Lamborghini CEO says orders for hybrid Revuelto show ‘incredible’ demand from wealthy car-buyers

Lamborghini’s quick sellout of its new $600,000 hybrid supercar is proof that wealthy car buyers are still spending, according to the CEO.

Lamborghini already has a waiting list and two years worth of orders for the Revuelto, its first ever plug-in hybrid that was launched last month, CEO Stephan Winkelmann told CNBC. The orders come despite the global turmoil in financial markets and banking systems in recent months.

“The resilience of our customers, with everything that is happening in the last 24 months is incredible,” Winkelmann said. “We don’t see any slowdown in order intake for buying cars like ours.”

The rush of orders for the Revuelto and other supercars highlights the continued strength of the wealthy consumer despite slowdowns in other segments of the consumer economy. The share price of Ferrari is up 27% this year on the back of continued demand for trophy cars, especially in the U.S.

Ferrari, Bentley, Rolls Royce and other top brands reported record sales and production last year.

Lamborghini produced a record 9,233 vehicles worldwide last year, up 10% over 2021. Winkelmann said it’s too early to forecast 2023 production, but if orders continue as they have in the first quarter the company can match or exceed last year’s record.

The big question for supercar makers like Lamborghini is how to define their brands in the age of electrification. Prized for their powerful, thundering engines, supercar makers are working to develop silent, high-performance EVs that are distinct enough from Tesla and other brands to command higher premiums.

Every Lamborghini model launched after the Revuelto will be a hybrid, with plug-in versions of the Urus SUV and Huracan sportscar expected in the coming years. Lamborghini plans to launch its first fully electric model sometime in 2028 or 2029.

With the Revuelto, Lamborghini utilized the best of both worlds, pairing three electric motors with a new 6.5-liter, naturally aspirated V12 engine for a combined 1,001 horsepower. It has a top speed of over 217 miles per hour and can do 0 to 62 mph in under 2.5 seconds.

With hybridization, the Revuelto is 30% more fuel efficient.

Car collectors say part of the appeal of the Revuelto is owning one of the last generations of V12 supercars to be sold and built.

“The team worked hard on this car for years,” Winkelmann said. “The reception of the customers is positive in two ways, because on one hand side they recognize it’s a true Lamborghini. And on the other side there is no fear about having a hybridized car.”

Winkelmann said the Revuelto is likely to sell as well or better than its top-of-the-line Aventador model, which the Revuelto replaces. Lamborghini sold over 11,000 Aventadors over its decade-plus life. He said demand from the U.S. — Lamborghini’s largest market — has been especially strong.

The China market, however, remains an unknown since the country just reopened from lockdown, Winkelmann said, adding that demand in South Korea “exploded” last year. Central Europe and Australia were also strong, he said.

“In the U.S., California, Florida, Texas and the Northeast are always good for positive surprises,” he said.

Production of the Revuelto will start in the second half of 2023, with the first cars delivered to the U.S. in the fourth quarter.

“And then next year, we go full speed and we will see how the market is moving,” Winklemann said.