Despite originally giving the C-X75 the green light in May 2011, Jaguar global brand director Adrian Hallmark has since confirmed the company is scrapping the low-volume production run as it focuses on vehicles that are more relevant to a greater number of customers.
"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 ($1.23 million to $1.53 million) supercar," Hallmark told UK publication Autocar.
"This is backed up by other products from us that people are screaming out for."
Hallmark revealed Jaguar would continue development of the five prototypes it is currently working on, with one to be used for driving demonstrations, one to be displayed in a Jaguar museum, and the other three likely to be auctioned.
The Jaguar C-X75 was unveiled more than two years ago at the 2010 Paris motor show. With an electric motor in each wheel and two gas turbines in the rear, the C-X75 concept produces 582kW of power and a whopping 1600Nm of torque, allowing it to launch from 0-100km/h in 3.4 seconds and on to a top speed of 330km/h.
Jaguar says the concept has a pure-electric range of 110km and can travel up to 900km in range-extender mode with a full tank of fuel – which can be diesel, biofuel, compressed natural gas or LPG.
Jaguar planned to build 250 C-X75s in a collaborative effort with the Williams F1 team, which was responsible for the development of the car’s carbonfibre chassis. Autocar reports the partnership between the two will end in May, although Hallmark believes they will collaborate again in the future.