Lövkvist said that he is overtrained and in need of rest. Instead of the races in Switzerland next week and France in July, he will target the Vuelta a Espana later this summer.
"Up until last night, I was ready to go to Switzerland and compete to the best of my ability," he told Eurosport. "But I began to think that my expectations weren't realistic. I've been aware this might happen, and above all, it's nice to have my team's support behind me. My manager told me to take it easy and go home and rest."
The 30-year-old plans a few weeks of light training and rest in the hopes of recovering his energy and enthusiasm.
Lövkvist also said that if the Vuelta does not go well, he may call his career quits and forgo signing a new contract for 2015.
"If I come back to the Vuelta and do well, then I may get a contract," he said to Eurosport. "I'm worried that if I do not do well in the Vuelta, it will not be fun and then I won't get a contract. But then I'm thinking I might not want a contract in that case either - it might be time to take the next step in life."