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The Jaguar C-X75 was one of the stunners at Paris 2010 (full live gallery here), and it had an interesting drivetrain too – a hybrid that included a pair of gas turbines and four wheel-mounted electric motors. Yes, gas turbines.

Jaguar announced that they will make the C-X75 back in May 2011, in collaboration with the Williams F1 Team, which contributed a bonded carbonfibre chassis to the cause. By then, the turbines have been replaced by a charged 1.6-litre petrol engine and two electric motors, mounted at either axle. A 250-unit run and mega price between £700,000 to £900,000 were mentioned.

Now, the project has been called off due to the current global economic crisis, Autocar UK reports. No production car, but five prototypes will continue to be developed until May 2013, the report adds. Up to three of these will then be auctioned off, one will go into a Jaguar museum and the other will be kept for running demos.

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“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. This is backed up by other products from us that people are screaming out for,” said Jaguar’s global brand director Adrian Hallmark.

Hallmark added that Jaguar’s investment in the C-X75 (undisclosed) would not simply go down the drain, as 60% of its tech would filter through to future Jags. Apparently, the hybrid tech can be used on a three-cylinder engine to give it the power of a six-cylinder engine.

Click here to read all about the promising but ill-fated C-X75, and see the pics.