Business Daily Meets: Lamborghini's Stephan Winkelmann
BBC World Service | Host: Theo Leggett | Aired: October 16, 2025
Episode Overview
This episode of Business Daily features an in-depth conversation between Theo Leggett and Stephan Winkelmann, President and Chief Executive of Lamborghini. They discuss Winkelmann's unconventional career path, the evolution of the Lamborghini brand, the challenges and resilience of running a supercar company through global crises, the current market outlook, and the future of electrification in the luxury car sector.
Key Discussion Points & Insights
1. Stephan Winkelmann’s Background and Early Influences
- Born in Berlin, raised in Rome due to his father's work for the United Nations’ Food and Agriculture Organization.
- Early passion was not for cars, but motorcycles; he enjoyed freedom and lack of helmet laws while growing up in Rome.
- Quote: “When I was a kid, I was more into motorcycles… There was freedom, and therefore I was more into motorbikes.” – [01:47]
- Contemplated military career; became a paratrooper in the German army before deciding to pursue university.
- Quote: “I learned for sure that you have to never give up … it’s more about character building.” – [05:27]
- Entered finance after studying political science but soon shifted to the motor industry, attracted by the universal appeal of cars.
- Quote: “It's easy to like cars, in my opinion. Everybody has a car, everybody knows what a car is...” – [06:30]
2. Path to Lamborghini and Early Leadership
- Progressed rapidly through roles at Mercedes-Benz and Fiat, leveraging his bilingual background (German and Italian).
- Was head of operations at Fiat Germany before Volkswagen recruited him to lead Lamborghini in 2005.
- Initially reluctant but saw it as a unique, once-in-a-lifetime opportunity.
- Quote: “I would have been stupid not to take it. And I never had any regrets.” – [07:53]
- Took over Lamborghini at age 40, needing to quickly learn beyond his marketing and sales experience.
- Quote: “I was enthusiastic about what could happen with this type of company… something which I could not even have dreamt of.” – [08:41]
3. Navigating the 2008 Global Financial Crisis
- Enjoyed strong performance until the 2008 financial collapse.
- Had to halve production through 2009–2010 and refocus on brand positioning.
- Maintained continuous product development and leveraged a strong team culture.
- Quote: “We cut production and we worked a lot on the brand positioning… the brand was already strong enough not to perish under the pressure…” – [10:59]
- Recovery began with the launch of the Aventador in 2011.
4. Leading Through Corporate Scandals and New Roles
- In 2015, tasked with restructuring Audi Sport during the “Dieselgate” scandal, focusing on new RS models.
- Quote: “It was at the worst possible moment because it was at the beginning of Dieselgate… we reorganized the brand and we set the boundaries…” – [13:13]
- Became head of Bugatti, revitalized the brand, but faced the unexpected sale of Bugatti at the onset of the COVID-19 pandemic.
5. Return to Lamborghini and Post-Pandemic Market
- Returned to Lamborghini as CEO amid the pandemic (2020).
- Found the market rebounding, partly due to a “YOLO” (You Only Live Once) mindset among luxury buyers.
- Ended the era of pure internal combustion engines and prepared for future plug-in hybrid models.
- Quote: “The effect of after Covid, which is called YOLO now... we were benefiting from the fact that we were selling the last internal combustion engine only cars…” – [14:58]
6. Future Challenges: Electrification, Tariffs & Global Strategy
- Biggest challenge is the transition to electrification:
- Market enthusiasm for full-EVs is waning; Lamborghini is focusing on plug-in hybrids for now.
- Delayed release of a fully electric model, with the next Urus and "fourth model" planned as hybrids.
- Quote: “Today, the enthusiasm of electric cars is going down. So we see for us a huge opportunity to stay with… plug in hybrids much longer than expected.” – [16:05]
- Tariffs and currency issues affect US sales:
- Lamborghini now pays a 15% tariff on US exports, only partially passed on to customers to avoid negative perception.
- Quote: “To rise the prices so dramatically would have been a very negative impact on the business also because other manufacturers have not done it.” – [18:55]
- Even ultra-wealthy customers are sensitive to price changes.
Notable Quotes and Memorable Moments (with Timestamps)
-
On Paratrooper Experience:
“It teaches you a lot about camaraderie, friendship, and to be able to obey without feeling bad about it.”
– Winkelmann, [05:27] -
On Accepting the Lamborghini Job:
“At the beginning I was reluctant almost because I was in a good position in Fiat. But then thinking about it, I thought, this is something which is unique…”
– Winkelmann, [07:53] -
On Surviving the Great Recession:
“The brand was already strong enough not to perish under the pressure of this difficult period of time.”
– Winkelmann, [10:59] -
On the Post-Pandemic Boom:
“The effect of after Covid, which is called YOLO now… was helping a lot for sure.”
– Winkelmann, [14:58] -
On Delaying Full Electrification:
“Today, the enthusiasm of electric cars is going down… we see a big opportunity on staying plug in hybrid with all the lineup also for the years to come.”
– Winkelmann, [17:48] -
On Tariffs and Prices:
“To rise the prices so dramatically would have been a very negative impact… We are keeping part of the additional tariffs on our shoulder.”
– Winkelmann, [18:55]
Timestamps for Key Segments
- [01:47] – Winkelmann’s childhood, motorcycles, and early passion.
- [05:02] – Discussing his time as a paratrooper and lessons learned from the military.
- [06:03] – Transition from finance to the automotive industry.
- [07:53] – Accepting the Lamborghini CEO role.
- [10:09] – The 2008 financial crisis’ impact on Lamborghini.
- [13:13] – Leading Audi Sport during Dieselgate.
- [13:50] – Short stint running Bugatti and the effect of Covid-19.
- [14:58] – Returning to Lamborghini post-pandemic and observing the “YOLO” effect.
- [16:05] – The electrification debate and decision to focus on hybrids.
- [18:08] – Impact of tariffs and exchange rates on US sales and pricing strategy.
Conclusion: The Road Ahead for Lamborghini
The conversation closes on Lamborghini’s balancing act: keeping the brand’s Italian soul and exclusivity while adapting to a rapidly changing automotive landscape. Winkelmann sees opportunity in maintaining plug-in hybrid powertrains and adapting global strategies without alienating core customers or succumbing to transient industry fads.
Final Reflection:
Winkelmann’s leadership style emerges as pragmatic, opportunistic, and deeply influenced by his varied life experiences—from paratrooper discipline to luxury marketing savvy, always with an eye on preserving Lamborghini's brand value in a turbulent world.