The successor to the famous mid-engined V6 machine that still successfully competes in Japan’s high tech Super GT series, the new era NSX was to have been a front engined all wheel drive V10.

Prototypes of the car were seen testing at the famous Nurburgring circuit.

Honda's concept car was a glimpse of what might have been

The move comes after Honda president Takeo Fukui told Japanese media that the company had slashed its 2009 profit forecast by 62%.

Mr Fukui said that in this rapidly changing environment, the company needed to review investment and development plans and make choices to keep the impact on profit as small as possible.

“We need to concentrate limited resources on the right places,“ he said.

The original NSX ceased production in 2005.