MILAN (Reuters) – Potential U.S. tariffs on European-made products could hit revenue at Lamborghini, its CEO said, as the sports carmaker posted strong results for last year, despite a contraction in the luxury market.
The Italian carmaker, part of the Volkswagen group, said on Thursday its revenues rose 16% last year to 3.09 billion euros ($3.31 billion), while its operating profit was up 15.5% to 835 million euros, topping the 800 million euros threshold for the first time.
Chief Executive Stephan Winkelmann said the company now had an order book covering 18 months and its aim was to preserve it in coming years, to achieve “controlled growth”, as potential U.S. tariffs could add further uncertainty to an already contracting luxury market.
Lamborghini sold a record 10,687 vehicles last year, with around 3,000 units in the United States, its single largest market.
Asked about the automaker’s ability to pass on potential U.S. tariffs to car buyers to preserve margins in the country, Winkelmann said in a media call that there was a “sweet point”.
“If you go beyond that you lose volumes, that is a fact,” the CEO said. “We need to assess what our competitors do and how American clients react, but there is a risk on volumes for sure.”
Winkelmann said the wider luxury car market saw a 10% contraction last year versus 2023.
“Our feeling is that a post-COVID bubble is over,” he said.
“While such sudden growth in our market was unexpected, we knew it could not last forever. In particular there has been a contraction in the Chinese (luxury) market. Our market is now stabilising”.
Lamborghini’s growth has been accompanied by 1,000 new hires in the past two years, with a 30% increase in the company’s direct workforce.
British luxury automaker Bentley, also owned by Volkswagen, on Wednesday posted its lowest annual revenue since the COVID pandemic struck in 2020.
Lamborghini, which plans to launch its first fully-electric model in 2029, now has an entirely hybrid three-model line-up, with the Urus SE SUV, the Revuelto sports car and the new Temerario sports car, whose first deliveries are expected between the end of this year and early 2026.
Selling prices for Lamborghini cars start from over 260,000 euros. ($1 = 0.9341 euros)
(Reporting by Giulio Piovaccari; Editing by Keith Weir)
