Lamborghini Turns Record Profit in 2008
Amidst the collapse in auto sales in 2008, Lamborghini sold more cars than ever and posted a record profit because of its growing sales.
Lamborghini said it made record deliveries in 2008 and posted a record profit. Its profits were up 27 percent from 2007 to €60 million ($77.8 million). In 2007 the company posted a profit of €47.1 million ($61.1 million). Lamborghini did not release its net profit figures.
“In light of worldwide economic uncertainties, this new record year above all proves the sustainability of our business strategy,” said CEO Stephan Winkelman in a statement. “We know that there are tough times ahead now, but we have increased the value and appeal of our luxury brand and we are ready to take on the challenges the future might bring us.”
Sales increased 2.5 percent overall for Lamborghini, but dropped 20.3 percent in the U.S. The company’s sales in China and the Middle East, where sales grew 157 percent and 66 percent respectively, helped to offset the substantial drop in the U.S.
The storied marque from Sant’Agata Bolognese said that the economic downturn has not left the company unscathed and did not provide a profit forecast for 2009. The company said in a statement that “the overall target for the 2009 financial year is to attain an overall profit.”
Source: The Detroit News