The 2025 accounts

Lamborghini, record deliveries and turnover and a stop to electrics

10,747 cars delivered, sales at 3.2 billion up 3.3%. Margins down due to Trump's tariffs and the falling dollar

by Lello Naso

19 March 2026

3' min read

Translated by AI

Versione italiana

3' min read

Translated by AI

Versione italiana

Best sales in history and record deliveries. Lamborghini, despite market turbulence caused mainly by Trump's tariffs, closes a record-breaking 2025. The 10,747 cars delivered, in addition to being the sales ceiling, is a result that pushes the Sant'Agata Bolognese company for the second consecutive time over the three billion turnover mark: 3.20 billion, a growth of 3.3% compared to 2024.

Stephan Winkelmann, Chairman and CEO of Lamborghini, does not hide his satisfaction: 'In a challenging global environment we have continued to grow, protecting profitability and strengthening brand value. Our strategy is clear: discipline, long-term vision and product focus. This balance allows us to turn external challenges into consolidation levers and to continue creating sustainable value'.

Only the operating result was below expectations. Winkelmann attributes the reasons for this to exogenous factors, exchange rates and tariffs, and the inclusion in the 2025 financial year of the effects of the Cor Tauri electrification strategy backtrack. 'The operating result was impacted by the unfavourable yen and dollar exchange rate development and the introduction of US tariffs. But the impact was largely absorbed thanks to an improved product mix and careful cost control'.

On tariffs in the United States, Winkelmann explains that the increase from 2.5% to 15% was only partly absorbed by a 10% increase in list prices. The difference negatively impacted margins in the United States, which account for 30% of Lamborghini's market. A greater impact than, for example, the Russian market, around 3% of the total, when it was affected by the embargo for the war in Ukraine.

According to Winkelmann, however, the change in product strategy will pay off in the long run. The abandonment of the Cor Tauri electrification programme and the push towards hybrid models has already begun to bear fruit thanks to a greater incidence of Revuelto. The weight of the customisation programme is also significant. In 2025, 94% of the cars delivered were in fact tailor made in at least one element, confirming the programme as a central lever of value creation and a decisive factor in revenue growth.

The fully hybridised range in 2025, with Revuelto, Urus and Temerario, according to Winkelmann, represents a profound transformation, achieved without compromising on the character and performance of the brand and confirmed by customer feedback worldwide.

This strategic trajectory will continue with the Temerario, whose deliveries began early 2026, completing the path of the hybridisation strategy. The new model, which has a power unit capable of reaching ten thousand revolutions per minute for the first time on a production engine, focuses on a balance between extreme performance and advanced technology to enhance Lamborghini's DNA.

Winkelmann is firmly convinced that the choice of hybrid and the decisive brake on electric, with the shelving of the Lanzador project, was a decision in the right direction. "We have seen that our customers have strong reservations about the electric. Too many misgivings, which have not changed over time, about the sound of the engine and the road holding. All constituent elements of our brand. Technological revolutions are made with the customers, not against them'.

This is why, in 2026, Lamborghini will continue the evolution of its offer with a series of hybrid innovations. Four evolutions of the models in the range will be presented (at Imola in April, at Goodwood in July, at Monterrey in August and in Miami in December).

The recently announced fourth hybrid model reinforces the long-term industrial vision of sustainable value creation, without abandoning the future development of an all-electric model. But without forcing it and not before 2030. In a nutshell, we will continue the evolution of the hybrid and the experimentation and research on the electric ('which we are not abandoning,' says Winkelmann).

The sword of Damocles of the Middle East crisis hangs over 2026, and even beyond in the event of worsening scenarios. "Today we cannot calculate the effects. But if the crisis continues, it is foreseeable that we will have repercussions on the markets in the area, one of the most promising for our brand.

Lello Nasocapo redattore
Luogo: Milano
Lingue parlate: inglese, spagnolo, francese
Argomenti: economia dei territori, trasformazione imprese
Scheda autore
Trust project