Lamborghini is delaying its first fully electric model by a year, hoping that market conditions will be more favorable at that time, Reuters reports.

“We do not think 2029 is late to have an electric cars,” CEO Stephan Winkelmann told Reuters and other media outlets Monday at Lamborghini’s headquarters in Sant’Agata Bolognese, Italy. “We do not think that, in our segment, the market will be ready in 2025 or 2026.”

Winkelmann said Lamborghini is also waiting for regularity clarification in Europe. In 2026, the European Union is scheduled to undertake a review of its plan to phase out sales of new internal-combustion vehicles by 2035 that Winkelmann believes could give Lamborghini an out from going all-electric.

“There are discussions around synthetic fuels and this is an opportunity for our kind of cars,” the Lamborghini CEO said.

In 2023, Lamborghini confirmed that its first EV would be a 2+2 grand tourer targeting 300 miles of range and a comfortable rear seat. It subsequently previewed this model with the Lanzador concept, announcing a 2028 target launch date.

Lamborghini Lanzador concept

Lamborghini has maintained throughout that its signature supercars will be the last to go electric. The automaker plans to stick with plug-in hybrid powertrains in those models for now, while reserving all-electric powertrains for other vehicle types. That view is shared by rival McLaren. In 2023, the British automaker’s CEO said he didn’t expect an electric supercar to be viable until 2030.

Meanwhile, Lamborghini’s traditional rival, Ferrari, is moving ahead with plans for its own $500,000 EV. Due for a later 2025 reveal, the electric Ferrari will be assembled at a new factory just north of the automaker’s existing campus in Maranello, Italy.