WEBVTT - Automobili Lamborghini  CEO Stephan Winkelmann Talks Going Electric

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio News, Lamborghini so to debut

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

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<v Speaker 1>I am thrilled to say we have Stefan Winkelmann. He

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<v Speaker 1>is the Lamborghini CEO. So this is your second plug

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<v Speaker 1>in at of course Lamborghini and I thought it was

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<v Speaker 1>interesting because it comes at a time when we've really

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<v Speaker 1>seen consumer demand for EV's really cool off. When it

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<v Speaker 1>comes to hybrids, though, does the demand picture look the

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<v Speaker 1>same or is there more strength there now?

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<v Speaker 2>The strengths is very good on our side. I can

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<v Speaker 2>speak for Lamborghini. The plug in hybrids are digested. People

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<v Speaker 2>are accepting what we are telling them and they know

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<v Speaker 2>that we are let's say, not only myket tears, but

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<v Speaker 2>it's a true product. So we always say that the

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<v Speaker 2>products which are coming next, they have two things. They

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<v Speaker 2>will be more performing and this is even though they

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<v Speaker 2>have hybrids them and they will have less SEO two

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<v Speaker 2>a mission. So we will continue to promise this. And

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<v Speaker 2>the things are going very well on the Riuerlto And

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<v Speaker 2>also now that we presented the Uru's essay, it's something

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<v Speaker 2>which is astonishing or the feat big is very very positive.

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<v Speaker 1>Well, let's talk a little bit more about that, because

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<v Speaker 1>of course deliveries don't start until early twenty twenty five,

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<v Speaker 1>but give us an early peak at demand.

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<v Speaker 2>What does that look like on the Uroso in general

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<v Speaker 2>on Ulu's very positive because today we are sold out

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<v Speaker 2>on the actual one. We open up the system for

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<v Speaker 2>the new one last week and we already had pre orders.

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<v Speaker 2>They will now be translated into the system and I

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<v Speaker 2>can tell you that already now we are almost at

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<v Speaker 2>the end of twenty twenty five, so we have already

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<v Speaker 2>another bank of one year after one week.

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<v Speaker 1>Have to imagine that feels pretty good. I think a

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<v Speaker 1>lot of automakers would envy that position there. But so

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<v Speaker 1>you have two plug in models right now when you

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<v Speaker 1>think about fully electric cars, so true, evs is that

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<v Speaker 1>something that Lamborghini would ever do.

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<v Speaker 2>We have a clear strategy. The first thing, we have

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<v Speaker 2>three models today. You know, the first two we are

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<v Speaker 2>hybridizing now the world to Nurus. Then there will be

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<v Speaker 2>the third one, which we will present in the second

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<v Speaker 2>half of the year here also in the US will

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<v Speaker 2>be the world premiere and this will be then let's say,

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<v Speaker 2>the closing of the first step of our strategy to

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<v Speaker 2>have all the lineup hybridized, and then we're looking forward

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<v Speaker 2>by the end of this decade to have a fourth model,

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<v Speaker 2>which will be then our first full electric car. Interesting, yes,

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<v Speaker 2>it's interesting, but we also see that the things change,

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<v Speaker 2>we will see we don't need to decide a lot

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<v Speaker 2>on the three models we have today for the future,

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<v Speaker 2>so we have more time to decide what to do

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<v Speaker 2>next if we stay hybrid or if we go for electric.

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<v Speaker 1>So there's two things I want to get into there,

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<v Speaker 1>both the timeline and the fourth model. Let's talk about

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<v Speaker 1>the fourth model. First off, what could that like? Are

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<v Speaker 1>we talking about, you know, another SUV maybe a four

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<v Speaker 1>door sedan.

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<v Speaker 2>If you look into let's say the lineup of a

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<v Speaker 2>super sports car company, you have the pure supersports cars

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<v Speaker 2>like the Euelto and then for us, due to our tradition,

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<v Speaker 2>we had also the first SUO v and in the

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<v Speaker 2>eighties which was the LM zero zero two, So the

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<v Speaker 2>urles came naturally. So what is missing in a lineup

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<v Speaker 2>like hours and also due to our DNA was a

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<v Speaker 2>coup No A two plus two, a GT car, so

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<v Speaker 2>we have but in a modern interpretation, so we have

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

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<v Speaker 2>so something which we are looking forward to and I

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<v Speaker 2>think it's going to be very successful.

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<v Speaker 1>Well, definitely going to stay tuned there. That sounds really interesting.

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<v Speaker 1>Let's talk a little bit though about the timeline for

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<v Speaker 1>fully electric because even when it comes to the hybrids,

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<v Speaker 1>I mean you've taken a very deliberate approach. Some would

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<v Speaker 1>call it slow relative to a lot of your competitor

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<v Speaker 1>and I mean I really can't imagine what the EV

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<v Speaker 1>landscape looks like by the end of the decade. Why

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<v Speaker 1>move so slowly here?

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<v Speaker 2>But we always said we want to be the best

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<v Speaker 2>when we arrive, but we don't have to be the

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<v Speaker 2>first ones. When it comes to design and performance, we

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<v Speaker 2>always want to be the best. But this type of technology,

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

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<v Speaker 2>we're selling dreams. So it's very important to continue to

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<v Speaker 2>have people which are really dreaming about our type of cars.

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<v Speaker 2>We continue to work where the other saw and I

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<v Speaker 2>think that also in terms of the full electric cars,

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<v Speaker 2>there will be a time in place whether we'll be

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<v Speaker 2>more accepted also for our type of customers, not for

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<v Speaker 2>the super supposed cards that we have more time, but

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<v Speaker 2>for more for the daily users because infrastructure. But also

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<v Speaker 2>let's say the technology is going to help us in

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<v Speaker 2>five to six years from now. And also there will

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<v Speaker 2>be a new generation stepping in of buyers which are

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<v Speaker 2>more into sustainable products.

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<v Speaker 1>Well, I told you a little bit before the interview

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<v Speaker 1>that it's going to be a while before I can

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<v Speaker 1>afford a Wamborghini. But we'll see there in that new

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

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<v Speaker 1>pricing power. Obviously you can command very very high price

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<v Speaker 1>tags for your cars. Where are we in the cycle

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<v Speaker 1>when it comes to pricing power?

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<v Speaker 2>You know, for us it's important to always sell less

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<v Speaker 2>than demand. So actually we have an older bank which

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<v Speaker 2>average is lasting two years on all the products. And

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<v Speaker 2>when you buy these type of cars, you accept that

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

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<v Speaker 2>when we speak about residual values, they have to be

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<v Speaker 2>very high. And if you want to buy a Lamborghini today,

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<v Speaker 2>usually it's above MSRP, even if it's a used card,

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<v Speaker 2>because you don't want to wait. And this is a

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<v Speaker 2>good moment and we want to keep it like this.

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<v Speaker 2>And we are in a let's say an environment of

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<v Speaker 2>thirty two forty thousand cars. There are some brands and

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<v Speaker 2>they all move in the same direction. Some has more success,

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<v Speaker 2>the other's less. And we are in the best shape ever.

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<v Speaker 2>So our purchasing power is good and we had the

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<v Speaker 2>best year Everso in terms of profit last year we

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<v Speaker 2>had the best turnover. We had we delivered for the

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<v Speaker 2>first time more than ten thousand cars, and we had

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<v Speaker 2>a profit of seven hundred and twenty three million, which

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<v Speaker 2>is on ours of twenty seven point two percent. So

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<v Speaker 2>we are really proud and happy about that.

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<v Speaker 1>So, like you said, twenty twenty three record year for

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<v Speaker 1>Lamborghinia on a number of different metrics. And you actually

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<v Speaker 1>said in January this year, late January, that you're sold

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<v Speaker 1>out of cars until twenty twenty six. Is that still the.

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<v Speaker 2>Case, Yes, it's still the case under the work. It's

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<v Speaker 2>even more so on top of the line the B

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

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<v Speaker 2>So area already at the end of twenty six.

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<v Speaker 1>And are youre noticing any trends when it comes to

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<v Speaker 1>geographic demand, what it looks like region to region.

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<v Speaker 2>We are well balanced between the major regions so we

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<v Speaker 2>have the US which is our top market, followed by

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<v Speaker 2>the German market, then comes China, then comes to the UK,

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<v Speaker 2>then comes to Japan, and then we have markets like Korea,

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<v Speaker 2>the Middle East, Italy, so and then Canada. So if

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<v Speaker 2>we look at it, we are very balanced in the

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

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<v Speaker 2>keeping us on the safe side when there are local crisis.

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<v Speaker 1>Well, you've mentioned China and actually wanted to go there

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<v Speaker 1>because there is a lot of anxiety over Chinese demand

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<v Speaker 1>when it really comes to pretty much every industry out there.

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<v Speaker 1>When you take a look at you know, lambo in China,

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<v Speaker 1>does the market that urine sort of rise above some

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<v Speaker 1>of the demand fears that we're seeing in the other industries.

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<v Speaker 2>No, the luxshy business in general is under heavy pressure

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<v Speaker 2>in the Chinese market. There is a Fierest price battle,

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<v Speaker 2>and we are not participating, so we are less exposed

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<v Speaker 2>than others in the Chinese market. We have less than

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<v Speaker 2>ten percent of our sales in China, and we want

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<v Speaker 2>to keep it this way because even if China is

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<v Speaker 2>the biggest market in terms of automotive, it's a very

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<v Speaker 2>small market in terms of luck fit cars.

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<v Speaker 1>All right, Sefan so enjoyed this conversation, really thrilled that

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<v Speaker 1>we could make it work. Our thanks, of course to

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<v Speaker 1>Safun Winkleman, the CEO of Lamborghini