Update: Horacio Pagani contacted Inside EVs Argentina to dispute Autocar’s original reporting. Pagani told IEVs Argentina that the automaker would continue to invest in electrical technologies and it has continued moving forward with the EV project. He also noted that the company is working to develop the batteries and electric motors, and Pagani is taking its time because it wants to do it well. At no time did the company think about stopping the project, said Horacio. You can read the full rebuttal at Inside EVs Argentina, which is part of Motorsport Network.

Pagani began researching and developing an electric car in 2018. However, today, four years later, the company announced that it would abandon its efforts to build such a car. Horacio Pagani broke the news to Autocar at last month's Milan Monza motor show in Italy.

Pagani's research discovered that its electric supercar would require a 600-kilogram (1,322-pound) battery, which Autocar notes is more than half the Huayra R's total weight, which tips the scales at 1,070 kg (2,350 lbs). According to Horacio, EVs are too heavy for supercars and lack driving emotion.

Gallery: Pagani Huayra Tricolore

Horacio, who bought a Tesla to understand EVs better,  believes that an electric supercar should be about more than raw performance, which is already achievable today. For example, the Kia EV6 GT delivers 577 bhp (430 kilowatts) and can hit 62 miles per hour (100 kilometres per hour) in a supercar-like 3.5 second. The challenge, said Horacio, is making an EV exude the emotion of a petrol-powered car. That can't happen when the batteries still weigh so much.

Horacio said he dreams of building a 1,300-kg (1,866 lbs) EV but told Autocar that it's not possible. Instead, Pagani will continue to produce V12-powered supercars that it sources from Mercedes-Benz. The company announced in 2019 that it would use the Mercedes V12 through 2026, and the engine will power the new Pagani C10 that debuts in September.

Pagani's plans to stick with V12 won't run into any regulatory issues in the European Union anytime soon. The EU announced earlier this month that it would extend the deadline for supercar makers to switch to zero-emission powertrains from 2029 to 2035. This allows Pagani, Ferrari, Lamborghini, and other small automakers more time to develop the models. This should lead to lighter, more efficient battery technology, making it more viable for supercars.

Pagani has also failed to find interest in an EV in the supercar market. However, Horacio also noted that the company would continue to invest in research and development because he knows how customer tastes and market conditions can change.