(NEW YORK) — Jaguar has decided to scrap its most advanced — and expensive — car to date, and the recession is to blame.
Despite having some 100 potential buyers for the C-X75 hybrid, which is capable of speeds upwards of 200 miles per hour, the company has pulled the plug.
The Sun quotes company spokesman Adrian Hallmark as saying of the announcement, “It is very disappointing and it was a hard decision — everyone was in love with the car. But we don’t think it’s the right thing to do in the current economic climate to build a £1million supercar.”
Production on the vehicle would reportedly have been limited to 250 vehicles, but even the ultra rich are feeling the pinch. The company feared potential clients would hold back and leave the supercar unsold.
Copyright 2012 ABC News Radio
Jethro Mullen Ivana Kottasova and Patrick Gillespie, CNN
Brian Stelter, CNN Money
David Goldman, CNN
Ahiza Garcia, CNN