Lamborghini dedicates $1.7bn in move to electric models

Italian luxury sports cars and SUVs manufacturer, Lamborghini has devoted 1.5 billion euros ($1.7 billion) to shift its lineup from pure combustion vehicles to plug-in hybrids as of 2023, Bloomberg reported.

The sports car manufacturer is preparing for the final round of combustion engine models such as the Aventador.

This comes as the Italian producer aims to introduce its initial plug-in hybrid car in 2023 amid efforts to fully convert its lineup to battery powered models by 2024.

Other car brands such as Ferrari NV and Aston Martin Lagonda Global Holdings Plc have faced some challenges to maintain their brand identity amid the electrification process.

On the other hand, Lamborghini’s shift is heavily backed by Volkswagen’s heavy spending on new and up to date technologies.

Lamborghini’s first electric car design is still a work in progress; however, the manufacturer is considering a four door model convenient for day to day use.

The supercar brand hit record deliveries in 2021 and said 2022 had seen a very good start.

The firm’s full year earnings — to be unveiled in March — will be “surprising to everyone in a positive sense,” Bloomberg reported, citing chief executive officer Stephan Winkelmann.