Numerous automakers have padded their wallets in recent years thanks to China’s surging demand for new wheels — especially those hawking luxury models. The party, however, appears to be winding down, including for Lamborghini.
Lamborghini’s Asia Pacific general manager Christian Mastro points to a number of factors for the lack of demand, namely China’s slowing economy. “If you look at the economy right now, there may be some uncertainty to make people wait a little,” Mastro told Bloomberg. “The number of people able to spend this kind of money is limited, it’s not unlimited.”
Also affecting sales are limited supplies of the new 2012 Lamborghini Aventador, which currently has an 18-month waiting for Chinese customers. Lamborghini plans to produce just 900 Aventadors this year, only 80 of which are allocated for China.
Although the brand enjoyed a 70-percent increase in sales in China compared to 2010, Bloomberg states that “growth in the world’s second-largest economy cooled to the slowest pace in more than two years in the fourth quarter and the trade ministry described the export outlook as ‘grim.’”
The downward trend has lead the Italian automaker to forecast a much lower year over year increase of just 20 to 30 percent. Other automakers such as Rolls Royce and BMW are also less optimistic about future growth in China.
Despite the lowered forecast, Lamborghini’s Asian division hopes to maintain that lead by ramping up its marketing efforts and physical presence throughout China. In addition to a 20-percent increase in marketing spending this year, Lamborghini plans to open 14 more dealerships in China, bringing the country’s total to 20. Better yet for Lamborghini, according to Bloomberg, it “sold a total of 342 units in China last year, overtaking the U.S. as its largest market.”