Jaguar has pulled the plug on its £1 million C-X75 supercar - blaming the ongoing global economic downturn for the decision.
It is understood five working prototypes will continue to be developed until May next year, with two retained by Jaguar for demonstration purposes or to go on show in a Jaguar museum. The remaining models will be sold at auction.
Global brand director Adrian Hallmark said: “We feel we could make the car work, but looking at the global austerity measures in place now, it seems the wrong time to launch an £800,000 to £1 million supercar.
“This is backed up by other products from us that people are screaming out for.”
First revealed as a concept at the 2010 Paris motor show, Jaguar announced in May 2011 that the C-X75 would go into production .
Initially its hybrid drivetrain included a pair of gas turbines but as the project developed it was fitted with 1.6-litre turbocharged/supercharged petrol engine and two electric motors.
The vehicle promised much when it came to performance with a combined power figure of 888bhp and a 0-60mph acceleration time of less than three seconds.
It also featured a carbonfibre chassis developed with the Williams F1 team.
Mr Hallmark added that technology developed during the project would filter through to future Jaguars.
