April 15 (Bloomberg) -- Automobili Lamborghini SpA, the Italian maker of the $200,000 Gallardo sports car, sold 35 percent fewer vehicles in the first quarter as wealthy customers more prone to losing their jobs withheld purchases.

Lamborghini, a division of Volkswagen AG, 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 in a telephone interview.

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. The credit-market meltdown has claimed at least 299,900 financial-industry jobs worldwide.

“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.”

Volkswagen, Europe’s biggest carmaker, fell 2.22 euros, or 0.9 percent, to 241.78 euros in Frankfurt trading, valuing the Wolfsburg, Germany-based company at 76.9 billion euros ($101.3 billion). Volkswagen has owned Lamborghini since 1998.

New Models

Lamborghini counts the U.S., Italy, the U.K., Germany and the Middle East as the top five markets for both of its two-seat models. The division is selling a new Gallardo LP 560-4 Spyder version introduced at the Los Angeles Auto Show in November. An updated Murcielago LP 670-4 SuperVeloce, unveiled at the Geneva Motor Show in March, enters showrooms in coming weeks.

“There will be no change in our commitment to bring at least one new product to market every year,” Winkelmann said.

Pretax profit at Lamborghini jumped 27 percent to a record 60 million euros ($79.4 million) last year from 47.1 million euros a year earlier, the carmaker said in a statement published today. Revenue gained 2.5 percent to about 479 million euros, spurred by stronger sales in the Middle East and Asia, especially China.

Lamborghini fared “slightly better” than competitors at the beginning of the year, Winkelmann said, adding that sales by luxury carmakers worldwide fell about 40 percent between January and March. The carmaker should be able to avoid a full-year loss as long as the remainder of 2009 is similar to first-quarter performance, the CEO said, without specifying figures.

“I’m not expecting a turnaround or principal improvement this year,” Winkelmann said. “We’re prepared to weather another such year in 2010.”

To cope with shrinking demand, Lamborghini will maintain working-hour restrictions initiated in February through next month and may extend the measures, which currently affect 300 employees, Winkelmann said.

To contact the reporter on this story: Andreas Cremer in Berlin at acremer@bloomberg.net.

Last Updated: April 15, 2009 11:56 EDT