In the wake of new emissions standards designed to reduce reliance on fossil fuels and cut down global carbon emissions, several automakers are scrambling to electrify their fleets. Electric vehicles (“EVs”) have been touted as the next frontier of vehicular travel, pushing legacy automakers and even luxury car makers into the young but swiftly growing electric vehicle industry. Italian luxury automaker Lamborghini has now thrown its hat into the fray, announcing on May 18 that it will release its first completely electric offering by the end of the decade.
Lamborghini announced that by the year 2024, all of its models, including the Urus Super SUV and the Aventador, will be offered as plug-in hybrids. The luxury carmaker will continue working on electrifying its fleet, and by 2030, it expects to release its first all-electric luxury EV. Coincidentally, Lamborghini’s plans align with the European Union’s plan to cut emissions in Europe by at least half by the decade’s end.
The Italian luxury carmaker will dedicate a whopping $1.8 billion over four years toward achieving this goal, making this electrification endeavor the largest investment in Lamborghini’s history. Lamborghini president and CEO Stephan Winkelmann acknowledges that electrification is much more difficult and impacting when it comes to developers of super sports vehicles compared to more mainstream automakers. Not only do the super-sports vehicle manufacturers have to reduce carbon emissions, but they also have to ensure the vehicles remain performance-oriented.
The company’s plan for decarbonization of future Lamborghini models, dubbed Towards Cor Tauri, will also see its Sant’Agata Bolognese site used to manufacture luxury electric vehicle models. According to Winkelmann, this electrification plan is necessary as the company adapts to a “rapidly changing world.” The plan will lead Lamborghini to “a more sustainable future” while still retaining what consumers love about Lamborghini vehicles.
Half of the experience of owning such a vehicle is feeling the powerful engine rumbling beneath your feet, and Winkelmann admits that mimicking the feel of a massive V12 engine in an electric vehicle will definitely be a challenge. In fact, Former Ferrari CEO Sergio Marchionne once brushed off the idea of developing electric vehicles, calling an electric Ferrari obscene and saying that the roar of a Ferrari’s combustion engine is one of the reasons they are so popular.
Still, Lamborghini is ready and willing to face this challenge. The Italian automaker will define what sportiness is in this new era of green energy and sustainability, Winkelmann says, and range will be its top priority. Although the company hasn’t said what its new all-electric luxury model will look like, it will likely be a four-seater.
As more legacy automakers join the push to electrify vehicles, companies such as Ideanomics Inc. (NASDAQ: IDEX), which are engaged in executing strategic investments aimed at making it easier for the switch to EVs to happen, could prove to be the tipping factor in many motorists’ decision making on sticking points such as availability of sufficient charging facilities.
NOTE TO INVESTORS: The latest news and updates relating to Ideanomics Inc. (NASDAQ: IDEX) are available in the company’s newsroom at https://ibn.fm/IDEX
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