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Lamborghini has canceled plans to launch its first fully electric vehicle, saying demand from wealthy buyers is almost nonexistent.

Chief Executive Stephan Winkelmann said the market for high-end electric supercars is "close to zero," leading the brand to shelve its all-electric Lanzador project.

In an interview with The Sunday Times, Winkelmann explained that the company studied customer feedback, dealer input, and global data for more than a year before making the decision.

The Lanzador, first revealed in 2023 as a powerful "Ultra GT," had been expected later this decade with a price near $300,000. That plan is now off the table, Fortune reported.

"The decision was made after over a year of continuous internal discussion, engaging with customers, dealers, market analysis, and global data," Winkelmann said.

He added that the "acceptance curve" for electric vehicles among Lamborghini's target clients was "close to zero" and flattening.

Investing heavily in a full battery-electric model, he warned, risked becoming an "expensive hobby" and would be financially irresponsible.

Lamborghini Shifts Focus to Plug-In Hybrids

Instead, Lamborghini will focus on plug-in hybrid electric vehicles, known as PHEVs.

"Plug-in hybrids offer the best of both worlds, combining the agility and low-rev boost of electric battery technology with the emotion and power output of an internal combustion engine," Winkelmann said.

For now, the company plans to keep building traditional combustion-engine cars "for as long as possible."

According to FoxBusiness, he said Lamborghini buyers want an emotional driving experience, something he believes electric cars currently struggle to provide. "EVs, in their current form, struggle to deliver this specific emotional connection," he noted.

Lamborghini is owned by Volkswagen AG through its subsidiary Audi. It is not alone in rethinking electric strategies. Stellantis recently took a $26.5 billion charge after scaling back EV production.

General Motors recorded a $7 billion hit tied to changes in its EV plans. Ford Motor Company also announced major write-downs as it pivots toward hybrids and more affordable models.

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