Lamborghini’s CEO thinks the market for exotic and ultra-lux cars is softening, but the Italian automaker’s sold-out models and years-long wait lists means it really doesn’t have to worry about the issue.
Higher interest rates, a weakening housing market, lower 2022 bonuses for Wall Street execs (boo hoo) and consolidation throughout the tech industry have apparently created a bit of an unfavorable market for luxury vehicles, according to Automotive News. Despite all that sadness for the wealthy, Lamborghini is still reportedly headed for another record year in terms of sales – and the U.S. is leading the way as its largest market.
New models are proving to be an especially good buffer for Lamborghini. The Aventador’s successor, the Revuelto, is set to arrive in the U.S. early next year. The plug-in hybrid supercar has a 30-month waitlist, according to Andrea Baldi, the company’s CEO. To make matters even wilder, internal combustion versions of the Urus and Hurican are literally sold out until the end of production.
“We can definitely say there is softening compared to 2022,” Andrea Baldi told Automotive News. “There’s clearly a deterioration in the conditions of the market, which we are sort of protected [from] because we have this long waiting list. This is essentially constituted by people that are giving a down payment, making a commitment toward the brand and the dealer.”
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One sign of a changing market is a fluctuation in used-vehicle pricing for exotic and ultraluxury brands.
“We can see many other players in our segment, in the luxury segments, suffering, and we can see that, in general, there was a significant readjustment of the resalable values for every brand, that includes also Lamborghini,” Baldi said.
For example, Baldi pointed to the Aventador SVJ roadster. Last year, valuations on the model reached around $1.1 million to $1.2 million, he said. Today, the value is closer to $900,000. That’s still 50 percent higher than the original sticker price, Baldi noted.
Baldi has reportedly said Lamborghini is enjoying a “golden age” because of high demand and high volumes. Last year, it sold 9,233 vehicles worldwide and 2,721 in the U.S.. Both those numbers represent 10 percent increases from the prior year. That hasn’t slowed down at all. Through the first half of 2023, Lamborghini delivered 1,625 vehicles stateside, and it is looking to sell over 10,000 cars globally.
It’s always a good time to be rich, folks.