More Lamborghini Clients Cancel Their Orders
Although reports from elsewhere that Ferrari sales are OK, Lamborghini doesn’t seem to be as lucky in weathering the current economic downturn. 2008 was actually a record year for the Bologna based super-car builder, but only three short months into 09, and things aren’t looking so good.
At the Geneva Motor Show this past Wednesday, Lamborghini CEO Stephan Winkelmann confirmed that his company has started to receive a significant number of order cancellations.
This is not surprising, but it also runs counter to a thesis that Ferrari, and others, have concerning the market for a limited number of sometimes very highly priced goods. To wit, ‘there will always be four or five thousand very rich people out there that will be interested in purchasing XXX from a company like ours.’ This could be limited edition crystal sculptures, runway fashions, or, in the gearhead’s case, things like new Lamborghinis.
Stephan Winkelmann disagrees. “I always said there is no immunity for luxury brands. It was only a matter of time.” the Lamborghini CEO said. We only have sales figures through February, but in the first two months of 2009 the luxury market were down 40%. “We’re not there, but close,” Winkelmann said referencing that latest market data.
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