There was a sharp decline in July, with sales falling by 2.5 percent.
Sales of super-luxury cars in India are expected to surpass previous records for the third consecutive year.
Lamborghini has currently sold all units allocated for India from its Italian headquarters, meaning any new orders will only be fulfilled in 2026 or later.
Lamborghini’s lineup in India includes the Huracan, Urus and Revuelto, with prices ranging between Rs 5 crore and Rs 10 crore on-road.
Similarly, Ferrari, McLaren and Aston Martin are seeing strong demand in the Indian market. High-end models from Mercedes-Benz and Audi, such as the AMG G 63 and RS Q8, have waiting periods of up to a year, with prices ranging from Rs 2.5 crore to Rs 4.55 crore on the road.
In the super-luxury segment, sales are expected to double in 2023 to 1,000 units, and industry experts project this year’s figures to reach between 1,200 and 1,300 units.
A Economic times The report quotes Stephan Winkelmann, chief executive officer (CEO) of Lamborghini, as attributing this surge in demand to a shift in “generational mindset” in India, which he believes is driving growth in luxury goods consumption.
“It’s a growing market,” Winkelmann said.
India is emerging as one of the fastest-growing markets for ultra-rich individuals, with those with a net worth above $30 million expected to number 19,908 by 2028, up from 13,263 in 2023, according to Knight Frank’s latest wealth report, ET reported.
Winkelmann noted that the luxury sector in India has not yet reached the levels seen in other major markets, suggesting significant potential for expansion.
In 2023, Lamborghini sold 103 vehicles in India, up 12 percent from the previous year, the report said.
It hopes to outperform this performance in the current year, as India is one of the fastest-growing markets for Lamborghini. Meanwhile, sales in the overall automotive market slowed in the first half of this year to about 7 percent, totaling 2.16 million units.
There was a sharp decline in July, with sales down 2.5 percent, although this drop has not affected the high-end market segment, according to the report.
The report quotes Yadur Kapur, founder of Select Cars, which markets Lamborghini and Ferrari, as saying: “There is no pressure. The economy is doing well; stock markets are booming. India is on its way to becoming a $4 trillion economy. Indians are getting richer and want to enjoy life.”
Winkelmann said the government’s focus on infrastructure expansion and strong economic growth will boost consumption in the luxury sector.
He added that Lamborghini is continuously monitoring the market for changing trends and potential growth in the luxury industry.
We are not only looking at the automotive sector, but also exploring other luxury products, said the Lamborghini CEO.
First published: August 17, 2024 | 14:12 IS
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