Italian industrialist and Manufacturing magnate Ferruccio Elio Arturo Lamborghini sadly passed away February 20, 1993. Born to grape farmers from the comune of Renazzo di Cento in the Emilia-Romagna region of Northern Italy April 28, 1916, his mechanical know-how led him to enter the business of tractor manufacturing in 1948, when he founded Lamborghini Trattori, which quickly became an important manufacturer of agricultural equipment in the midst of Italy’s post-war economic reform. In 1959, he opened an oil heater factory, Lamborghini Bruciatori, which later entered the business of producing air conditioning equipment.
In 1963 Ferruccio Lamborghini founded Automobili Ferruccio Lamborghini S.p.A. in 1963 in Sant’Agata Bolognese, Italy, with the objective of producing a refined grand touring car to compete with offerings from established marques such as Ferrari. The company’s first models were released in the mid-1960s and were noted for their refinement, power and comfort. Lamborghini gained wide acclaim in 1966 for the Miura sports coupé, which established rear mid-engine, rear wheel drive as the standard layout for high-performance cars of the era.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.
Lamborghini’s Sant’Agata Bolognese production facility produces V12 engines and finished automobiles. Lamborghini’s current production vehicles are the V10-powered Gallardo and the V12-powered Aventador. Both production models are available in a variety of regular and limited-edition specifications. In 1969 Lamborghini also founded a fourth company, Lamborghini Oleodinamica, but sold off many of his interests by the late 1970s and retired to an estate in Umbria, where he pursued winemaking. Lamborghini Sadly passed away on February 20, 1993 At 76 years, at Silvestrini Hospital in Perugia after suffering a heart attack fifteen days earlier. Lamborghini is buried at the Monumental Cemetery of the Certosa di Bologna monastery. HoweverAll of Ferruccio Lamborghini’s companies continue to operate today in one form or another. His son, Tonino, designs a collection of clothing and accessories under the Tonino Lamborghini brand. Ferruccio’s daughter, Patrizia Lamborghini, runs the Lamborghini winery on his Umbria estate. A museum that honors Lamborghini’s legacy, the Centro Studi e Ricerche Ferruccio Lamborghini, opened in 2001.