Lamborghini Achieves Record-Breaking 2024
Lamborghini celebrated a landmark year in 2024, reporting record-high sales of 10,687 cars and revenues reaching $3.4 billion. CEO Stephan Winkelmann credits the company’s strength in a challenging luxury auto market to their innovative hybrid models and a strategic approach to expanding their customer base.
Hybrids Fueling Success
While some luxury automakers face sales declines, Lamborghini has experienced significant growth. The Audi-owned brand saw profits increase to $910 million (835 million euros), a 15.5% increase over the previous year. Winkelmann attributes this financial success to investments in hybrid technology and a recent lineup revamp. “We have all plug-in hybrids at Lamborghini, all three cars, and this is something which is paramount to the success of the brand,” he stated in an interview with Business Insider.
Balancing Exclusivity and Growth
Lamborghini’s sales figures have more than tripled since 2015. Despite these impressive numbers, Winkelmann emphasizes the potential for further growth, especially considering the global automotive market. “In certain cities in the world we have a higher density of our cars. On the other hand, we have more and more high net-worth individuals worldwide, so there is an opportunity to increase volumes without losing exclusivity,” he explained.
Expanding the Model Range
The Urus SUV and the discontinued Huracan supercar, soon to be replaced by the new Temerario, have driven recent sales. These two models accounted for 87% of Lamborghini’s sales last year.
Further growth will likely be incremental with the current three-model lineup, led by the flagship Revuelto supercar. The company anticipates its next significant sales surge will come from a fourth model, the 1,300-horsepower all-electric Lanzador, expected to launch in 2029. “We need to have car number four for additional growth because this car will be in a different sub-segment than the ones we are in today. So it’s an add-on and not something that will cannibalize sales from the ones we have today,” Winkelmann said.
Identifying New Customer Segments
Lamborghini’s strategic shift also involves targeting new demographics. The typical Lamborghini customer is in their mid-40s and already owns multiple vehicles, the vast majority of whom are male. However, the company sees significant opportunity in appealing to women, who currently represent a small segment of their customer base.
“I was in Korea last week and they are already at a 50% share of women,” Winkelmann stated, highlighting a successful market for the brand. Geographically, the United States remains Lamborghini’s largest market, followed by key regions in Europe, East Asia, and the Middle East.
India’s Untapped Potential
Winkelmann sees significant potential in the Indian market, noting it as a key area for future expansion. “I do not see any other market, except India, which has the promise to grow dramatically in terms of size,” he said.
