Italian automaker Automobili Lamborghini expects the super luxury car segment in India this year to reach the peak levels witnessed in 2018-19 on the back of robust demand, according to a senior company official.
The company, which on Wednesday showcased the limited edition Aventador LP 780-4 Ultimae Roadster priced between Rs 8 crore and Rs 10 crore in India, also feels that the country needs to ”celebrate wealth creators” as the number of super luxury cars sold in the country does not reflect its real potential.
”If you look at the super luxury segment in India, it does not fully reflect the potential in the market. The segment has not yet reached its peak of what it was in 2018-19,” Lamborghini India Head Sharad Agarwal said here in an interaction.
The super luxury segment, which comprises cars priced above Rs 2.5 crore, had sold about 300 units last year, he added.
”I anticipate that this year it should be crossing the benchmark of about 325 cars (reached in 2018-19). (In) the first five months the trend looks positive but yes, there are also a lot of external challenges which we are facing,” Agarwal said.
He, however, hastened to add that right now it is ”more of a speculation” as it is very difficult to predict how the market or the industry will be during the year.
From Lamborghini’s perspective, he said, ”We are continuing with a strong order. Most of the Lamborghini models today are on a long waiting time between 10 to 12 months…the customer has to wait from the time he places in order to get his car. Right now we are taking orders for next year. We’re not taking orders for this year.” While the growth has primarily come from metros, he said, Lamborghini is also reaching out to smaller cities in order to accelerate it further.
On the size of the super luxury car segment in India, he said, ”If you look at the number, we all know that it does not reflect the potential. We are adding the second highest number of billionaires in the world and does this truly reflect the potential? No it doesn’t.” Pointing out the ”one thing which can really help grow the segment”, he said, ”We need to start celebrating wealth. We need to start celebrating wealth creators… I think there is still a challenge there.” While there are a lot of people who have dreams and aspirations to buy a Lamborghini, or super luxury cars, they still hold back to realise those dreams and aspirations and they still have inhibitions.
Elaborating further, he said, ”Given the socio economic profile, and the challenges around, wealth is always not hugely celebrated… there is a huge divide, and this cannot be changed over time.” On other challenges, he said while there has been a positive change in road infrastructure, it can still be better, specially in cities with congestion ”which we don’t think can be addressed soon, we need a really radical change”.
As far as tax is concerned, Agarwal said, ”I will say that we anticipate the government to maintain the consistency, which is there. Yes, they are high, as a brand, I can always expect lower taxes, so that we can sell more but given our space in the super luxury segment, we respect what the government has done. We want the government to maintain consistency, because whenever there is a sudden change, it impacts the volume and it impacts the segment.” Commenting on the Aventador LP 780-4 Ultimae Roadster, he said, ”After personalisation in all, the car will cost between Rs 8 crore and Rs 10 crore on road. Customers also invest 25 per cent of the value of the car in personalisation and this is a very rare and exclusive piece, the last of the Aventador (range).” Lamborghini is producing only 250 units of the limited edition Aventador LP 780-4 Ultimae Roadster worldwide, he said, adding India has already got allocation for one and expects a few more units.
It is powered by a twelve-cylinder, 6.5-litre engine which can accelerate from 0-100 kilometre per hour in 2.8 seconds and has a top speed of 355 km/h.