A shaky global economy has prompted Jaguar to cancel the C-X75.

Jaguar has officially pulled the plug on its C-X75 hybrid supercar project, the automaker's global brand director Adrian Hallmark has revealed.

Given the current global economic conditions and Jaguar's need to prioritize higher-volume models, it simply doesn't make sense for the automaker to focus on the C-X75, Hallmark said.

"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 Autocar. "This is backed up by other products from us that people are screaming out for."

The C-X75 began life as a highly unconventional concept that used a pair of micro gas-turbines to generate energy, which was then stored in batteries before being sent to four electric motors mounted one apiece at the wheels. Roughly six months after the C-X75's debut at the 2010 Paris Motor Show, Jaguar announced plans to build the supercar.

After working on the project for a year, Jaguar decided to ditch the concept's unusual powertrain in favor of a more conventional (but still high-tech) turbocharged and supercharged four-cylinder with 500 horsepower and a 10,000rpm redline. Also featuring two electric motors, one mounted at each axle, the plug-in hybrid setup was said to be capable of propelling the C-X75 from zero-to-60 mph in just 2.8 seconds on the way to a top speed north of 200 mph.

Although the C-X75 won't reach production, Hallmark said that the development dollars used to create the supercar won't go to waste: Jaguar has plans to utilize the C-X75's advanced hybrid technology in future models.

Over the course of the C-X75's development, Jaguar built a total of five prototypes. Three will be retained and used as test beds before eventually being added to Jaguar's collection, while the remaining two will be sold to collectors.