Lamborghini luxury cars to project sales of over 100 units milestone in India.
According to Automobili Lamborghini’s country manager in India, Sharad Agarwal, the Italian luxury automaker hopes to reach 100 Indian market sales this year. Days before the announcement, the company reported 92 units of record-breaking sales in India in 2022, up 33% over the previous year.
The company, which offers a variety of super-luxury vehicles in India starting at Rs 3.16 crore, achieved its previous record-breaking sales in the nation in 2021 with 69 units. Before then, it had sold 52 units overall in 2019, its highest sales year.
The range of high-end vehicles offered by Lamborghini in India starts at Rs 3.8 crore. The company intends to release its first hybrid vehicle onto the nation’s roads in early 2023 to keep its position as the industry leader.
According to industry projections, luxury automobile sales in India are predicted to hit a record high of 42,000–45,000 units in 2023 after a solid year of sales in 2022 thanks to a large order book, pent-up demand, and new model introductions.
Sales of the sector, which make up less than 1% of the country’s total passenger vehicle market, were anticipated to be between 37,000 and 38,000 units at the end of last year. When sales reached 40,863 units in 2018, it was the segment’s best year yet.
Sharad Agarwal, the head of Lamborghini in India, claims that business is doing well and that there is a healthy backlog of orders. According to him, India is now one of Lamborghini’s fastest-growing markets in the Asia Pacific area, and 2022 will be its best year yet, with a 14 percent increase across the continent. The SUV Urus, which accounted for more than 60% of Lamborghini’s business in India, was the most popular vehicle.
As the business develops, it intends to introduce its first hybrid vehicle to the market internationally in 2023, to do so as soon as possible in India. In 2024, Lamborghini will enter the next stage of hybridizing its whole model lineup with the introduction of the hybrid Urus and the new hybrid V10, he added.
In response to a question about whether the business believes it will reach the 100 units sold milestone in 2023, he replied “Our business in the nation is not showing any signs of shift or slow down. Across fact, all of our models have an average waiting period of roughly 18 months in the nation as we begin the year with a very, very robust order book.”
This demonstrates unequivocally that the country has reached its allotment of production for this year. Thus, we continue to be quite optimistic about our expansion, he added.
According to him, India has become one of Lamborghini’s fastest-growing markets in both the Asia Pacific region and internationally. According to him, the company’s SUV Urus accounted for more than 60% of its business in India.
“Starting this year, we’ll start the next phase of our business, during which we’ll hybridize every model we offer. The new hybrid V10, which will be the Huracan’s successor and an entirely new vehicle, as well as the hybrid Urus will be introduced in 2024, added Agarwal.
The majority of other luxury automobiles manufacturers, such as BMW India, Audi India, and Lexus India—the most recent arrival with a lesser market share—expect 2023 to be their greatest year yet in terms of volumes, with sales rising by high double digits.
While the world is struggling with the phase of recession, Indian millionaires and billionaires are interested in adding luxury cars to their collections.
On the strength of a swift economic recovery and reiterating India’s credentials as the world’s fastest-growing major economy at a time when much of the West is plagued with recessionary risks, sales of luxury passenger vehicles increased faster than the local automobile market last year, approaching the pre-pandemic peak.
Lamborghini reported that 9,233 cars were delivered worldwide in 2022, a 10% increase over the year before, and that this was the biggest sales record ever.
The highest sales total in history was this. Asia recorded a 14% growth from 2021, followed by America with (over) 10% and EMEA with (over) 7%. The indicator was favorable throughout all macro-regions, maintaining a consistent and steady distribution. All-time high sales were achieved in the major markets, the company said.
While the company just missed the 100-unit sales milestone in India last year by 8 units, it appears certain that it would do so in 2023. According to Lamborghini, the business has not slowed down and the company has a healthy order book for the new year, with an average wait period of 18 months for all models in India.
The SUV Urus, which is Lamborghini’s best-selling model in India, has greatly boosted the company’s sales, and the company’s development plans for hybrid vehicles will help it keep its place in the country’s luxury auto market. The success of the Urus in India is evidence of the expansion of the luxury automobile market in that nation, and the business has been eager to launch its new product lineup there as a result.
With sales of ultra-luxury and sports cars remaining unaffected despite the unstable market backdrop, notably surrounding the economy and inflation, the Italian super sports car manufacturer has moved its focus to India, which is being projected as the “next major potential market.”
Although the growth is high, taxation and policy uncertainty is limiting the growth of the luxury car market.
According to Stephan Winkelmann, Chairman, and CEO of Italian automaker Automobili Lamborghini, high taxes are restricting the growth of India’s ultra-luxury car sector, which is otherwise on a growth trajectory.
Winkelmann stated in a virtual conversation that “India is a market for us that is on a growth path like most of the markets we have across the world.”
When asked what is preventing the country’s sales of super luxurious cars from increasing, he responded, “If we focus on the particulars of the Indian market, it is evident that its growth is constrained, much like that of other markets with high taxes. If we take a look at what is occurring in India, we must comprehend this.”
Starting this year, Lamborghini will gradually electrify its whole lineup of vehicles, starting with hybrids and progressing to pure electric vehicles by the end of the decade. The automaker claims that its move to electrification has cost it €1.8 billion (about Rs 15,973 crore).
In March 2023, Lamborghini will debut the Aventador replacement, which will be powered by a naturally aspirated, electrically assisted V12 engine. Lamborghini will release hybrid versions of the Urus and Huracan the following year. Lamborghini plans to introduce a 2+2 GT as its first electric vehicle in 2028.
