Lamborghini sales are stuck in slow lane
April 16, 2009
By Andreas Cremer
Automobili Lamborghini, the Italian maker of the $200 000 (R1.8 million) Gallardo sports car, sold 35 percent fewer vehicles in the first quarter, as wealthy customers more prone to losing their jobs withheld their purchases.
Lamborghini, a division of Volkswagen, was facing tough times and was cutting production by reducing hours for almost 300 of its 1 000 employees, unit chief executive Stephan Winkelmann said yesterday.
The sales decline contrasts with 1 percent growth last year, when Lamborghini delivered a record 2 430 cars. The division would continue to release at least one new model a year, even as investment bankers and property brokers have disappeared as potential buyers, Winkelmann said.
The credit market meltdown has claimed at least 299 900 jobs in the financial industry worldwide.
"We're well aware that tough times are lying ahead of us," Winkelmann said. "Lamborghini is not immune to the impact of the recession."
Lamborghini counts the US, Italy, the UK, Germany and the Middle East as the top five markets for both of its two-seat models.
The division is selling a new version of the Gallardo LP 560-4 Spyder introduced at the Los Angeles Auto Show in November. An updated Murcielago LP 670-4 SuperVeloce, unveiled at the Geneva Motor Show last month, will enter showrooms in coming weeks.
"There will be no change in our commitment to bring at least one new product to market every year," Winkelmann said.
Pretax profit at Lamborghini jumped 27 percent to a record E60 million (R723 million) last year, from E47.1 million a year earlier, the car maker said.
Revenue gained 2.5 percent to about E479 million, spurred by stronger sales in the Middle East and Asia, especially China.
Lamborghini fared "slightly better" than competitors at the beginning of the year, said Winkelmann, adding that sales by luxury car makers worldwide fell about 40 percent between January and last month.
The car maker should be able to avoid a full-year loss, as long as the remainder of this year would be similar to the performance in first quarter, Winkelmann said.
"I'm not expecting a turnaround or principal improvement this year," he said. "We're prepared to weather another such year in 2010."
To cope with shrinking demand, Lamborghini would maintain working hour restrictions initiated in February through next month and might extend the measures, said Winkelmann. - Bloomberg
|
|
