SANT’AGATA BOLOGNESE, Italy>> Italy’s Lamborghini will always make cars in Italy as it plans to launch its first electric model only in 2029, amid a market for luxury sports cars that is not ripe for full electrification, CEO Stephan Winkelmann said today.

Lamborghini, a unit of Volkswagen, had previously said its first EV was due in 2028. Italian rival Ferrari will launch its first EV model in the first quarter of next year.

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

Lamborghini this year has an entire hybrid three-model line-up, with the new version of the Urus SE SUV, the Revuelto sports car and the new Temerario sports car, presented during the summer and which has a price of over 300,000 euros ($315,000), excluding value-added tax.

Winkelmann said Lamborghini was not in a hurry to push for electrification. The company also is waiting for a clearer regulatory outlook in the European Union, as a review of the bloc’s ban on the sale of new internal combustion engine cars from 2035 is currently scheduled in 2026. “We think this is the right way to face the future,” he said. “There are discussions around synthetic fuels and this is an opportunity for our kind of cars.”

Winkelmann, who reiterated there were no plans for a Lamborghini spin-off from the Volkswagen group, said Lamborghini cars would always be produced in Italy. Asked whether he saw any business impact following the election of Donald Trump as the next U.S. president and his threat of new tariffs on European-made products, Winkelmann declined to comment but added: “we cannot think of a Lamborghini being manufactured outside of Italy or of Sant’Agata.”