Luxury Italian sports brand Maserati is scrapping plans to launch a battery-electric version of its M20 performance model that had been slated to debut later this year.

The automaker, which already markets its GranTurismo Folgore coupe, roadster GranCabrio Folgore and Grecale Folgore BEVs, pulls the plug on a fourth model citing expected poor demand.

This decision was driven by its European sales figures for 2024 showing that Maserati's Grecale Folgore SUV saw total registrations of 57 vehicles registered in Italy and 72 in France.

According to the automaker’s own market research, MC20 customers prefer powerful gasoline internal-combustion engines and “are not ready to switch to BEV (battery electric vehicles) in the foreseeable future.”

Launched in 2020, the 630-hp MC20 is built and finished largely by hand in Maserati's hometown of Modena, northern Italy, and has a starting price of around $262,000.

News of the dumping of the electric M20 comes after parent company Stellantis met unions last autumn and would not confirm previously announced electrification plans. Stellantis has been going through a reckoning of brand and product/model plans since August 2024 following dreadful financial results and a slide of the company's shares.

CEO Carlos Tavares left the company last December, and a new CEO is expected to be named this month. Stellantis's board has been in favor of keeping Maserati alive in the company's brand stable, but the new CEO may have other ideas.

Historically, Maserati's strongest markets have included the U.S., Italy, Japan, Canada and Germany. However, in 2024, the company experienced a significant global sales decline of approximately 39.55%, affecting key markets such as North America and Italy. This downturn has led to concerns about Maserati's future.

Stellantis has withdrawn £1.3 billion ($1.7 billlion) of investment intended for developing new electric vehicles, including the MC20 Folgore and replacements for the Quattroporte and Levante models.

The brand sold just 11,300 vehicles last year, down from 26,600 in 2023, with an adjusted operating loss of $284 million.

Considering Maserati’s consumer research, there remains doubts over whether rival Italian supercar makes, Ferrari, will go ahead with its plans to unveil a first BEV this October in light of waning consumer demand for BEV technology for super premium vehicles in Europe.

Apart from the GT2 Stradale, a street-focused Grand Tourer version of the MC20 expected next month, Maserati has no new model launches scheduled.

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