Published Date: March 20, 2025 ✍️ Author: Global World Citizen Business Desk 🌍 Source: GlobalWorldCitizen.com
Italian supercar manufacturer Automobili Lamborghini reported a 1% growth in Middle East sales for 2024, a slowdown compared to its 5% global growth, as the global luxury market experiences a post-pandemic “normalisation” of consumer spending.
Speaking at a media roundtable in Dubai, Chairman and CEO Stephan Winkelmann described the trend as part of a market correction following the surge in high-end purchases during the pandemic recovery period.
“The Middle East remains a strategically important region — it’s our third-largest market after Germany and the UK,” said Winkelmann. “Globally, it ranks number six.”
UAE Remains a Key Market
Within the Middle East, the United Arab Emirates continues to dominate, with Dubai serving as Lamborghini’s strongest sales hub in the region.
“Dubai is our largest selling point in the Middle East. Our product mix here is exactly what we aim for — a balanced 50/50 split between our super sports cars and the Urus SUV,” Winkelmann noted.
He highlighted Dubai’s strong influx of high-net-worth individuals (HNWIs) as a factor sustaining demand, despite wider regional economic and geopolitical uncertainties.
“While Saudi Arabia has the volume, the UAE has the luxury clientele. Dubai offers unmatched opportunities for the high-end automotive sector,” he added.
YOLO Spending Fades, Market Returns to Normal
Winkelmann pointed to a global cooling in luxury demand as the post-COVID “YOLO effect” — the trend where consumers splurged on luxury goods with a “you only live once” mindset — begins to wane.
“We’re witnessing a reset. After COVID, demand came back faster than anyone expected, creating a bubble. Now, the market is stabilising,” he said.
According to Winkelmann, 2024 marked the first year of decline in the ultra-luxury segment, with the global high-end car market contracting by roughly 8%. However, he stressed that this does not signal a downturn.
“We’re not talking about a crisis — we’re seeing a flattening curve, not a collapse. Stability at this level is healthy.”
Lamborghini Delays EV Rollout to 2029
In a strategic shift, Lamborghini has postponed the launch of its first fully electric vehicle (EV) to 2029, citing market readiness as a key concern.
“Globally, we see a slower adoption curve for electric vehicles — even more so in the ultra-luxury segment. You can build the best EV in the world, but if the market isn’t mentally ready, it won’t sell,” Winkelmann explained.
This decision places Lamborghini behind rivals like Ferrari, which plans to debut its first electric model in late 2025. Lamborghini had previously targeted 2028 for its EV release.
Global Sales Break Records
Despite the regional moderation, Lamborghini had a record-breaking year worldwide. In 2024, the company:
- Delivered 10,687 vehicles globally, a 5.7% increase year-on-year
- Surpassed €3 billion in revenue for the first time, reaching €3.09 billion ($3.37 billion)
- Maintained a strong operating margin of 27%, with profits hitting €835 million
This performance comes amid a complete overhaul of Lamborghini’s product lineup, including:
- Revuelto – a V12 hybrid supercar
- Urus SE – a refreshed version of the brand’s top-selling SUV
- Temerario – a new model with a re-engineered powertrain
“We recorded growth across all three major global regions,” said Winkelmann. “Despite industry challenges and fierce competition, Lamborghini continues to set new benchmarks.”
Dubai’s Role in the Future of Global Luxury
With a solid foundation of wealth migration, no property or capital gains taxes, and long-term Golden Visa incentives for investors, Dubai continues to play an outsized role in shaping the future of luxury living and lifestyle investments.
As Lamborghini and other luxury brands navigate the shifting tides of global demand, Dubai remains a cornerstone of stability and opportunity in the high-end automotive world.