Lamborghini Reports 14.1% Revenue Rise Amid Transition to Hybrid Models

by Nicholas Edwards · 29/07/2024

Revenues at Italian luxury sportscar maker Lamborghini surged by 14.1% to €1.62 billion ($1.76 billion) in the first half of 2024, driven by robust demand and higher car deliveries, despite flat profits and falling margins as the company transitions to hybrid engines.

The automaker reported a 4% increase in car deliveries, reaching 5,558 units in the first half, setting the stage to surpass last year’s record of over 10,000 annual sales. The success of the Urus SUV, priced above €230,000, has been pivotal in Lamborghini’s recent growth, helping the company close the gap with rival Ferrari, which sold 13,663 cars last year.

“If we can maintain this trend, we are likely to exceed last year’s record,” Chairman and CEO Stephan Winkelmann said in written answers to Reuters questions.

The Europe, Middle East, and Africa (EMEA) region led sales with nearly 2,500 deliveries, while the Chinese market accounted for 337 units. The U.S. remained Lamborghini’s largest national market, with over 1,600 units delivered in the first half.

Strong orders for Lamborghini’s first plug-in hybrid, the Revuelto, launched last year, are already covering over two years of production. By the end of 2024, Lamborghini’s lineup will be exclusively hybrid.

In April, Lamborghini unveiled the hybrid version of the Urus, which is expected to hit the roads later this year and has received a positive response from customers, with orders covering around one year’s production. To complete the transition, a new eight-cylinder hybrid will replace the Huracan next month.

Even in a year marked by the transition to hybrid, we can confirm growth of the key financial and business metrics,” Managing Director and CFO Paolo Poma said in a statement.

Lamborghini’s operating profit remained steady at €458 million in the first half, while its operating profit margin fell to 28.2% from 32.1% a year earlier.

“We are in the final phase of the hybridisation process for our three models, which involves substantial investments,” Winkelmann explained, attributing the margin decline to balanced cost distribution throughout the year and negative foreign exchange effects.

Looking ahead, Lamborghini plans to launch its first fully electric model, a 2+2-seater grand-tourer (GT), in 2028, followed by a battery version of the Urus in 2029. This move comes three years after Ferrari’s anticipated first EV.