Sports cars are always high in demand. People believe buying expensive sports cars is a status symbol. Hence, the booking is almost complete and has a long waiting list. A similar situation has occurred this year. The whole manufacturing run through early 2024 was pre-sold by Italian sports car manufacturer Lamborghini. Luxury products appear to be untouched by the shaky global economy.
Lamborghini Has Been Reaping Profits Lately
The company’s CEO stated the profits Lamborghini has been surfacing are due to its early sales. The economic crisis the world is facing is not affecting the wealthy customers from making the purchase. The brand has built its reputation so that customers do not doubt purchasing.
The company recorded unprecedented sales and earnings in half a year. They stated in august that this had been the best half-year for them. The automaker’s operating margin increased to 32%, and operating profit increased to 425 million euros on sales of 5,090 vehicles.
Furthermore, Lamborghini is in the process of launching a new line that would make them reduce their carbon footprint. By 2024, Lamborghini intends to provide hybrid versions of each of its models, and the launch will surface in the second half of its first entirely electric vehicle.
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Other Luxury Car Brands Are Also Competing
Similar to luxury vehicle manufacturers with sales at unprecedented levels, Ferrari also achieved record profitability in the second quarter and increased its yearly prediction.
The largest luxury goods company in the world, LVMH, announced a rise in sales and earnings in the first half of the year at the end of July despite the shaky economic climate.
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