The company, which retails cars upwards of Rs 4 crore, had its best year in the country as it sold 103 cars in 2023, clocking a growth of 12% over 92 cars it sold in the previous year. Against retail of 52 cars in 2019, the company’s volumes have doubled over the past four years, led by the launch of the Urus SUV in Sept 2018.
However, Stephan Winkelmann – the global CEO of the company that retailed over 10,000 cars worldwide last year – says volumes in India are way below potential, bogged down by issues around infrastructure and high taxation. “These are limiting the opportunities for growth in India,” he told TOI.
Winkelmann, who plans to visit India soon, said the effort will be to have a closer look at the local car market and understand the underlying potential and regulations better.
While having concerns around certain aspects, he remained optimistic about the long-term potential of India, terming it as an “emerging and growing market” for super luxury cars.
Lamborghini, which commands a strong share in the category and sells sports cars such as the Huracan and Revuelto, is estimated to have a total customer car park of about 500 vehicles in India. It has been witnessing growing demand not only from the metros and bigger cities, but also from smaller towns such Ludhiana, Kanpur, Shillong, Guwahati, and Madurai that are contributing around a fourth to its sales.
The overall market for cars priced upwards Rs 2 crore is currently pegged at around 1,000 units annually, and has brands such as Lamborghini, Bentley, Rolls-Royce, Maybach, Ferrari, Porsche, Mercedes-Benz, Audi, and Aston Martin.
Winkelmann said Indians are not only buying Lamborghinis within the country, but also in other countries. “It is one of the few countries whose citizens are buying across different countries.”