal accident and everybody in the paddock remains in shock. Many times we ourselves forget how dangerous this sport can be and when you lose people on the way nothing has any meaning. It's clear that we all do what we like, what we love, but on days like today nothing matters.

Andrea Dovizioso
In these circumstances, words don't seem to be appropriate. I think of Marco's family and all the people dear to him, in particular his father and mother. I also have a child and what happened today is the hardest situation you can imagine. I watched the images and I'm shocked: in a race you fight and push hard and disaster is often around the corner. Marco was a strong rider and he always pushed hard. We raced together since we were kids, I saw him always pushing to the maximum, he crashed many times, but without major injuries, he was seemed invincible. What happened today seems impossible.

Casey Stoner
I'm so shocked and saddened by the loss of Marco. When things like this happen it reminds you how precious life is, it makes me feel sick inside. All I can say is how sorry I am for Marco's whole family I can't imagine what they are all going through and our thoughts and wishes are with them at this time. I hope they all stay close and pull through this tragedy together.

Also Read: Marco Simoncelli Dead: Motorcycle World, Fans Pay Tribute After MotoGP Crash [VIDEO]