Lamborghini CEO: Aventador plug-in hybrid coming in 2023, Urus version in 2024
Italian car designer Giorgetto Giugiara, a man who loved straight lines and straight talk, once said “curved lines are actually bullsh*t.” Stephan Winkelmann who became CEO in October 2021 stays stern with fans.
Fans and clientele of Lamborghini, the super sports car maker known for its angular lines and hard-edged surfaces, would likely agree with that statement, as they are buying more cars than ever.
Last year Lamborghini, which is part of Volkswagen's Audi Group (VWAGY), had its best financial year, breaking records with vehicle sales, revenue, and profitability.
“The high demand of our super sports cars, the fact that everybody was asking for more options, for more individualization, and also the mix of our cars was very positive,” Lamborghini Chairman and CEO Stephan Winkelmann said in an interview with Yahoo Finance. “Every day, we are selling more cars than we are able to produce, so we have a very long order bank which is a one-year waiting time if you buy a car today.”
Lamborghini reported record profits in 2020 as its wealthy customers — especially in China — rode the global bull market in style.
Despite a mandatory factory shutdown of over two months during the Covid-19 pandemic, the “raging bull” of the auto world delivered 7,430 cars in 2020, down only 9% from the record high in 2019. Sales topped 1.6 billion euros ($1.9 billion at the current exchange rate), down 11% from 2019, but the company said profits increased to a record high as customers ordered more pricey, highly customized cars.
The outlook for 2021 looks even brighter as soaring stocks and asset values around the world boost the fortunes of wealthy car buyers. Wealth creation from cryptocurrencies, special purpose acquisition companies, IPOs and company takeovers has also created a new generation of younger super car buyers.
Lamborghini, which is owned by Volkswagen Group, is also benefitting from the success of its $220,000 SUV, the Urus. The company’s total production has more than doubled since it started delivering the Urus in 2018.
Winkelmann said China is expected to become the company’s second-largest market this year, replacing Germany, for the first time. The U.S. is still far and away Lamborghini’s market, with delivery of 2,224 cars in 2020.