MILAN, Italy: Maserati has scrapped plans for an electric version of its MC20 sports car, citing low expected demand for the high-performance electric vehicle.

The decision marks a shift in strategy for the Stellantis-owned luxury brand, which has been struggling with declining sales.

Initially set to debut this year, the MC20 Folgore will no longer be produced due to weak commercial prospects, a Maserati spokesperson confirmed in an emailed statement.

"According to market research, MC20 customers prefer powerful petrol engines and are not ready to switch to BEV (battery electric vehicles) in the foreseeable future," the spokesperson said.

Launched in 2020, the 630-horsepower MC20 is built in Maserati's hometown of Modena, northern Italy. Its starting price is around 240,000 euros (US$262,000).

The announcement follows Stellantis' meeting with unions in November, during which the company declined to confirm previously announced electrification plans for Maserati. The brand's sales plummeted to just 11,300 vehicles last year, down from 26,600 in 2023, leading to an adjusted operating loss of 260 million euros ($284 million).

While competitors like Ferrari plan to launch their first EV in October and Lamborghini expects its debut model in 2029, Maserati currently offers electric versions of the GranTurismo coupe, GranCabrio convertible, and Grecale SUV.

Apart from the GT2 Stradale, a variant of the MC20 expected in the first quarter, Maserati has no new model launches scheduled. Stellantis is now reassessing the brand's business plan after putting it on hold last year.