Luxury carmaker Automobili Lamborghini sees a “huge opportunity” of growth in India with the rising number of ultra high net-worth individuals (HNIs) driving demand in the country, according to the company’s Chairman and CEO Stephan Winkelmann.
The company which posted a record sales of 69 cars, a growth of 86 per cent, in 2021 in the country is also evaluating its plans to introduce hybrid vehicles in the country as part of a global strategy towards electrification.
"I think in India there's a huge opportunity for growth because there's a big wealth around the Indian market, and we will see how this is developing. We had one of the highest growth in terms of percentage last year, so there are opportunities also for the future.
"What we can see in the Indian market is that we have more and more ultra high net-worth individuals entering the market. We already have the second generation of ultra high net-worth individuals, and their average age is younger than other countries," Winkelmann said in an interaction.
Given the results of last year and the demographic situation of the Indian market, both in terms of young wealthy people and wealth in general, Winkelmann said, "We think that there is a growing demand also in the Indian market in years to come."
Globally, Lamborghini has announced plans for electrification of its vehicles by first going hybrid followed by full electric cars in the second part of the decade.
On the Indian government policy favouring full electric vehicles and not hybrids, Winkelmann said, "We have other markets where it's easier to have, let's say, in terms of legislation, but we have to find a right balance between what is the task of the government and the demand of our customers."