Lamborghini Halts Electric Vehicle Plans Due to Low Consumer Interest
Valvoline CEO Lori Flees discusses the used car boom, decreased interest in electric vehicles and more on ‘The Claman Countdown.’
Lamborghini has decided to cancel its plans for an electric vehicle (EV) release in 2028, citing a significant lack of consumer demand.
In an interview with The Sunday Times, Lamborghini CEO Stephan Winkelmann revealed that the EV, named the Lanzador, will not be added to the company’s lineup. This decision follows an analysis indicating minimal interest in EVs among Lamborghini’s target market, which is primarily composed of luxury car enthusiasts.
Winkelmann noted that the “acceptance curve” for EVs within this demographic is “close to zero” and appears to be flattening. He expressed concerns that pursuing EV development could turn into an “expensive hobby” for Lamborghini, emphasizing the company’s commitment to traditional internal combustion engine vehicles for as long as possible.
STELLANTIS TAKES MASSIVE $26B HIT AFTER MOVING AWAY FROM EVS
A Lamborghini Revuelto high performance electrified vehicle (HPEV), left, and Lamborghini Lanzador electric concept automobile on the opening day of the Geneva International Motor Show Qatar 2023, in Doha, Qatar. (Christopher Pike/Bloomberg via Getty Images)
Winkelmann emphasized that Lamborghini customers seek an “emotional experience” with their vehicles. He stated that “EVs, in their current form, struggle to deliver this specific emotional connection.” As a result, Lamborghini plans to replace the canceled EV with a plug-in hybrid electric vehicle (PHEV).
When asked if Lamborghini would ever include an EV in its lineup, Winkelmann replied, “Never say never, but only when the time is right. For the foreseeable future, only PHEVs. We will continue to develop electrification because we also need to be ready.”
LAMBORGHINI SET ANOTHER SALES RECORD IN 2022 AND IS SOLD OUT INTO 2024
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| VWAGY | VOLKSWAGEN AG | 12.0399 | +0.21 | +1.77% |
Lamborghini’s decision to halt its EV plans aligns with a broader trend among major automakers, many of whom are facing financial repercussions from shifting their EV strategies due to lower-than-expected consumer demand.
Stellantis, the parent company of brands like Chrysler, Dodge, Jeep, and Ram, recently announced a staggering $26.5 billion charge as it scaled back its EV production. CEO Antonio Filosa remarked that this “strategic reset” was necessary after the company’s previous assumptions about EV demand proved to be “over optimistic.”
GM TAKES $7B HIT AFTER SHIFTING EV STRATEGY DUE TO SLOWING DEMAND
Lamborghini CEO Stephan Winkelmann next to a Lamborghini Lanzador electric concept during The Quail, A Motorsports Gathering in Carmel, California, on Aug. 18, 2023. (David Paul Morris/Bloomberg via Getty Images)
General Motors also faced challenges, taking a $7 billion financial charge after adjusting its EV strategy in response to weak demand.
Ford CEO Jim Farley recently stated that “the customer has spoken,” reflecting on a net loss of $11.1 billion in the fourth quarter, largely due to significant writedowns in its EV programs.
Valvoline CEO Lori Flees discusses the used car boom, decreased interest in electric vehicles and more on ‘The Claman Countdown.’
Lamborghini has decided to cancel its plans for an electric vehicle (EV) release in 2028, citing a significant lack of consumer demand.
In an interview with The Sunday Times, Lamborghini CEO Stephan Winkelmann revealed that the EV, named the Lanzador, will not be added to the company’s lineup. This decision follows an analysis indicating minimal interest in EVs among Lamborghini’s target market, which is primarily composed of luxury car enthusiasts.
Winkelmann noted that the “acceptance curve” for EVs within this demographic is “close to zero” and appears to be flattening. He expressed concerns that pursuing EV development could turn into an “expensive hobby” for Lamborghini, emphasizing the company’s commitment to traditional internal combustion engine vehicles for as long as possible.
STELLANTIS TAKES MASSIVE $26B HIT AFTER MOVING AWAY FROM EVS
A Lamborghini Revuelto high performance electrified vehicle (HPEV), left, and Lamborghini Lanzador electric concept automobile on the opening day of the Geneva International Motor Show Qatar 2023, in Doha, Qatar. (Christopher Pike/Bloomberg via Getty Images)
Winkelmann emphasized that Lamborghini customers seek an “emotional experience” with their vehicles. He stated that “EVs, in their current form, struggle to deliver this specific emotional connection.” As a result, Lamborghini plans to replace the canceled EV with a plug-in hybrid electric vehicle (PHEV).
When asked if Lamborghini would ever include an EV in its lineup, Winkelmann replied, “Never say never, but only when the time is right. For the foreseeable future, only PHEVs. We will continue to develop electrification because we also need to be ready.”
LAMBORGHINI SET ANOTHER SALES RECORD IN 2022 AND IS SOLD OUT INTO 2024
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| VWAGY | VOLKSWAGEN AG | 12.0399 | +0.21 | +1.77% |
Lamborghini’s decision to halt its EV plans aligns with a broader trend among major automakers, many of whom are facing financial repercussions from shifting their EV strategies due to lower-than-expected consumer demand.
Stellantis, the parent company of brands like Chrysler, Dodge, Jeep, and Ram, recently announced a staggering $26.5 billion charge as it scaled back its EV production. CEO Antonio Filosa remarked that this “strategic reset” was necessary after the company’s previous assumptions about EV demand proved to be “over optimistic.”
GM TAKES $7B HIT AFTER SHIFTING EV STRATEGY DUE TO SLOWING DEMAND
Lamborghini CEO Stephan Winkelmann next to a Lamborghini Lanzador electric concept during The Quail, A Motorsports Gathering in Carmel, California, on Aug. 18, 2023. (David Paul Morris/Bloomberg via Getty Images)
General Motors also faced challenges, taking a $7 billion financial charge after adjusting its EV strategy in response to weak demand.
Ford CEO Jim Farley recently stated that “the customer has spoken,” reflecting on a net loss of $11.1 billion in the fourth quarter, largely due to significant writedowns in its EV programs.
