Lamborghini’s wealthiest customers are still buying supercars—but tariffs are taking a quiet toll on the bottom line.
“Being the U.S., by far our biggest market, we could not, let’s say, increase the price [at] the same level as the tariffs were increased, and, at the same time, the market was going down,” CEO Stephan Winkelmann told Fortune. “So we had less cars sold, and with less margin on those cars to be delivered in the second half of the year.”
The luxury automaker, owned by the Volkswagen Group through Audi, reported its full-year earnings for 2025 on Thursday. Lamborghini saw a new delivery record of 10,747 cars in 2025 and reached $3.7 billion (€3.2 billion) in revenue, a 3.3% year-over-year increase. However, operating income fell to $885 million (€768 million) from a record of $962 million (€835 million) in 2024, and the carmaker had a profitability of 24%, also slightly down from last year.
Winkelmann noted the dip in operating margins was in part a result of tariffs imposed by the Trump administration at the beginning of 2025, which precipitated a price increase for the luxury cars. Lamborghini said last year it would raise prices for its Temerario and Urus models by 7% and for the Revuelto by 10%. Winkelmann indicated Lamborghini would be unable to raise costs more, with the import taxes cutting into profitability as a result.
