The wait for a new Lamborghini SUV or supercar is now over 12 months as demand from wealthy car lovers shows little sign of slowing down, the automaker’s chief executive officer told CNBC on Wednesday.
Despite volatile stock markets and growing economic uncertainty, demand for Lamborghini is “higher than ever before,” said Stephan Winkelmann, CEO of Lamborghini.
“It’s unbelievable,” said Winkelmann. “It’s difficult to predict what’s going to happen and for the rest of 2022. But talking to customers, talking to all of our executives, we’re not seeing orders slowing down.”
The result is a waiting list that is now over 12 months. Before the pandemic, the typical waiting list for Lamborghinis was six to nine months. When asked when or if the company’s waiting list will ever return to “normal,” Winkelmann said that given the sheer amount of wealth created over the past two years, demand for high-end cars may be fundamentally on the rise higher level has been reset.
“What we’re seeing is there are more and more people around the world who are able to buy a car like ours,” he said. “After the pandemic, people wanted to reward themselves. And we have the markets that have been flooded with money. I think we’re on a very high plateau. I don’t know if that’s the new normal.”
Additionally, Lamborghinis have become a favorite for the young rich who have made their newly minted fortunes in crypto, stocks, tech companies, and inheritances. Winkelmann said that by 2025, 70% of Lambo customers will be under the age of 40.
“We’ve definitely seen a shift to a much younger client,” he said.
Stephan Winkelmann, CEO of Lamborghini
Courtesy: Lamborghini
Lamborghini reported record profits and production last year, driven largely by its SUV, the Urus. Sales rose 19% to $2.1 billion and 8,405 cars were delivered, up 13% from 2020, including sales of 5,021 Urus models, 2,586 Huracans and 798 Aventadors.
Winkelmann said production has not been slowed by supply chain issues this year as the company receives high-priority chips and other parts from parent company Volkswagen. He said production this year is on track to be even higher than last year.
“We’ve improved our production, so we think we’ve improved output,” he said. “We’ll see. But this is definitely an opportunity.”
Because of the long wait times, some dealerships charge customers five and six figure premiums to get cars that are available earlier, either through other customer cancellations or demo models. One buyer told CNBC he paid $100,000 to get an Urus within a month instead of waiting.
Winkelmann said the company is doing its best to monitor pricing practices and prevent “phantom orders” from retailers. But with prices for many used Lambos now at 140% of the new sticker price, the temptation to profit remains strong for dealers with cars available now.
“We don’t share this view of making people pay for stickers,” he said. “When we talk to our partners, our dealers, we are always very clear on our position.”