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finance & economyMay 13, 2022

Italy’s Lamborghini sees its best-ever quarter sales, profits in Q1

RIYADH: Italian car brand Automobili Lamborghini has recorded its best-ever performance in terms of turnover and profitability during the first quarter of 2022, it said in a statement.

It sold 2,539 cars to break the record seen a year earlier, achieving a 13.3 percent growth in revenues, amounting to 592 million euros ($616 million).

“The first quarter was the best ever for all major indicators, both business and financial,” said chairman and CEO Stephan Winkelmann.

“This is a result driven by a highly attractive product range, and a strategy that aims to deliver less supply than demand to keep desirability high, combined with a balanced distribution of sales in the three main regions of the world,” he added.

The sports cars manufacturer’s operating profit also showed a 25 percent increase during the first quarter of 2022, compared to the corresponding period last year, achieving 178 million euros.

Favorable trends in exchange rates and an increase in volumes have driven the higher profits, according to the statement.