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Speaker 1: Bloomberg Audio Studios, podcasts, radio News, Lamborghini so to debut

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Speaker 1: it's first electrified suv, the hybrid Lamborghini urus Se joining us. Now,

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Speaker 1: I am thrilled to say we have Stefan Winkelmann. He

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Speaker 1: is the Lamborghini CEO. So this is your second plug

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Speaker 1: in at of course Lamborghini and I thought it was

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Speaker 1: interesting because it comes at a time when we've really

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Speaker 1: seen consumer demand for EV's really cool off. When it

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Speaker 1: comes to hybrids, though, does the demand picture look the

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Speaker 1: same or is there more strength there now?

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Speaker 2: The strengths is very good on our side. I can

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Speaker 2: speak for Lamborghini. The plug in hybrids are digested. People

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Speaker 2: are accepting what we are telling them and they know

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Speaker 2: that we are let's say, not only myket tears, but

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Speaker 2: it's a true product. So we always say that the

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Speaker 2: products which are coming next, they have two things. They

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Speaker 2: will be more performing and this is even though they

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Speaker 2: have hybrids them and they will have less SEO two

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Speaker 2: a mission. So we will continue to promise this. And

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Speaker 2: the things are going very well on the Riuerlto And

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Speaker 2: also now that we presented the Uru's essay, it's something

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Speaker 2: which is astonishing or the feat big is very very positive.

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Speaker 1: Well, let's talk a little bit more about that, because

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Speaker 1: of course deliveries don't start until early twenty twenty five,

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Speaker 1: but give us an early peak at demand.

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Speaker 2: What does that look like on the Uroso in general

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Speaker 2: on Ulu's very positive because today we are sold out

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Speaker 2: on the actual one. We open up the system for

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Speaker 2: the new one last week and we already had pre orders.

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Speaker 2: They will now be translated into the system and I

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Speaker 2: can tell you that already now we are almost at

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Speaker 2: the end of twenty twenty five, so we have already

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Speaker 2: another bank of one year after one week.

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Speaker 1: Have to imagine that feels pretty good. I think a

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Speaker 1: lot of automakers would envy that position there. But so

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Speaker 1: you have two plug in models right now when you

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Speaker 1: think about fully electric cars, so true, evs is that

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Speaker 1: something that Lamborghini would ever do.

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Speaker 2: We have a clear strategy. The first thing, we have

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Speaker 2: three models today. You know, the first two we are

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Speaker 2: hybridizing now the world to Nurus. Then there will be

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Speaker 2: the third one, which we will present in the second

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Speaker 2: half of the year here also in the US will

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Speaker 2: be the world premiere and this will be then let's say,

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Speaker 2: the closing of the first step of our strategy to

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Speaker 2: have all the lineup hybridized, and then we're looking forward

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Speaker 2: by the end of this decade to have a fourth model,

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Speaker 2: which will be then our first full electric car. Interesting, yes,

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Speaker 2: it's interesting, but we also see that the things change,

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Speaker 2: we will see we don't need to decide a lot

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Speaker 2: on the three models we have today for the future,

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Speaker 2: so we have more time to decide what to do

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Speaker 2: next if we stay hybrid or if we go for electric.

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Speaker 1: So there's two things I want to get into there,

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Speaker 1: both the timeline and the fourth model. Let's talk about

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Speaker 1: the fourth model. First off, what could that like? Are

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Speaker 1: we talking about, you know, another SUV maybe a four

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Speaker 1: door sedan.

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Speaker 2: If you look into let's say the lineup of a

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Speaker 2: super sports car company, you have the pure supersports cars

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Speaker 2: like the Euelto and then for us, due to our tradition,

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Speaker 2: we had also the first SUO v and in the

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Speaker 2: eighties which was the LM zero zero two, So the

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Speaker 2: urles came naturally. So what is missing in a lineup

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Speaker 2: like hours and also due to our DNA was a

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Speaker 2: coup No A two plus two, a GT car, so

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Speaker 2: we have but in a modern interpretation, so we have

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Speaker 2: more ground clearance. It's a two door and a four seata,

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Speaker 2: so something which we are looking forward to and I

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Speaker 2: think it's going to be very successful.

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Speaker 1: Well, definitely going to stay tuned there. That sounds really interesting.

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Speaker 1: Let's talk a little bit though about the timeline for

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Speaker 1: fully electric because even when it comes to the hybrids,

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Speaker 1: I mean you've taken a very deliberate approach. Some would

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Speaker 1: call it slow relative to a lot of your competitor

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Speaker 1: and I mean I really can't imagine what the EV

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Speaker 1: landscape looks like by the end of the decade. Why

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Speaker 1: move so slowly here?

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Speaker 2: But we always said we want to be the best

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Speaker 2: when we arrive, but we don't have to be the

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Speaker 2: first ones. When it comes to design and performance, we

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Speaker 2: always want to be the best. But this type of technology,

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Speaker 2: it's about acceptance. And for us, we are not selling mobility,

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Speaker 2: we're selling dreams. So it's very important to continue to

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Speaker 2: have people which are really dreaming about our type of cars.

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Speaker 2: We continue to work where the other saw and I

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Speaker 2: think that also in terms of the full electric cars,

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Speaker 2: there will be a time in place whether we'll be

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Speaker 2: more accepted also for our type of customers, not for

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Speaker 2: the super supposed cards that we have more time, but

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Speaker 2: for more for the daily users because infrastructure. But also

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Speaker 2: let's say the technology is going to help us in

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Speaker 2: five to six years from now. And also there will

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Speaker 2: be a new generation stepping in of buyers which are

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Speaker 2: more into sustainable products.

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Speaker 1: Well, I told you a little bit before the interview

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Speaker 1: that it's going to be a while before I can

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Speaker 1: afford a Wamborghini. But we'll see there in that new

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Speaker 1: generation of buyers. And on that point, let's talk about

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Speaker 1: pricing power. Obviously you can command very very high price

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Speaker 1: tags for your cars. Where are we in the cycle

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Speaker 1: when it comes to pricing power?

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Speaker 2: You know, for us it's important to always sell less

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Speaker 2: than demand. So actually we have an older bank which

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Speaker 2: average is lasting two years on all the products. And

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Speaker 2: when you buy these type of cars, you accept that

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Speaker 2: you have to wait. It's good because on the other side,

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Speaker 2: when we speak about residual values, they have to be

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Speaker 2: very high. And if you want to buy a Lamborghini today,

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Speaker 2: usually it's above MSRP, even if it's a used card,

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Speaker 2: because you don't want to wait. And this is a

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Speaker 2: good moment and we want to keep it like this.

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Speaker 2: And we are in a let's say an environment of

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Speaker 2: thirty two forty thousand cars. There are some brands and

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Speaker 2: they all move in the same direction. Some has more success,

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Speaker 2: the other's less. And we are in the best shape ever.

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Speaker 2: So our purchasing power is good and we had the

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Speaker 2: best year Everso in terms of profit last year we

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Speaker 2: had the best turnover. We had we delivered for the

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Speaker 2: first time more than ten thousand cars, and we had

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Speaker 2: a profit of seven hundred and twenty three million, which

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Speaker 2: is on ours of twenty seven point two percent. So

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Speaker 2: we are really proud and happy about that.

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Speaker 1: So, like you said, twenty twenty three record year for

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Speaker 1: Lamborghinia on a number of different metrics. And you actually

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Speaker 1: said in January this year, late January, that you're sold

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Speaker 1: out of cars until twenty twenty six. Is that still the.

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Speaker 2: Case, Yes, it's still the case under the work. It's

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Speaker 2: even more so on top of the line the B

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Speaker 2: twelfth with a plug in hybrid. It's the lasting three years.

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Speaker 2: So area already at the end of twenty six.

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Speaker 1: And are youre noticing any trends when it comes to

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Speaker 1: geographic demand, what it looks like region to region.

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Speaker 2: We are well balanced between the major regions so we

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Speaker 2: have the US which is our top market, followed by

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Speaker 2: the German market, then comes China, then comes to the UK,

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Speaker 2: then comes to Japan, and then we have markets like Korea,

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Speaker 2: the Middle East, Italy, so and then Canada. So if

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Speaker 2: we look at it, we are very balanced in the

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Speaker 2: different regions of the world. And this is also, let's say,

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Speaker 2: keeping us on the safe side when there are local crisis.

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Speaker 1: Well, you've mentioned China and actually wanted to go there

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Speaker 1: because there is a lot of anxiety over Chinese demand

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Speaker 1: when it really comes to pretty much every industry out there.

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Speaker 1: When you take a look at you know, lambo in China,

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Speaker 1: does the market that urine sort of rise above some

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Speaker 1: of the demand fears that we're seeing in the other industries.

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Speaker 2: No, the luxshy business in general is under heavy pressure

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Speaker 2: in the Chinese market. There is a Fierest price battle,

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Speaker 2: and we are not participating, so we are less exposed

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Speaker 2: than others in the Chinese market. We have less than

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Speaker 2: ten percent of our sales in China, and we want

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Speaker 2: to keep it this way because even if China is

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Speaker 2: the biggest market in terms of automotive, it's a very

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Speaker 2: small market in terms of luck fit cars.

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Speaker 1: All right, Sefan so enjoyed this conversation, really thrilled that

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Speaker 1: we could make it work. Our thanks, of course to

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Speaker 1: Safun Winkleman, the CEO of Lamborghini