“We don’t see any slowdown in demand for cars like ours,” says Stephan Winkelmann, CEO of Lamborghini.
For most people, dropping $600,000 on a car seems unfathomable — the exorbitant price tag is more than ten times the price. average American worker brought within one year.
But the luxury car market has been moving strongly despite a looming recession and the high cost of many materials that go into making them.
Don’t miss: Lamborghini has news that shows recessions are relative
At the beginning of 2023 owned by Volkswagen (VLKAF) Lamborghini has released figures showing that it sold a total of 9,233 cars globally in 2022 – up 10% from the 2,721 cars delivered in 2021.
This is the latest luxury car with a two-year waiting list
The strong demand comes as the Italian luxury automaker prepares to launch its first hybrid supercar, known as the Revuelto.
The Italian word for “turn” or “scramble,” the Revuelto is part of Lamborghini’s effort to join the hybrid world and convert their cars, known for their super-powerful engines, to electric.
The 217-mph V12 engine in the plug-in model pays tribute to its capabilities and particular appeal to those in the luxury market. According to Lamborghini CEO Stephan Winkelmann, the Revuelto now has a two-year waiting list despite an expected launch date of late 2023 or early 2024.
“The resilience of our clients, with everything that has been going on over the past 24 months, is unbelievable,” Winkelmann Tell CNBC. “We don’t see any slowdown in demand for cars like ours.”
While a market price has yet to be determined, Winkelmann has previously said that the Revuelto will cost around €500,000 ($549,600 as of April 2023) and could easily reach $600,000 even without additional customization.
But despite the high price tag, there was a huge rush of interest around the first hybrid Lamborghini and orders were coming in faster than the luxury automaker could get it ready for the official release date.
The luxury car market shows no signs of slowing down
“The team has been working hard on this car for years,” Winkelmann said. “The customer reception is positive in two respects, because on the one hand they are aware that it is a real Lamborghini and on the other hand there is no fear of owning a hybrid car.”
Lamborghini wasn’t the only superluxury automaker to see a rush in orders. In January 2023, Rolls-Royce (RYCEF) It also achieved an unprecedented milestone in its 119-year history – the 6,021 vehicles sold in 2022 set a record and were an 8% increase over 2021.
Ferrari (race) – Get a free reportalso delivered a record year With 13,221 vehicles sold and €939 billion (US$1,024 billion) in profit. These figures were 11,155 cars and €833 million (US$909 million) in 2021.
Although spending slowed in many other sectors of the economy, so too were sales of luxury goods22% higher around the world. Besides vehicles, sales were of everything from art and fine wine to luxury handbags increasing in the last 12 months.
“Consumption has returned to pre-crisis levels, but it is also a rebirth, given that there is a new, younger consumer base, and some consumer pockets that were opened up during COVID are here to stay and grow,” writes Claudia Di Arpizio, a partner at investment firm Bain Capital and lead author. in a study on this topic.