Lamborghini makes highest ever profit amid COVID-19

By Ashika Rajan, Trainee Reporter
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Lamborghini
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Italian manufacturer of luxury automobiles Lamborghini had its most profitable year ever in 2020, despite the closure of its Italian factory amid the pandemic.

Mr. Stephan Winkelmann Chief Executive Officer Lamborghini responded that “we were surprised.”

Despite slightly lower sales than the previous year, Lamborghini sold more luxurious, customized supercars, resulting in higher profits. China fueled a lot of demand, and this year it will overtake Germany as the luxury carmaker’s second-largest market.

Lamborghini Urus
Lamborghini Urus

Urus, Lamborghini’s latest sports utility vehicle (SUV), has been hugely successful, accounting for 59 percent of the company’s global revenue last year. Ultra-luxury SUVs from Rolls-Royce, Bentley, and Lamborghini have also established a large following among Chinese car buyers.

“Urus is giving us peace of mind in terms of return on investment and also earnings, and the earnings are giving us the confidence to reinvest in the future,” Mr. Winkelmann summarized.

In 2020, the Volkswagen-owned carmaker sold 7,430 cars worldwide, second only to the 8,250 it delivered in 2019. However, Lamborghini’s highly profitable “limited special series” models took in a lot of revenue.

“We have already covered with customer orders nine months of the year for 2021. So we are looking at the year 2021 in quite a positive bent,” Mr. Winkelmann pointed out. Lamborghini’s largest market is the US, where 2,224 cars will be delivered in 2020. The firm’s biggest challenge is the tightening of emissions regulations across the globe along with the expedited transition to electric vehicles.

Lamborghini has yet to disclose its plans for an electric supercar, but one could be revealed in April.

“We have to anticipate also a change of mind of our customers and the enthusiasts as well. This is a very crucial moment for super sports cars, where you have to set the marks for the future”, Lamborghini’s CEO commented.

Mr. Winkelmann responded to rumors that Volkswagen would sell Lamborghini by saying that the “Volkswagen Group is the perfect fit for Lamborghini.”

Related: ‘Having technology not enough in car business’: Toyota President warns Apple


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