Lamborghini, the renowned luxury automaker, made a grand entrance at Art Basel Miami, seizing the opportunity to unveil a special edition of its hybrid Revuelto supercar named “Opera Unica” as part of its 60-year anniversary celebration. The glitzy event provided a fitting backdrop for Lamborghini to showcase its craftsmanship, featuring a unique paint job that required over 400 hours of meticulous work.
In an interview with Yahoo Finance from Miami, Lamborghini CEO Stephan Winkelmann underscored the significance of 2023 for the brand, citing the pivotal launch of the Revuelto. Winkelmann, with his finger on the pulse of the luxury consumer, shared his insights on the state of high-end buyers and the overall luxury market.
Despite the global dominance of Lamborghini, particularly with the United States leading the market, Winkelmann acknowledged the need for constant vigilance in monitoring factors such as residual values, order bank length, and customer base stability. He expressed confidence in the luxury market, stating that while it remains robust, there seems to be a plateau.
Away from the glamour of Miami, Lamborghini made headlines at its factory in Sant’Agata, Italy, as it reached an agreement with Italian auto unions FIOM and FIM-CISL. The deal introduces a rotating two-shift schedule for production workers, alternating between a five-day and a four-day workweek, effectively reducing the annual workdays by 22. Contrary to some media reports characterising it as a move toward a four-day workweek, Winkelmann clarified that productivity would be maintained through longer shifts.
In addressing cost considerations, Winkelmann emphasised that the efficiency improvements associated with the new schedule would allow Lamborghini to hire up to 500 new workers in the coming years, with rising wages. As a gesture in celebration of the 60-year anniversary, Lamborghini is granting its workers a special bonus of 1,060 euros (approximately $1,145).
In summary, Lamborghini’s strategic moves at Art Basel Miami and its innovative approach to labor agreements reflect a delicate balance between maintaining productivity, controlling costs, and prioritising employee well-being. With a positive outlook for the luxury market, Lamborghini continues to make waves in the automotive industry.