(This Dec. 16 story has been corrected to fix Ferrari’s (NYSE:) electric vehicle launch date in paragraph 2)

SANT’AGATA BOLOGNESE, Italy (Reuters) – Italy’s Lamborghini will always make cars in Italy as it plans to launch its first electric model only in 2029, in a luxury sports car market that is not ripe for full electrification, an executive said general Stephan Winkelmann on Monday.

Lamborghini, a unit of Volkswagen (ETR :), previously said it would launch its first electric vehicle in 2028. Italian rival Ferrari will launch its first electric vehicle model in the last quarter of next year.

“We don’t think 2029 is too late for an electric car. We don’t think the market will be ready in 2025 or 2026 in our segment.” Winkelmann told reporters at Lamborghini’s headquarters in Sant’Agata Bolognese, near the northern Italian city of Bologna.

Lamborghini has a range of three hybrid models this year, with a modern version of the Urus SE SUV, the Revuelto sports car and the modern Temerario sports car, unveiled in the summer and priced at over 300,000 euros ($315,000). ), excluding tax on goods and services.

Winkelmann said Lamborghini is in no rush to promote electrification. The company is also waiting for clearer regulatory prospects in the European Union, as a review of the EU ban on the sale of modern cars with combustion engines from 2035 is currently planned for 2026.

“We believe this is the right way to face the future,” he said. “There are discussions about synthetic fuels and this is an opportunity for our type of car.”

Winkelmann, who reiterated that there are no plans to spin off Lamborghini from the Volkswagen group, said Lamborghini cars will always be manufactured in Italy.

Asked if he sees any impact on business following the election of Donald Trump as the next US president and his threat to introduce modern tariffs on European products, Winkelmann declined to comment, but added: “We cannot think of a Lamborghini produced outside Italy or St. “Agata”.

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