SINGAPORE – Singapore’s Lamborghini dealer EuroSports Global is looking to new luxury models to draw buyers after a tough quarter of falling sales, even as it seeks fresh funding to support its car business and plans to mass-produce a home-grown electric motorcycle.
The group on Nov 12 said its net loss had widened to $1.24 million in the quarter ended Sept 30, from $752,000 a year earlier. Revenue fell by more than 30% to $7.83 million.
For the first half of its financial year, the group’s net loss widened by 57% to $2.29 million as revenue fell 21.7% to $15.1 million, weighed down by falling car sales and thinner margins on cars sold.
EuroSports is the distributor for Lamborghini and Touring Superleggera in Singapore, with some models selling for more than $2 million.
However, hefty additional registration fees for luxury vehicles and rising certificate of entitlement premiums have crimped demand for high-end supercars here, and EuroSports is also expecting economic and geopolitical uncertainty to make buyers more cautious in the months ahead.
But the group said new models could help attract more orders, and expects to start delivering two new versions of Lamborghini’s Urus SE sport utility vehicle in the October-to-December quarter, although prices for this model may be lower.
Lamborghini is also expected to introduce a new version of its Temerario sports car by March 2027, following the recent launch of its Revuelto SV.
EuroSports’ electric motorcycle business has a longer timeline. The Lambda Scorpii, developed by its subsidiary Scorpio Electric, became the first electric motorcycle designed from scratch in Singapore to secure European vehicle type approval in 2025, the group said.
The approval certifies that the motorcycle meets European Union safety, environmental and technical standards.
The motorcycle has also secured approval from Singapore’s Land Transport Authority on June 12, and Scorpio Electric registered the first unit for use on Singapore roads on July 13.
It is also setting up sales and servicing networks in the Asia-Pacific and Europe, with plans to build a network of distributors and dealers across 10 to 15 cities.
EuroSports expects mass production and deliveries to begin in 2028, and is in the process of securing additional funding to support the commercialisation of this business.
The company has spent heavily on research and development for the Lambda Scorpii though, which has placed pressure on its financials over the years.
The group disclosed in its financial statements that its losses, cash outflow and short-term obligations raised a material uncertainty over its ability to continue operating. In the first half, it burned through $1.18 million in cash to run its operations.
As at Sept 30, what it owed in the short term exceeded its short-term assets – which included cash, cars and spare parts held for sale, and money customers owe the company – by $6.54 million.
Still, the board said it expects the car distribution business to generate enough cash to cover operating expenses over the next 12 months and is in talks with financial institutions and potential investors for additional funding to support operations over at least that period.
Shares of the company last traded at 2.4 cents.
