Lamborghini also hit by turmoil

Bloomberg

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Lamborghini, a division of Volkswagen, faces "tough times" and is cutting production by reducing hours for almost one-third of its 1,000 employees, Stephan Winkelmann, the unit’s chief executive officer, said yesterday.

The sales decline contrasts with 1 percent growth in 2008, when Lamborghini delivered a record 2,430 cars. The division will continue to release at least one new model a year, even as investment bankers and real-estate brokers have "disappeared" as buyers, Winkelmann said.

"We’re well aware that tough times are lying ahead of us," Winkelmann said from the division’s headquarters in Sant’Agata Bolognese. "Lamborghini is not immune to the impact of the recession."