Crypto Bros Are Dumping Lambos, But Lamborghini Says Cars Are Flying Out Of Showrooms – Volkswagen (OTC:VWAPY)
If you thought demand for sports cars has completely diminished with Bitcoin below $20,000 and higher federal interest rates, think again.
Lamborghini CEO Stephen Winkelmann told Yahoo Finance that the company is selling more cars than it’s able to produce and struggling to keep up with demand, despite increasing production twice within the last year.
Winkelmann made the comments during the Art Basel conference in Miami. Lamborgini displayed its brand new Huracán Sterrato, a more rugged, off-road style car than what you would typically see with Lamborghinis. It’s almost like if a Lambo and a Subaru had a baby.
A year ago, you may have seen the phrase “wen lambo” flying around crypto circles of social media. It essentially means “when is the price of this crypto coin or NFT project going to skyrocket so I can buy a Lamborghini.” In fact, the phrase was so popular that someone created a crypto coin called “Wen Lambo” with the symbol: LAMBO.
While there’s no clear data that indicates that “crypto bros” are selling sports cars, the Car Dealership Guy, an anonymous account that tracks prices from dealers, reported that the exotic car market was getting “absolutely decimated” on Nov. 22, right around the FTX collapse and when Bitcoin made new lows. He noted that a Mercedes G Wagon sold for more than 30% less than its asking price from a year ago.
The fact that Lamborghini has been selling more cars than ever, despite a large downturn in the crypto market, indicates that there probably were never that many people buying Lamborghinis with crypto gains in the first place. There were a lot more “wen lambos” than actual Lambos.
Volkswagen AG VWAPY owns Lamborghini.
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