Maserati Pulls Plug on Planned All-Electric MC20

Maserati is pulling the plug on its planned electric MC20, citing a lack of market interest in a battery-powered exotic car. The announcement was revealed on March 6 by Evo, which cites an official statement from the Italian brand.

The reversal comes only a week after Stellantis, Maserati's parent company, announced asset write-downs of 1.5 billion euros (about $2.3 billion CAD), largely related to Maserati's disappointing performance.

"The project has been stopped due to current forecasts, which indicate insufficient demand for an electric vehicle in the supercar segment," the statement said.

Waylaid electric plans
Just a year ago, Maserati was committing to a 100-percent electric lineup by 2028. The brand had already begun to phase out internal combustion engines, notably ending production of its legendary V8 in 2023. But demand for electric vehicles is not following the expected trajectory and is even slowing in some key markets.

Maserati is not only facing challenges on the electrification front: sales of its gas-engine models are also plummeting. In 2023, the brand sold only 11,300 cars, compared to 26,600 in 2022. That stunning 57-percent drop has had a direct impact on its finances: Maserati went from a profit of 141 million euros ($220 million CAD) in 2022 to a loss of 260 million euros ($405 million CAD) in 2023.

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