Lamborghini said it’s almost sold out for the year as an easing pandemic unleashes a free-spending attitude among consumers confined to their homes for months.
The Italian supercar brand is set for “strong growth” in 2021 and has sold about 10 months of its production capacity, Chief Executive Officer Stephan Winkelmann said in an interview at the Milano Monza Motor Show. The Volkswagen AG unit showed off the Huracan STO at an open-air walk close to the global fashion hub’s Duomo cathedral.
“Despite a two-month shutdown due to the pandemic, Lamborghini ended 2020 as its second-best year ever,” Winkelmann said, as crowds swarmed the over 60 brands on show including Ferrari NV, Porsche and McLaren Automotive Ltd. in a sign of normal life resuming in major cities like Milan. Lamborghini deliveries have surged by almost 25% to a record during the first quarter.
While buyers continue to snap up performance cars like the track-suited Aventador, Lamborghini is embarking on the transition to electrifying its lineup. It’s spending a record 1.5 billion euros ($1.8 billion) to offer plug-in hybrid versions of each model by 2024, and plans to launch a first vehicle powered purely by battery during the second half of the decade. Supercar makers like Ferrari and Lamborghini have been slow to embrace EVs with brand histories steeped in powerful engines.
“Lamborghini doesn’t want to be the first-mover at all cost,” said Winkelmann. “In electrification, we need to choose the right moment, when we think the market is ready and we think we can really be the best.”
VW late last year ended deliberations for a possible sale or listing of Lamborghini to better focus on the Audi and Porsche division, its key profit drivers. Winkelmann reiterated the brand wasn’t for sale, following a report last month of VW receiving 7.5 billion euro offer. There were no current plans to list Lamborghini, he said, which boosted revenue by 5.4% to 509 million euros during the first quarter.
More must-read finance coverage from Fortune:
- Elon Musk’s plunge into Bitcoin is a dangerous bet that could saddle Tesla with big losses
- Tesla bought Bitcoin. Will Apple be next?
- Who would get a $1,400 stimulus check? Here’s what Treasury Secretary Janet Yellen is saying
- 4 metrics show the stock market is now wildly overvalued—by as much as 33%
- Investors reward French energy giant Total for making the best of a brutal 2020
Our mission to make business better is fueled by readers like you. To enjoy unlimited access to our journalism, subscribe today.
