A production version of the Jaguar C-X75 concept, planned to be launched in late 2013, has been cancelled.

Jaguar’s global brand director, Adrian Hallmark, sites financial and higher priorities as the reason for Jaguar not going through with the build.

The Jaguar C-X75 concept was introduced at the 2010 Paris Auto Show and confirmed production six short months later.

The C-X75 was originally an extended-range electric with jet-turbine technology and four electric motors. Jaguar scratched the jet-turbine technology about a year into development, keeping it on the new track-only model. The road-going C-X75 model saw a turbocharged 1.6-liter four-cylinder engine rated at 500 horsepower with two electric motors, forming a plug-in hybrid setup that could go 0-60 mph in 2.8 seconds and reaching up to 200 mph.

Jaguar planned a limited run of 250 units. The Jaguar C-X75 held a price tag of more than $1 million.

During development, Jaguar built five prototype versions. Two of the prototypes will be sold to collectors. The other three prototypes will be retained by Jaguar for future technology development and to be added to their own collection.