Following yesterday's rumor, the Jaguar C-X75 has officially been axed by the British company.

Following yesterday's rumor, the Jaguar C-X75 has officially been axed by the British company as a response to the current global economic crisis.

This decision has been confirmed by global brand director Adrian Hallmark who also said that despite this move, Jaguar will develop five working prototypes until May. One of the cars will be kept by the company for running demonstrations; another will go into a future Jaguar museum, while the other three will be sold at auction.

To reiterate, the C-X75 is (or better said, was) expected to make use of a supercharged and turbocharged 4-cylinder 1.6-liter engine working together with two electric motors. Jaguar previously mentioned 0-62 mph (0-100 km/h) takes less than three seconds, with a top speed of more than 200 mph (322 km/h).