Late last year Joss announced a major investment - which was said to be about $35 million - to help make the JP1 supercar a production reality, as well as see the 17-year-old company listed on the stock market.
But an announcement from Joss today confirmed the deal with the lighting technology company had fallen through.
"Australian supercar manufacturer Joss Developments Pty Ltd today announced that it is no longer involved with The Hatzimihail Group," the statement read. "This decision was difficult, but necessary."
Joss technical director Matt Thomas indicated the period since announcing the investment had been tumultuous.
"Despite the complexity of the past six months, Joss is proud that we are steadfast in our objective and looking forward to bringing Australia its first ever supercar," he said.
Thomas told CarAdvice that the dream isn't over yet.
"Joss has some interesting possibilities that we are currently investigating, we are passionate about bringing a high tech vehicle to the Australian market."
Joss is now looking to "secure the required funding to develop its evolved version of the Joss JP1", which was slated to launch later this year.
The JP1 was set to be initially built for track racing purposes only, with a claimed 0-100km/h time for the 5.0-litre V8 coupe slated at 2.8 seconds. Other headline grabbing numbers included a sub-10.5sec quarter mile and a top speed of about 340km/h.
The car was set to start at $600,000.