Luxury sports carmaker Lamborghini has reported a 30% fall in sales during the first five months of this year and sees no recovery in its markets until 2011 according to CEO Stephan Winkelmann.
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He added, however, that the company would achieve a full-year pre-tax profit. Lamborghini sold 2,430 cars in 2008 at prices ranging from EUR170,000 to EUR360,000 ($240,000 to $507,000).
The United States remains the company’s largest market, but Winkelmann told a Reuters conference that he expects China to overtake Italy as its second-biggest market in the next three to five years, up from ninth-biggest last year.
Lamborghini boosted pre-tax profit last year by 27% EUR60m ($84m) on revenue up 2.5% to EUR479m ($671m) as it cut costs. Winkelmann said the company had cut production by 30% in line with the sales fall this year.
He added that the company has lost customers in real estate and investment banking markets which have been hit very hard by financial market turmoil and the credit crunch.
