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The Italian brand, owned by Volkswagen, aims to announce the vehicle at April's Beijing auto show for a 2016 launch, according to two people with knowledge of the strategy.
At the risk of alienating purist fans of its 313,000 euro (S$512,790) Aventador carbon-fibre sports car, Lamborghini hopes to repeat the Porsche Cayenne's success in the fast-growing market for luxury four-by-fours.
"An SUV could be cool, but it would have to be the fastest on the planet and look extreme," said Andrew Romanowski, president of the world's biggest Lamborghini owners' club, based in Los Angeles.
"If it turned out like a run-of-the-mill BMW X5, it would be a betrayal," Romanowski said. "People would be very upset."
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