The news is not all bad, however, as Jaguar has managed to patent over 100 new technologies during the project - many of which will find their way onto future road cars. These technologies helped Jaguar to produce the engine that would have powered the C-X75.
The company says that the super- and turbocharged 1.6-litre engine revved to 10,000rpm and produced 500hp. Coupling this to an electric motor that is said to produce 900hp and 900Nm of torque the C-X75 could have had performance figures greater than a Veyron's, with emissions figures lower than those from a Toyota Prius.
Jaguar also claims to have completely redesigned the car's aerodynamics since the initial unveiling, installing 17 radiators plus various intakes and vents in order to keep components cool.
Despite the shock news, the five prototypes currently being developed will produce finished cars - at least two of which are expected to go to auction.
Jaguar may also allow a limited number of test drives of the prototypes in early 2013. We've sent the Jaguar press office a suitably lavish Christmas present...
If there is anything about this story we have not covered, you can avail of our expert advice service via the Ask Us Anything page.