Italian luxury carmaker Lamborghini has driven its way to new highs in 2023. Apart from marking its 60th anniversary, the year also created history for the marque.
The company, which makes Urus SUVs and Revuelto hybrid cars, witnessed record demand last year as sales topped 10,000—a 10% increase from 2022 and Lamborghini’s first time hitting five-figure vehicle sales.
“It’s a true source of pride for the whole company to have surpassed the 10,000-car delivery mark. Playing a role in achieving this milestone for Lamborghini is an honor for me,” Lamborghini chairman and CEO Stephan Winkelmann said in a statement Tuesday. The countries clocking in the strongest boosts in sales were the U.S., Germany, China and Britain.
“I am so incredibly proud to announce that we have reached another historic milestone,” Winkelmann said in a LinkedIn post following the results.
The strong earnings don’t come as a total surprise—Lamborghini has seen demand for its high-end cars steadily climb over the years. In fact, when it announced its half-year results with a 6.7% year-over-year revenue increase to €1.42 billion ($1.54 billion), Winkelmann said that achieving the 10,000 mark was a “feasible goal” for 2023. The Sant’Agata Bolognese, Italy-based company’s output has been ramped up in recent years, thanks to steady demand for its Urus and Huracán cars (they cost up to $270,000 and $345,000, respectively).
Volkswagen-owned Lamborghini isn’t alone in benefiting from the appetite for luxury cars—its Italian competitor Ferrari saw record 2022 results with an 18.5% jump in total car shipments of just above 13,200. While it hasn’t released its 2023 results yet, Ferrari saw a surge in car demand in the third-quarter and raised its full-year guidance.
“The order book remains at highest levels reflecting strong demand across all geographies, covering the entire 2025,” Ferrari CEO Benedetto Vigna said in a November statement, adding that “personalization” of vehicles had been a key profit driver in the third-quarter.
No luxury slump here
The wealthy seem to continue fueling the luxury car market just as other parts of the luxury industry are reeling from slow business and a pull-back in spending. Take the British trench coat-maker Burberry, for instance. It suffered through sluggish sales for the better part of 2023, and last week, the company lowered its full-year profit forecast as a result of that.
The French behemoth LVMH, which is considered the bellwether of the luxury industry, saw its revenue growth ease last quarter, pointing to a reversal of the big spending trend seen during the COVID-19 pandemic. The Paris-based conglomerate will announce full-year results next week.
Lamborghini, for its part, could be a few years away from seeing a slump in its business—its Revuelto cars are sold out until 2026. But it might have a different set of challenges to face this year as it follows the suite of other automakers in pivoting to EVs. The Italian marque is looking to electrify all its cars, which could be either a hybrid or fully-electric version, by the end of 2024. It has also begun working on Lanzador, its first all-electric model that’s set to go into production in 2028. Given that its hybrid cars are showing strong gains, its future EV rodeo might just continue to deliver healthy results—or at least, Winkelmann seems optimistic about it.
“As always, we’re not stopping at individual targets. In fact, we’re more than ready to take on even more exciting new challenges in 2024,” the Lamborghini chief wrote in a LinkedIn post Tuesday.
Representatives at Lamborghini didn’t immediately return Fortune‘s request for comment.
