Lamborghini’s wealthiest clients are nonetheless shopping for supercars—however tariffs are taking a quiet toll on the underside line.
“Being the U.S., by far our biggest market, we could not, let’s say, increase the price [at] the same level as the tariffs were increased, and, at the same time, the market was going down,” CEO Stephan Winkelmann instructed Fortune. “So we had less cars sold, and with less margin on those cars to be delivered in the second half of the year.”
The posh automaker, owned by the Volkswagen Group by Audi, reported its full-year earnings for 2025 on Thursday. Lamborghini noticed a brand new supply document of 10,747 automobiles in 2025 and reached $3.7 billion (€3.2 billion) in income, a 3.3% year-over-year enhance. Nonetheless, working earnings fell to $885 million (€768 million) from a document of $962 million (€835 million) in 2024, and the carmaker had a profitability of 24%, additionally barely down from final yr.
Winkelmann famous the dip in working margins was partially a results of tariffs imposed by the Trump administration in the beginning of 2025, which precipitated a worth enhance for the posh automobiles. Lamborghini mentioned final yr it might increase costs for its Temerario and Urus fashions by 7% and for the Revuelto by 10%. Winkelmann indicated Lamborghini can be unable to lift prices extra, with the import taxes chopping into profitability in consequence.
Lamborghini additionally noticed a dip in working earnings because of detrimental alternate charges and the choice to pivot away from a totally electrical Lanzador in favor of a plug-in hybrid mannequin as a substitute, Winkelmann mentioned.
How Lamborghini is navigating tariffs
Lamborghini seems poised to proceed navigating tariffs. Final summer season, Winkelmann famous that even Lamborghini’s wealthiest clients have been reconsidering the timing of their purchases because of the tariffs, ready for import tax ranges to grow to be secure.
“Some are waiting because they want to be sure that this is the final number that is going to be in place,” Winkelmann mentioned in an interview with CNBC in August 2025. “Others are fine with it, or we will have negotiations.”
Winkelmann instructed Fortune tariff uncertainty interrupted between six to eight weeks of shipments for the automaker, however was capable of offset some disruptions and order cancellations from clients ready on the corporate’s shortlist.
He anticipated extra constant deliveries within the coming yr as tariffs degree off. The corporate was not impacted by tariffs imposed below the Worldwide Emergency Financial Powers Act, which have been struck down by the Supreme Court docket final month, so the import taxes have and can stay at about 15%. Winkelmann mentioned he predicts “a new normality” of consumers understanding what to anticipate with tariffs and adjusting to the automobiles’ new costs.
Lamborghini’s subsequent challenges shall be navigating the warfare in Iran, with battle within the Center East threatening the important thing luxurious automobile market within the space. In keeping with GlobalData, the United Arab Emirates usually sees greater than 300,000 automobile gross sales yearly, with about 20% of these being premium imports.
With a drop in each the U.S. and Chinese language markets, and turmoil within the Center East, Winkelmann mentioned Lamborghini will depend on sustained demand in markets in Europe, in addition to Japan and Korea.
“The global economy, all this so far, could not offset the clarity of Lamborghini,” he mentioned.
