Plans to launch a production version of the Jaguar C-X75 concept have been canceled, according to the automaker’s global brand director Adrian Hallmark.

The car was on track for launch in late 2013, with Cosworth and the Williams F1 team signed on as technical partners.  

Speaking with What Car?, Hallmark said the current financial climate as well as higher priorities were the main reasons for Jaguar choosing to not build the car.

We’re sure the fact that BMW, Ferrari, McLaren and Porsche also planning to launch new eco-focused performance cars next year would have played a role in influencing Jaguar’s decision.

First unveiled us a concept at the 2010 Paris Auto Show, the overwhelmingly positive response garnered by onlookers saw production of the C-X75 confirmed just six months later.

Then the reality of building the car, which was originally proposed to be an extended-range electric with jet-turbine technology and four electric motors, started to set in.

A year into development, Jaguar decided to ditch the jet-turbine technology for road-going versions of the C-X75, though insisted it would still be offered on a new track-only model. The road-going version would feature a turbocharged 1.6-liter four-cylinder engine rated at 500 horsepower and just two electric motors, forming a plug-in hybrid setup.   

Jaguar claimed the car would be capable of 0-60 mph acceleration in 2.8 seconds and capable of reaching speeds in excess of 200 mph, but with fuel economy comparable to that of a compact hybrid sedan.

Production was to be limited to just 250 units in order to retain exclusivity, and pricing was set at more than a $1 million.

Jaguar did build five prototype versions during development, and two of these, according to Hallmark, will be sold to collectors. The remaining three will be retained for developing future technology and be added to Jaguar’s own collection. Some of the technology developed for the C-X75 could still make into future Jaguars, including turbocharging and carbon fiber construction.


Follow Motor Authority on Facebook, Twitter, and Google+.