The wait time for a new Lamborghini SUV or super-car is now more than 12 months, as demand from wealthy car lovers is showing signs of declining, the automaker’s chief executive told CNBC on Wednesday.
Despite volatile stock markets and growing economic uncertainty, Lamborghini CEO Stefan Winkelman said Lamborghini’s demand was “as high as ever”.
“It’s incredible,” Winkelman said. “It’s hard to predict what’s going to happen and for the rest of 2022. But talking to customers, talking to all our leaders, we don’t see any slowdown in orders.”
The result is a waiting list that is now over 12 months. The pre-epidemic, usually waiting list for Lamborghini, was six to nine months. Asked when the company’s waiting list would return to “normal”, Winkelman said demand for high-end cars could fundamentally reset to a higher level in the last two years due to the sheer amount of wealth created.
“What we’re seeing is that there are more people around the world buying cars like ours,” he said. “After the epidemic, people wanted to reward themselves. And we have markets that were flooded with money. I think we’re on a very high plateau. I don’t know if it’s new normal.”
Also, Lamborghini has become a favorite among young rich people who have built their new fortunes from crypto, stocks, technology companies and legacy. Winkelman says 70% of Lambo customers will be under 40 in 2025.
“We’ve definitely seen a shift toward a much younger customer,” he said.
Stephen Winkelman, CEO of Lamborghini
Lamborghini reported record profits and production last year, driven primarily by its SUV, the Urus. Sales rose 19% to $ 2.1 billion and delivered 8,405 vehicles, up 13% from 2020, including 5,021 Urus models, 2,586 Huracans and 798 Aventadors.
Winkelman said production has not slowed down this year due to supply-chain issues, as the company receives high priority for chips and other parts from parent company Volkswagen. He said production is on the rise this year compared to last year.
“We’ve improved our production, so we believe we’ve improved our output,” he said. “We’ll see. But it’s a sure chance.”
Due to the long wait times, some dealerships are charging five- and six-digit markups from customers that cars will be available sooner, via another customer cancellation or demo model. One buyer told CNBC he paid $ 100,000 to get an urus in a month without waiting.
Winkelman said the company tries its best to practice police pricing and prevent “phantom orders” from dealers. But with 140% of the new sticker price previously owned by many Lambos, the lure of profit remains for now available car dealers.
“We don’t share this view of people paying on stickers,” he said. “When we talk to our partners, our dealers, we are always very clear about our position.”