Manufacturing magnate Ferruccio Lamborghini founded Automobili Ferruccio Lamborghini S.p.A.

Manufacturing magnate Ferruccio Lamborghini founded Automobili Ferruccio Lamborghini S.p.A.

Lamborghini grew rapidly during its first decade, but hard times befell the company when sales plunged in the wake of the 1973 worldwide financial downturn and the 1973 oil crisis. The firm’s ownership changed three times after 1973, including a bankruptcy in 1978, before Chrysler Corporation took control in 1987. Unable to operate Lamborghini profitably, Chrysler sold Lamborghini to Malaysian investment group Mycom Setdco and Indonesian group V’Power Corporation in 1994. Lack of success continued through the 1990s, until Mycom Setdco and V’Power sold Lamborghini to the AUDI AG subsidiary of Volkswagen Group on 27 July 1998. Audi’s ownership marked the beginning of a period of stability and increased productivity for Lamborghini. Sales increased nearly tenfold over the course of the 2000s, peaking with record sales in 2007 and 2008. The world financial crisis in the late 2000s negatively affected all luxury car makers worldwide, and caused Lamborghini’s sales to drop nearly 50 percent.