On this day in auto history – April 23rd

Fri 23rd Apr 2021

It was on this day in 1987 that American giants Chrysler purchased Lamborghini, effectively rescuing the troubled Italian supercar brand from imminent bankruptcy.

Though the terms of the deal were never officially disclosed, some estimates suggested Lamborghini changed hands for as little as $25 million.

Lamborghini was founded by manufacturing magnate Ferruccio Lamborghini in 1963 and enjoyed rapid growth during its first decade only to see sales plunge in the wake of the 1973 oil crisis and ensuing financial downturn.

The Chrysler takeover enabled Lamborghini to stabilise and seven years later it was sold on to a South East Asian investment group who, in turn, sold it on to the Volkswagen Group in 1998 where it has since flourished under the control of its Audi division.