Connect with us

Business

Lamborghini swerves away from all-electric future

Published

on

Lamborghini swerves away from all-electric future


Theo LeggettInternational Business Correspondent

Getty A bright orange Lamborghini Temerario parked in a showroomGetty

The boss of Lamborghini said enthusiasm for electric cars was declining

The boss of Lamborghini has said its customers still want “the sound and the emotion” of internal combustion engines, and the company will use them in its cars for at least the next decade.

Speaking to the BBC at the Italian supercar-maker’s London showroom, chief executive Stephan Winkelmann said enthusiasm for electric cars was declining – creating an opportunity to focus on hybrid power instead.

Lamborghini will decide in the next month whether a long-planned new model, the Lanzador, will be all-electric, or merely a plug-in hybrid, he said.

Mr Winkelmann insisted the business was socially responsible, but added that as a low-volume manufacturer, its actions would have a limited impact on the environment.

Lamborghini is a luxury brand ultimately owned by the Volkswagen Group. It currently has three main models.

The Temerario and Revuelto are supercars. Both are plug-in hybrids, combining powerful petrol engines with electric motors. They can run in all-electric mode, but only for very short distances.

The Urus is a luxury SUV, currently available as a plug-in hybrid and as a conventional petrol-powered car. Less exotic and certainly less ostentatious than the supercars, it nevertheless makes up more than half of the company’s sales.

There is also a limited edition ‘super-sports’ car: the Fenomeno, which has a top speed of more than 215mph. Only 30 will be built, each costing at least €3m (£2.6m) before taxes.

Two years ago, Lamborghini announced plans for an all-electric successor to the Urus, which would have been available from 2029. However, the plan was recently shelved, with the electric model now not expected before 2035.

It had also planned to make a brand new battery-powered grand tourer (GT), to be called the Lanzador. However, the future of that project is also deeply uncertain.

Lamborghini chief executive Stephan Winkelmann in a full suit, sat in front of a bright yellow Lamborghini Fenomeno

Lamborghini chief executive Stephan Winkelmann

“We still need to decide whether we are going full electric, the decision we took some years ago, or seeing whether in the new environment this should also be a plug-in hybrid”, said Mr Winkelmann.

The new environment he referred to is a perceived waning of interest in electric cars among high-end buyers.

“Today enthusiasm for electric cars is going down”, he explained. “We see a huge opportunity to stay with internal combustion engines and a battery system much longer than expected”.

Continuing to use internal combustion engines for another 10 years, he said, would be “paramount for the success of the company”. Customers, he insisted, still hankered after the noise and fury of a conventional motor.

“This is something they want, they still want the sound and the emotion of an internal combustion engine”, he said.

It’s an approach that contrasts with that of Lamborghini’s Italian arch-rival Ferrari, which is pushing ahead with its own plans for a first all-electric car.

The aptly-named Elettrica is due to be unveiled next year, though the company showed off some key components at its Capital Markets Day earlier this month.

It will be sold alongside conventional and hybrid models.

Ferrari chief executive Benedetto Vigna said it would have driving traits that were “unique in the heart, in the soul of our clients.”

Getty Images SLamborghini LanzadorGetty Images

There are questions about whether the Lanzador model – pictured here as a concept model in 2023 – will be fully electric

Mr Winkelmann insisted his own company was not ignoring the ongoing pressure to cut emissions.

“We are selling 10,000 cars in a world that is producing 80 million cars a year, so our impact in terms of CO2 emissions is not that important”, he said.

“For sure, we are socially responsible, but it doesn’t really make a lot of difference”.

The sale of new petrol and diesel cars, including plug-in hybrids, is due to be banned in both the the EU and the UK from 2035.

However, in the EU, there has been intense lobbying from some manufacturers for the transition to electric cars to be given more time, in order to “acknowledge current industrial and geopolitical realities”.

If that happens, internal combustion engines could remain on the market beyond the current deadline.

Meanwhile the UK’s rules provide an exemption for “low volume” manufacturers who register fewer than 2,500 new cars each year.

This would currently cover Lamborghini, which sold just 795 cars here last year.



Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Gold On Sale In Dubai? Here’s Why Prices Have Dropped By $30 Per Ounce

Published

on

Gold On Sale In Dubai? Here’s Why Prices Have Dropped By  Per Ounce


Last Updated:

Gold is sold at a discount in Dubai due to Middle East conflict disrupting flights. Traders offer up to $30 per ounce less than London prices.

Dubai Gold Selling Cheaper As Iran War Grounds Flights

Dubai Gold Selling Cheaper As Iran War Grounds Flights

Gold is being sold at a discount in Dubai as the widening conflict in the Middle East disrupts flights and hampers the movement of bullion from one of the world’s key trading hubs.

According to a Bloomberg report, traders in Dubai are offering discounts of up to $30 per ounce compared to the global benchmark price in London. The unusual price cut comes as shipments remain stranded due to flight disruptions triggered by the escalating conflict involving Iran and Israel.

Dubai is a key global centre for refining and exporting gold to markets across Asia, including India. However, partial airspace restrictions and heightened security risks have slowed the movement of bullion out of the region.

Why Gold Is Being Sold Cheaper

Gold is typically transported in the cargo holds of passenger aircraft. With several flights from the UAE restricted amid regional tensions, traders are struggling to move bullion to international markets.

At the same time, insurance and freight costs have surged, making shipments more expensive and uncertain. Many buyers have therefore stepped back from placing new orders, unwilling to bear high logistics costs without assurance of timely delivery.

To avoid paying prolonged storage and financing costs while shipments remain stuck, some traders are offering gold at discounted prices.

Although transporting bullion by road to airports in neighbouring countries such as Saudi Arabia or Oman is theoretically possible, logistics firms are reluctant due to the risks and complications of moving high-value cargo across land borders during a conflict.

What It Means For India

India, one of the largest buyers of gold shipped from Dubai, could face short-term supply disruptions if the situation continues.

Renisha Chainani, head of research at Augmont Enterprises Ltd., said several cargo shipments have already been delayed, creating temporary tightness in the availability of physical bullion in India.

However, industry experts as reported by Bloomberg say the immediate impact may remain limited as domestic inventories are currently comfortable after heavy imports earlier this year.

Chirag Sheth, principal consultant for South Asia at Metals Focus, said Bloomberg that India has ample stocks for now, but warned that prolonged disruptions could eventually affect supply if the conflict continues for several months.

Meanwhile, global gold prices have surged this year amid geopolitical uncertainty, with spot gold recently trading above $5,000 per ounce.

Click here to add News18 as your preferred news source on Google.

Check Iran Israel War News Today Live Updates.

Follow News18 on Google. Join the fun, play games on News18. Stay updated with all the latest business news, including market trends, stock updates, tax, IPO, banking finance, real estate, savings and investments. To Get in-depth analysis, expert opinions, and real-time updates. Also Download the News18 App to stay updated.

Disclaimer: Comments reflect users’ views, not News18’s. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.

Read More



Source link

Continue Reading

Business

70% of adults without a licence say learning to drive is unaffordable

Published

on

70% of adults without a licence say learning to drive is unaffordable



Some seven in 10 British adults without a full driving licence say learning to drive is currently unaffordable, according to a survey.

The figure is even higher among younger people, with 76% of 18 to 29-year-olds without a licence saying driving lessons are financially out of reach, the poll for car insurer Prima found.

Overall, 38% said the cost of driving lessons was the biggest deterrent to learning to drive.

Some 32% were put off by the price of buying a car and 15% said the cost of car insurance was the main barrier to learning to drive.

Almost half (45%) said they would consider learning to drive if it became significantly cheaper.

Nick Ielpo, UK country manager at Prima, said: “For a growing number of people, driving is no longer a symbol of freedom – it’s a financial stretch too far.

“Between lessons, buying a car and insuring it, the upfront and ongoing costs are pricing many people out before they even start.”

Find Out Now surveyed 1,134 adults who do not hold a full driving licence between January 21 and 23.



Source link

Continue Reading

Business

Go Digit General Insurance gets GST demand notice of Rs 170 cr – The Times of India

Published

on

Go Digit General Insurance gets GST demand notice of Rs 170 cr – The Times of India


Go Digit General Insurance on Saturday said it has received a demand notice of about Rs 170 crore for short payment of goods and services tax (GST) for nearly five years. The company has received an order copy from the Office of the Commissioner of GST & Central Excise, Chennai South Commissionerate on March 6, confirming GST demand of Rs 154.80 crore levying penalty of Rs 15.48 crore and Interest u/s 50 of CGST Act, 2017 for the period July 2017 to March 2022, the insurer said in a regulatory filing. The company is in the process of evaluating the legal advice on the implications and would file an appeal, it said.



Source link

Continue Reading

Trending