Stellantis' Maserati brand pulls the plug on future EV sports car

The future of Maserati took another detour Tuesday, with the announcement that the automaker has officially scrapped plans to launch an electric version of its MC20 sports car. 

The details: Maserati was scheduled to release the all-electric variant, the MC20 Folgore, later this year, but decided to cancel the Folgore because there reportedly isn’t enough interest in the battery-electric model.

• A Maserati spokesperson said market research reveals that MC20 customers prefer gas engines, with no indication that they are ready to transition to an EV model in the foreseeable future.  

• The decision to cancel the EV variant of the $262,000-plus MC20 comes roughly 3 months after Stellantis declined to confirm previously announced electrification plans for Maserati.

• Stellantis’ plan for launching the MC20 Folgore, first announced in 2020, was part of a $1.5 billion investment in Maserati as part of the brand’s electrification strategy. 

Between the lines: Canceling the MC20 Folgore is one of the latest shifts in Maserati’s business strategy that has many questioning its future sustainability as a competitor to brands like Lamborghini, which will launch its first EV in 2029. 

• In 2024, Maserati only sold 11,300 vehicles, down from 26,600 in 2023, with an adjusted operating loss of $284 million.

• The struggling brand has no new models on the horizon other than the GT2 Stradale, which is an offshoot of the MC20.

• Amid the brand’s steep sales decline, at least four Maserati dealerships have closed in France over the past year or so, with one of the latest shuttering its operation in January.

Why it matters: Maserati is struggling to carve out a sustainable position in the luxury market. Meanwhile, rivals like Ferrari and Lamborghini are pushing ahead with EVs, while Maserati’s product roadmap remains uncertain beyond the GT2 Stradale performance car.

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