Lamborghini CEO says consumers are holding off on buying high-end cars because of tariffs

Lamborghini CEO Stephan Winkelmann reported that wealthy buyers are delaying high-end vehicle purchases due to uncertainty surrounding US tariffs on EU imports, currently at 27.5% but potentially negotiable to 15%. This tariff-driven hesitancy impacts a key market, with the US representing 35% of Lamborghini's sales and the broader Audi Group experiencing an 11.6% year-over-year decline in Q2 US deliveries. Additionally, Winkelmann noted a general delay in EV demand, which could influence the 2028 launch of Lamborghini's Lanzador EV.

Analysis

Lamborghini is facing dual headwinds from trade policy uncertainty and a shifting electric vehicle market, creating a moderately negative and uncertain outlook. CEO Stephan Winkelmann directly attributes a delay in high-end vehicle purchases to customer hesitancy over the final US tariff rate on EU auto imports, which currently stands at 27.5%. Given the US market constitutes a significant 35% of Lamborghini's total sales (3,712 units in 2024), this consumer pause presents a material risk to near-term revenue. This trend is corroborated by the broader performance of its parent, the Audi Group, which experienced an 11.6% year-over-year decline in US deliveries during the second quarter. Compounding this issue, the company is re-evaluating its future product strategy, citing a general slowdown in EV demand as a reason for a potential delay to its first all-electric model, the Lanzador, which was planned for a 2028 launch. While Lamborghini remains committed to its "made in Italy" brand identity by ruling out a US factory, this strategy leaves it fully exposed to tariff volatility and potential shifts in consumer sentiment regarding its EV transition.

Key Decisions for Investors

• Investors should closely monitor US-EU trade negotiations, as a reduction of the 27.5% tariff could unlock significant pent-up demand in Lamborghini's largest market.
• The potential delay of the 2028 Lanzador EV signals a material risk to the company's electrification timeline; the official decision expected by year-end will be a key catalyst for the brand's long-term strategic direction.
• Given the 11.6% Q2 delivery decline for the parent Audi Group, investors should weigh the brand's long-term value against near-term volume risks stemming from both tariff uncertainty and the cooling EV market.