* Cancelled plan for first fully electric car in 2030

* Revenue up 3.3% in 2025, deliveries at record 10,747

cars

* Operating income slipped last year, margin fell to 24%

* U.S. tariffs, FX swings and EV plan revision costs

weigh

By Giulio Piovaccari

MILAN, March 19 (Reuters) - Italian sports carmaker

Lamborghini on Thursday reported weaker 2025 earnings despite

record revenue, after U.S. tariffs, currency moves and charges

related to scrapping its announced first fully electric vehicle

weighed on the results.

Revenue at the Volkswagen-owned luxury brand rose

3.3% to 3.2 billion euros ($3.7 billion) as deliveries hit a

record 10,747 units. But operating income slipped to 768 million

euros from 835 million euros in 2024.

U.S. tariffs hit both sales and margins in Lamborghini's

biggest market. The carmaker raised its prices last year, but

not enough to offset the tariff rates, CEO Stephan Winkelmann

told reporters.

Lamborghini does not plan further price increases this year

"as we do not think this is something helping the market at this

time," Winkelmann said.

The margin on operating income fell to 24% in 2025 from 27%

a year earlier.

Lamborghini cushioned external pressures through cost

control and increasing sales of pricier vehicles, supported by

its 515,000 euro Revuelto sports car and by greater client

requests for high-margin vehicle customisation, it said.

Nearly all vehicles delivered in 2025 featured at least one

personalised element, it added.

Winkelmann said it was too early to provide forecasts for

2026 due to uncertainties including the ongoing war in the

Middle East, which is disrupting oil supply and logistics and

potentially depressing a high-margin luxury car market.

BACKTRACKING ON ELECTRIC PLANS

Earlier this year, Lamborghini cancelled plans for an EV

sports car in 2030, citing weak demand and concerns over returns

on hefty investments.

"Resistance to EVs has increased significantly worldwide in

our segment", Winkelmann said. "Many customers have tried EVs,

but let's say their experience didn't quite live up to their

expectations".

He said Lamborghini was still investing in in-house EV

technology in case demand shifts in the next decade.

"But I can't see the trend today, and I don't see it for

tomorrow either".

Rival Ferrari will unveil its first EV in May and

20% of its lineup should consist of fully electric vehicles by

2030.

Instead of an EV, Lamborghini will launch a plug-in hybrid

model in 2030, adding to its existing all-hybrid lineup of

three. The new model, which will be called Lanzador, will be a

"2+2"-seat Grand Tourer, Winkelmann said.

($1 = 0.8717 euros)