SANT'AGATA BOLOGNESE, Italy (Reuters) - Italy's Lamborghini plans to launch its first electric model in 2029 as time is not ripe for full electrification in the sports car market segment, CEO Stephan Winkelmann said on Monday.

Lamborghini, a unit of Volkswagen, had previously said that its first EV was due in 2028. Italian rival Ferrari ( RACE ) will launch its first EV model in the first quarter of next year.

"We do not think 2029 is late to have an electric car. We do not think that, in our segment, the market will be ready in 2025 or 2026," Winkelmann told reporters at Lamborghini's headquarters in Sant'Agata Bolognese, near the northern Italian city of Bologna.