Jaguar has decided to pull the plug on its C-X75 supercar that was being built in partnership with the Williams F1 team and Cosworth.
Last year Jaguar announced the C-X75 would go in to production, but has now changed its plans due to the current market conditions. Five fully-working supercars have been built by Jaguar and three will be auctioned to collectors while the other two will be kept by the company.
"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," Jaguar global brand director Adrian Hallmark was quoted by Autocar. "This is backed up by other products from us that people are screaming out for."
Williams used its F1 expertise to help develop the car's carbonfibre chassis and aerodynamics as well as lending some of its KERS know-how to the project. The 1.6-litre, four-cylinder turbo engine was developed by Cosworth and derived from its original plans for F1's four-cylinder engines that were dropped by the FIA in favour of V6s.