Lamborghini Chairman: “Korea Is the Fastest-Growing Market ... No All-Electric Vehicles for Now”

[Financial News] “Korea is always a market that surprises us. I think it is growing faster than any market we have entered. However, growth that is too rapid can be risky for the brand, so it needs to be managed carefully.”
Stephan Winkelmann, chairman and CEO of Automobili Lamborghini, said this while meeting with Korean reporters at Lamborghini Day Korea, held at Grand Walkerhill Seoul in Gwangjin-gu, Seoul, on the 8th.
This was the first time Lamborghini held a brand day in Korea. At the event, Lamborghini unveiled the plug-in hybrid (PHEV) super SUV Urus SE Performante and the super sports car Revuelto SV for the first time in the Asia-Pacific region.
Chairman Winkelmann cited the young customer base and substantial untapped demand as reasons for the Korean market’s growth. “Korea has a very young customer base, and Lamborghini is a relatively new brand here,” he said. “Sales first saw a major jump in 2019, and a major strength is the very large pool of ultra-high-net-worth individuals we have yet to reach.” Based on deliveries in the first half of this year, Korea ranked second in Asia-Pacific and sixth globally among Lamborghini’s markets. The event also marked the delivery of Lamborghini’s 3,000th vehicle in Korea.
Raffaella Gariba, head of Lamborghini Korea, said, “Opening a new dealership showroom in Busan late last year created additional opportunities. At least 100 Urus SE Special Editions were allocated to Korea, and all have been assigned to customers.” Regarding special editions aimed at select markets, including Korea, she said, “We’ll share more specific details later this year.”
The global market environment remains challenging. Lamborghini delivered 5,422 vehicles in the first half of this year, down 4.6% from the same period last year. Chairman Winkelmann said, “This is the first year that U.S. tariffs have been in effect all year, and the dollar in our largest market, the United States, and the yen in a key market, Japan, are weak. The war in the Middle East has also weighed on that market.”
He nevertheless stressed, “In a contracting market, we are going against the trend and increasing our market share, and as of the end of September, sales had recovered to nearly the same level as last year.” He was guarded about the outlook for next year, saying, “It’s not time to make a forecast yet.”
He expressed confidence about balancing sales growth with exclusivity. Lamborghini delivered a record 10,747 vehicles last year. “Considering that 80 million cars are registered worldwide every year, that’s a tiny number,” Chairman Winkelmann said. “It’s important not to concentrate volume in any particular market or segment.” He added, “Customers are willing to wait around a year, and thanks to the cars’ exclusivity, used-car prices are often higher than new-car prices. Exclusivity is key.”
Lamborghini’s electrification strategy has changed markedly from last year. During a visit to Korea in March 2025, Winkelmann said the company would unveil an all-electric vehicle in the second half of 2029. This time, however, he stated definitively that it currently has no plans to launch one.
He explained, “We initially thought customer acceptance of electric vehicles would mature toward the end of this decade, but it has actually declined,” adding, “We’ve decided to make the fourth model a PHEV as well.” He continued, “We don’t innovate for innovation’s sake. There are no signs that customers will embrace them now or in the near future.” He added, however, “We’re continuing to build our electrification capabilities in-house, and when the time comes, we’ll also launch an all-electric vehicle.”
On synthetic fuels, which are being discussed as an alternative to internal combustion engines, he said they “could be a game changer for internal combustion engines.” He noted, “At least a third of our sales come from Europe, and Europe also has the strictest regulations, making it an important factor. We’re in contact with the oil industries in Italy and the Middle East.” He added, “Production volumes and cost per liter are obstacles, and the relevant regulations need to be in place.”
[email protected] Dongchan Kim Reporter