Italian luxury sports car manufacturer Lamborghini has marked a significant achievement in the Indian market by surpassing the century mark in sales. Despite the milestone, the company is calling for favorable changes in taxation policies and improved infrastructure to unlock its full potential in the country.
Impressive Sales Performance
In 2023, Lamborghini recorded its best year in India, selling a total of 103 cars. Further, reflecting a robust 12% growth compared to the previous year’s sales figure of 92 units. This surge in sales is part of a larger trend, with Lamborghini’s volumes doubling over the past four years, driven primarily by the successful launch of the Urus SUV in September 2018. From a retail figure of 52 cars in 2019, the company has witnessed a remarkable upward trajectory.
Lamborghini CEO’s Perspective on Challenges and Opportunities
However, Lamborghini’s Global CEO, Stephan Winkelmann, emphasized that despite the positive trend, sales in India are currently below their true potential. High taxation rates and challenges in infrastructure are identified as major hurdles hindering further growth in the Indian market. Winkelmann expressed optimism about India’s long-term potential, referring to it as an “emerging and growing market” for super luxury cars.
Winkelmann plans to visit India soon to closely examine the local car market. Further, gain insights into potential opportunities, and better understand the regulatory landscape. Despite concerns, he remains hopeful about the future prospects of Lamborghini in India.
Diverse Customer Base and Market Share
Lamborghini, known for its strong presence in the super luxury car category, boasts a diverse customer base in India. With estimated sales of around 500 vehicles, the company is witnessing increased demand not only from major metros. But also from smaller towns such as Ludhiana, Kanpur, Shillong, Guwahati, and Madurai, contributing to approximately a quarter of its total sales.
The overall market for cars priced above ₹2 crore annually is currently estimated at around 1000 units. Lamborghini competes in this exclusive segment alongside other luxury brands such as Bentley, Rolls-Royce, Maybach, Ferrari, Porsche, Mercedes-Benz, Audi, and Aston Martin.
Global Appeal of Lamborghini
Winkelmann highlighted that Indians are not only purchasing Lamborghinis within the country but also across different countries. India stands out as one of the few countries where citizens are actively buying Lamborghini cars internationally. Further, showcasing the global appeal of the iconic brand.