Apr 26, 2022
Morgan poaches Lamborghini director in bid to raise international appeal
English carmaker Morgan has poached Lamborghini's product director to be its new chief executive as the maker of hand-built luxury cars aims to increase its international appeal and ease its way into the electric era. Fumarola is looking to expand the international appeal of the brand, which is known for its roofless, wood-framed cars beloved by motoring enthusiasts, but has a long history of financial troubles. In 2020, the last year where accounts were published, it made a loss of £665,000 on sales of £30mn. In 2019, before the pandemic, it registered a pre-tax profit of £3mn. The company received a lifeline in 2019 when Investindustrial, the Italian investment company that previously owned Aston Martin, took a majority stake in the company, taking over from the Morgan family that had owned the business for close to a century. "We have time, we need to do things in the Morgan way," Fumarola said. After interviewing current or former Morgan owners on their driving habits, and views on electrification, most said a driving range of between about 150 to 200 miles would be needed to make an electric model worthwhile.
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