2024 Lamborghini Revuelto: ‘This is a good investment,’ CEO says
Lamborghini Chairman & CEO Stephan Winklemann joins Yahoo Finance Live to discuss the automaker’s first-ever plug-in hybrid vehicle, the mission to hybridize the entire vehicle lineup, reducing emissions, fulfilling orders, and the outlook for Lamborghini.
BRAD SMITH: Lamborghini looking to mix things up. The Italian supercar brand unveiling its first ever plug-in hybrid supercar-- the Revuelto-- as automakers shift their lineups to embrace electric vehicles. Here with more, Lamborghini chairman and CEO Stephan Winkelmann and "Yahoo Finance's" own Pras Subramanian. Great to have you both here with us today. First and foremost, we got to know. For Lamborghini, what really spurred this move into-- what is I guess leaning more EV than hybrid at this point?
STEPHAN WINKELMANN: First of all, when we do hybrid cars-- and this is starting now with the Lamborghini Revuelto-- there's one clear promise we're giving to our customers, in that this generation is better performing than the generation before. But on top of that, it has to be much more sustainable. These are the two promises we have to keep. We cannot do one without the other.
And then this is the start of our strategy. In the next couple of years, we will hybridize all of our lineup. It's the right moment to do so, not only because of the legislation, but also because this is giving a boost in terms of performance together with sustainability. And our customers are demanding both of them.
PRAS SUBRAMANIAN: Hey, Stephan. This is Pras here. So the car combines a V12 engine with three electric motors. You said it combines what customers want in terms of emotion, but also with reducing emissions, like you said. What has been the customer response so far for this vehicle?
STEPHAN WINKELMANN: We presented the car yesterday at the world premiere. We had a lot of customers from all around the globe. And the reception was phenomenal. Everybody was trying to put an order in. I have to say that already in the last weeks and months, we had, let's say, sneak previews, like we call them. And we have already the next couple of years of production covered with orders. We will start production in the second part of this year, and we will start deliveries by the end of the year 2023.
PRAS SUBRAMANIAN: So Stephan, the car can go, I think, 10 kilometers on pure EV motor-- around 6.2 miles. Is it a target that you guys had internally, or is it a regulatory thing that the EU wanted you guys to do to have a car with EV power?
STEPHAN WINKELMANN: It's part of our global strategy for scoring hybrids. And in the next couple of years, the entire lineup will be hybridized by the end of 2024 in order to reduce the CO2 emissions in comparison of today by at least 50%. This is the first step. It's a multilayer approach, not only because the legislature globally is demanding more and more the reduction of emissions, but we also have to manage to do those things by keeping in mind that performance-- is to the utmost performance.
Because these are cars which are not meant to be to drive from A to B on a daily base, but these are cars which have to fulfill the dreams of our customers. And therefore, it's important that we keep this dream alive. And therefore, the combination has to be perfect.
BRAD SMITH: Stephan, you can bet your bottom dollar I can't wait till I can drive my Lambo to and from the grocery store one day in the future, and for it to make sense. Ultimately, when I am able to place that order one day-- a lot of people who are placing those orders are wondering what that delivery timeline is like? Have you seen any variation in just the ability to fulfill orders right now?
STEPHAN WINKELMANN: In the last couple of years-- so right after the first shutdown of Covid globally, let's say, the market was coming back much quicker and sooner than expected. And we are having an incredible run already, starting from the year 2021. 2022 was another record year in terms of not only deliveries, but also in terms of profit for our company.
And we have an order bank which is lasting between 18 and 24 months. I think this is more than solid. It's something which in the in the high-end industry is something which should be normal, I think. If we can come down to between 12 and 18 months, it would be even better. We are working on it.
We increased production in the last couple of years. But for us, let's say the waiting time is also a signal of how much the brand is appreciated and also how much our products are valuable. Because if you want to buy a Lamborghini, today you find a used car. And usually, the used car is at least on a new car sticker price, if not higher than that. So this is a good investment also and not only a dream becoming true.
JULIE HYMAN: Stephan, it's Julie here. Looking far into the future for Lamborghini, given that it is a performance vehicle, and given that it is a special, storied brand, do you see a time where Lamborghini will not be making gas-powered vehicles-- gasoline-powered vehicles?
STEPHAN WINKELMANN: For sure. By the end of the decade, we are planning to have at least two cars to be a full electric car-- so battery electric vehicles. This is by the end of the 2020s, and which will help us to reduce the emissions further by up to 80% in comparison to CO2 emissions-- in comparison of today. We are doing it first with those cars, which are more the daily drivers, like our Urus, the SUVs. And we are planning to have also a fourth model, which is going to be a GT car-- so a two-plus-two.
And we will keep as long as possible the two super sports cars, like we have seen at the beginning-- our brand new Lamborghini Revuelto, and follow of the Lamborghini Huracan hybridized. We will see how the legislation and the homologation rules are going to move after 2030. And then we will decide accordingly.
PRAS SUBRAMANIAN: Stephan, a quick follow-up here. We just saw recent legislation in the EU where an e-fuels carve-out was allowed for gas-powered cars beyond 2035. Does Lamborghini believe in e-fuels as a solution for keeping these V12s on the road?
STEPHAN WINKELMANN: I believe in harmonization globally of the regulations. For us, it's very important. We are a global company. We sell small volumes but all around the globe. We have a very well-balanced distribution-- about one third in the Americas, one third in Europe, Middle East and Africa, and one third Asia-Pacific, more or less.
And we cannot go with two different systems. So we need as much as possible a harmonization. And I see that synthetic fuel is going to be likely more for, let's say, the ships and airplanes from the '30s. And I doubt that there will be a capillarity like it today, with the gas stations that will fulfill the needs of our customers.
On the other side, all the manufacturers are [AUDIO OUT] electric cars, in infrastructure, and more and more, this is going to be, let's say, the new normal. And we have to adapt. We have to create a car-- also electric cars-- at least we have to be prepared, also, to do so that are as emotional as the internal combustion engine cars we have today.
BRAD SMITH: And Stefan, just lastly while we have you here-- the new normal in terms of this interior car experience as well has been touchscreens everywher-- just high-touch capacities. For Lamborghini, is that something that you believe is going to be integrated into future models, even as people are paying, of course, high price tags-- which to them might not be that much. But at the end of the day, looking at some of the rest of the technology out there, is that something that you're looking to incorporate into Lamborghini as well in terms of the technology, and also with the number of chips would be necessary to also incorporate into the design if that were the case?
STEPHAN WINKELMANN: So it's clear that there are three megatrends, but two are electrification and digitalization. Electrification, we talked about-- our sustainability, in other words. And digitalization-- or translated, also, software is the other thing we have to heavily invest. And for sure, every customer is demanding something which every normal car in the future is going to have also in the super sports car.
So we have to adapt our platforms, even if, let's say, the primary use of a Lamborghini is to enjoy the driving. But still, we have to be up to date, also, in terms of digital innovation or software.
JULIE HYMAN: Stephan, it's great to get some time with you this morning. Thank you so much. Lamborghini chairman and CEO Stephan Winkelmann, thank you so much. And Pras Subramanian, you're going to stick around for just a second. Stephan, thank you.