Lamborghini's revenue rises 14% as switch to hybrid models nears completion

MILAN -- Lamborghini's revenue rose 14 percent to €1.62 billion ($1.76 billion) in the first half, although profit was flat and margins fell, as the brand completes the conversion of its entire range to hybrid engines this year.

First-half deliveries increased 4 percent to 5,558 cars, putting Lamborghini on course to beat last year's record, when it topped 10,000 annual sales for the first time.

Operating profit was little changed in the first half at €458 million while its operating profit margin fell to 28.2 percent from 32.1 percent a year earlier.

Supported by the success of its Urus SUV, which costs more than €230,000, Lamborghini has in recent years expanded its output on solid demand from wealthy clients, gaining ground on rival Ferrari, which last year sold 13,663 cars.

"If we can maintain this trend, we are likely to exceed last year's record," CEO Stephan Winkelmann said.

Europe, Middle East and Africa (EMEA) was again the region leading sales in the first half, with nearly 2,500 deliveries, while the Chinese market accounted for 337. The U.S. remains Lamborghini's largest national market, with over 1,600 units delivered in the first half.

Winkelmann said orders were strong, with those for the Revuelto, Lamborghini's first plug-in hybrid, launched last year, covering over two years' production.

In April the brand unveiled the hybrid version of the Urus, which is expected to hit the road later this year and has already received "a large positive response from customers, with orders covering around one year's production," Winkelmann said.

Lamborghini will announce the V-8 hybrid successor to the Huracan during Monterey Car Week in Carmel, California in August, marking the completion of the hybridization process across the brand's entire lineup.

Lamborghini plans to launch its first fully-electric model, a 2+2-seater grand-tourer, in 2028, three years after the first EV promised by Ferrari, followed by a battery version of the Urus in 2029.

"The hybrid is really something which is going to stay for as long as possible from our point of view," Winkelmann said.

Bloomberg contributed to this report