MILAN, March 19 (Reuters) – Italian sports carmaker Lamborghini on Thursday reported weaker 2025 earnings despite record revenue, after U.S. tariffs, currency moves and charges related to scrapping its announced first fully electric vehicle weighed on the results.
Revenue at the Volkswagen-owned luxury brand rose 3.3% to 3.2 billion euros ($3.7 billion) as deliveries hit a record 10,747 units. But operating income slipped to 768 million euros from 835 million euros in 2024.
U.S. tariffs hit both sales and margins in Lamborghini’s biggest market. The carmaker raised its prices last year, but not enough to offset the tariff rates, CEO Stephan Winkelmann told reporters.
Lamborghini does not plan further price increases this year “as we do not think this is something helping the market at this time,” Winkelmann said.
The margin on operating income fell to 24% in 2025 from 27% a year earlier.
Lamborghini cushioned external pressures through cost control and increasing sales of pricier vehicles, supported by its 515,000 euro Revuelto sports car and by greater client requests for high-margin vehicle customisation, it said.
Nearly all vehicles delivered in 2025 featured at least one personalised element, it added.
Winkelmann said it was too early to provide forecasts for 2026 due to uncertainties including the ongoing war in the Middle East, which is disrupting oil supply and logistics and potentially depressing a high-margin luxury car market.
BACKTRACKING ON ELECTRIC PLANS
Earlier this year, Lamborghini cancelled plans for an EV sports car in 2030, citing weak demand and concerns over returns on hefty investments.
“Resistance to EVs has increased significantly worldwide in our segment”, Winkelmann said. “Many customers have tried EVs, but let’s say their experience didn’t quite live up to their expectations”.
He said Lamborghini was still investing in in-house EV technology in case demand shifts in the next decade.
“But I can’t see the trend today, and I don’t see it for tomorrow either”.
Rival Ferrari will unveil its first EV in May and 20% of its lineup should consist of fully electric vehicles by 2030.
Instead of an EV, Lamborghini will launch a plug-in hybrid model in 2030, adding to its existing all-hybrid lineup of three. The new model, which will be called Lanzador, will be a “2+2”-seat Grand Tourer, Winkelmann said.
($1 = 0.8717 euros)
(Reporting by Giulio Piovaccari, Editing by Louise Heavens)
