Jaguar has decided to scrap its £1m C-X75 supercar project because of the challenging economic climate.

The car was being developed in unison with Williams F1, and prototypes could go from 0-62mph in 2.8 seconds, reaching a top speed of 205mph. Alongside a pioneering hybrid drivetrain, prototype versions of the car sported an electric motor on each of its wheels and a pair of gas turbines which would charge the battery pack.

Re-designs would see the gas turbines replaced with a 1.6 litre petrol engine – turbocharged and supercharged. This change upped the bhp from 780 to 888, but reduced torque from 1,180lb per ft to 590lb per ft. Nevertheless, it promised to be a rather special car, and one that might well justify the expected £1m price tag.

But even millionaires, it seems, are feeling the pressure of current global economic strife. As Jaguar's Global Brand Director, Adrian Hallmark, told Autocar magazine: "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."

To many motorists, for whom being able to pay for fuel, road tax and insurance can sometimes be a challenge – not to mention finding good quality, affordable annual breakdown cover – the C-X75 might seem like a decadent project. But it sure would have been a delight to see on the road.

2 of the 5 C-X75 prototypes will be sold off, while the remaining 3 will join Jaguar’s historic fleet.