Lamborghini shows Porsche, Aston how it's done
YTD financial results are slightly down on last year - but obviously it could be a whole lot worse
Automotive CEOs are in a tough spot right now. What with tariffs, IT hacks, uncertainty around electrification and reduced demand in China, the immediate future doesn’t look all that rosy. But given the tumult of the past few months, Lamborghini’s most recent results really don’t look that bad at all. And that’s with the Temerario still to enter production, with a year’s worth of orders to get through.
For the first nine months of 2025, 8,140 cars delivered is an important number. Lambo says that’s down slightly on the same period in 2024, a year when it ultimately delivered 10,687 cars in 12 months (in 2023 it was 10,112); presumably, another year that makes it through 10,000 deliveries will be considered a good one. Predictably, turnover and profit didn’t match last year’s results, though in light of Porsche’s woes (and by extension, Volkswagen generally) €2.41 billion and €592 million respectively are impressive enough, with Lamborghini suggesting they are the highest in the sector, with profitability at 24.6 per cent.
In stark contrast, last week Aston Martin reported revenues of £285.2m and an operating loss of £106.9m for just the three months to September 30th. It has been forced to cut capital investment in engineering and development to £1.7bn over the next five years, rather than the £2bn it hoped to spend. Porsche’s turnaround on EV strategy has vastly more costly still. We await news of Lamborghini’s own EV ambitions, but on the basis that it shares the same issues on tariffs and China as its rivals, its results seem impressively strong.
The Europe, Middle East and Africa region accounted for the most sales, at 3,683 units; 2,541 Lamborghinis were delivered in the Americas, with another 1,916 finding homes in the Asia-Pacific territory. Lamborghini hasn’t issued a model split for those numbers, but with the Huracan finished they will have been accounted for by the newly electrified Urus SE (from £208,000) and the extraordinary Revuelto, which costs from about double that. Plus 29 Fenomenos, at however many million. The days of any Lamborghini costing less than £200,000 (or more likely £250k with options) are seemingly now behind us. And the Urus of course shares plenty of bits with less pricey Audis and Porsche. So against it all, making Lamborghinis still looks like quite a good business to be in.
The CEO that is sitting pretty right now, Stephan Winkelmann, said: “The results achieved this quarter confirm the strength of our industrial model and the consistency of our strategy, despite the unfavourable exchange rate trends and the impact of US tariff policies on our largest market. Our focus remains on consolidating our now fully hybrid range, while continuing to invest in innovation, quality, and brand value.”
Indeed, the decision to focus on hybrid seems prescient now, and likely points to where the brand will make its bets in the short term. So expect plenty more from where the current cars have come from, basically - there’ll surely be a Revuelto SV, Temerario STO and Urus SE Performante before we know it…
Aston and McLaren don't have this protection. Not sure they can survive as such. Latest Aston numbers look truly grim.
It's clearly a great business model, but one that I think they were uniquely placed to exploit
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