Jaguar has decided to cancel production plans for the high-tech C-X75 supercar, contending that it is “the wrong time” to bring out a vehicle that could push upwards of $1.5 million considering the current global economic situation.
The C-X75 concept won wide praise for both its design and technology when it debuted at the 2010 Paris Motor Show. Several months later, Jaguar officials announced plans to produce the plug-in hybrid, albeit replacing the show car’s twin turbine generators with a more conventional internal combustion engine.
Despite nearly two years of development, the program has now been nixed, Jaguar’s global brand chief Adrian Hallmark told Britain’s Autocar, though five running prototypes will be completed by May 2013.
“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,” Hallmark told the magazine. “This is backed up by other products from us that people are screaming out for.”