Lamborghini’s Stephen Winkelmann Leads Exotic Brand To Best Year Ever

The past few years have been brutal for the auto industry. Everything from COVID lockdowns to microchip shortages have presented big challenges for most car brands.

But Lamborghini isn’t like most car brands — it’s an Italian supercar company offering very specific vehicles to very specific customers. And despite today’s challenging global environment, 2021 was the best year in Lamborghini’s history.

Stephen Winkelmann serves as Lamborghini’s Chairman and Chief Executive Officer, leading the exotic carmaker as it breaks sales records and earns a strong profit.

Even at quick glance and Mr. Winkelmann’s biography suggests he knows how to manage premium brands. In the just the past 5 years he’s lead Audi Sport GmbH and Bugatti, and before that he was the CEO of Fiat Auto Austria, Switzerland and Germany.

We spoke with Stephen Winkelmann about how Lamborghini is finding success in today’s demanding environment, including the imminent shift to electric powertrains in the face of ever-rising CO2 restrictions.

Forbes: How is Lamborghini doing during this rather turbulent time in the industry?

Lamborghini CEO Stephen Winkelmann: In 2021 we had a record year. We delivered 8,405 cars, which is an all-time high. We had a turnover (revenue), also a record, of 1.95 billion euros, and the pre-tax profit is on the same record level, with 393 million euros, which is leading to a return on sales (profit) of 20.2 percent. So this is very positive for us. We are selling more cars than we are able to produce, so we have an order bank of 1 year.

I also have to say that we are dismayed by the situation and the war in the Ukraine. We are donating half-a-million euros to the United Nations refugee aid. And we put our business in Russia on hold for the time being.

It’s very difficult for us in this situation to make a clear forecast of what is going to happen for Lamborghini in the year 2022. So far, we are very successful. We are going to launch two versions of the Huracan this year, and we are going to have the facelift of the Urus. And then, in the years 2023 and 2024 we will have the hybridization of all our line up. This will lead to a cut of co2 emissions in comparison of today by the beginning of 2025 by at least 50 percent.

Last but not least, we will have fourth model, which is going to be in the market in the second half of the decade. We think about the year 2028.

Forbes: So the Aventador will become a plug-in hybrid next year? What kind of engine?

Lamborghini CEO Stephen Winkelmann: Yes, in 2023 the Aventador will have a completely new V12 engine, a naturally-aspirated engine, which is very important for our customers, because this is our legacy. So it will have a V12 engine plus a plug-in hybrid.

Forbes: How has the Lamborghini customer evolved in the last 5 years?

Lamborghini CEO Stephen Winkelmann: We have a new generation coming in. We have younger customers than in the past. We have a lot of new customers, especially due to the success of Urus. We have more female customers than before, and even though we are only at 10 percent for Urus and 5 percent overall, it’s something that is at least going in the right direction.

We also have a lot of new Urus customers who are now interested in our super sports cars because they are the newcomers to the brand. The youngest customer base is in the Asia Pacific, followed by North America and a bit older in Europe. What is common to all is they are super sports car lovers and that they are seeing a Lamborghini as a fulfillment of their dreams.

Forbes: What aspects of the product have changed the most in the last 5 years, and what drove those changes?

Lamborghini CEO Stephen Winkelmann: The biggest one is the add on of the new Urus. Its a more versatile car against the super sports car business, and this was a game-changer for Lamborghini. It put us in a much more stable situation, allowing us to reinvest for the future. And in the last 5 years we had all the derivatives of our super sports cars, like the Huracan Performante, and the last year the Super Trofeo EVO and the the performance versions of the Aventador like the SVJ and Ultimae.

Forbes: Does Lamborghini thrive in an increasingly electrified world?

Lamborghini CEO Stephen Winkelmann: We don’t need to be the first ones but we need to be ready when the market is ready, when we are ready, and then we have to really be the best ones. And I think that the market for us is ready, the customers are ready to join us in this adventure. With the clinics we are observing the market. We are looking at our competitors, what they are doing. And we see that this is something that is acceptable.

As I said, we will then be 50 percent less in terms of CO2 emissions and we will be the first super sports car manufacturer to have a complete hybrid line up. And I think it’s important.

Forbes: What are the biggest challenges facing Lamborghini in today’s automotive and business environment?

Lamborghini CEO Stephen Winkelmann: With all the regulations coming up, to comply with the regulations for a small manufacturer. There a fewer exemptions for small manufacturers around the world. We can only succeed if we are aligned with all the regulations that are coming up. We are prepared for this and in my opinion we don’t have to fear, but these are the major challenges.

Forbes: Beyond Lamborghini, what are some of your favorite cars from the past or present?

Lamborghini CEO Stephen Winkelmann: I was always in love with the E-Type. For me the E-Type was a wonderful car. A classic GT car with prestige. For me, something interesting was the first car I used, this was my mom’s car, a Fiat Cinquecento. There were no synchronizers in the gearbox so we had to blip the throttle when downshifting. This was my first experience driving cars when I was a kid. So I loved the Cinquecento.