Lamborghini’s profits soar during COVID

Lamborghini had its most profitable year ever in 2020, despite a two-month shutdown of its Italian factory during the pandemic.

“We were surprised,” said chief executive Stephan Winkelmann.

While sales were slightly lower than the previous year, Lamborghini sold more expensive, customised supercars, pushing profits higher.

China has fuelled a lot of demand and would overtake Germany as its second-biggest market this year.

Lamborghini’s new sports utility vehicle (SUV) is called Urus and has been hugely successful, accounting for 59% of the company’s sales worldwide last year.

Chinese car buyers have developed an appetite for ultra-luxury SUVs from the likes of Rolls-Royce, Bentley and Lamborghini.

“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 added.

The carmaker, which is owned by Volkswagen, sold 7,430 cars worldwide in 2020, second only to the 8,250 it delivered in 2019.

But Lamborghini saw strong income from its highly profitable “limited special series” models.

“We have already covered with customer orders nine months of the year for 2021,” Mr Winkelmann said. “So we are looking at the year 2021 in quite a positive bent.”

He told CNBC: “It’s a bit like with the stock markets: the buyer’s spirits are up. They can’t wait to the moment to get out again and to enjoy life.”

– BBC

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