Lamborghini is an Italian sports car manufacturing company that was first established in 1963. At the time the company wanted to develop a high performance race car that would compete and win with the likes of cars that Ferrari manufactured. The company was founded by Ferruccio Lamborghini who had a life long interest in cars, and collected many luxurious cars. The reason that Lamborghini decided to develop his own company was because he wanted to develop a car that would compete with Ferrari, however, as he owned and drove several, he wanted his cars to be luxurious and easy to ride in, which was something that he pointed out that Ferrari did not possess.
The early 1960s was when Lamborghini manufactured their first car and sent it into the market. The 350GTV was widely accepted by the public as a high performance vehicle that also offered the traits of a luxury vehicle meaning a smooth ride and all of the extras that were considered the top of the line during this time. However, Lamborghini decided to redesign the car anyway, even though it was widely accepted as it was. The model would then become the 350GT, the horsepower was slightly decreased on this model, however when it was released, Lamborghini once again received rave reviews on the car.
Lamborghini continued to receive rave reviews from the public throughout the years. However, this all ceased when the 1973 oil crisis occurred. All manufacturers of high performance sports vehicles felt the hardest hit, as people were going for more fuel economical cars given the price of oil per barrel, and the government putting sanctions on how much fuel one person could purchase. It left Lamborghini with nowhere to go and no one to sell their cars too. Because of this situation, in 1978 the company declared bankruptcy, which was the last thing that they wanted to do, however, the situation called for it as the company could go on no longer. At first, the company was purchased by Swiss Miran brothers, and they did manage to somewhat right the company. However, it was never to the status that the company once had.
In 1987, Chrysler took over the Lamborghini company after they purchased it from the Swiss Miram brothers, at the tune of around $33 million dollars. During this time the two companies teamed up to produce racing cars that would race in the Grand Prix. They also used some of the technology that Lamborghini used to put into the engines of Chrysler vehicles. The result was successful, however, the popularity was still nothing compared to what it was in the early years. By 1994, Chrysler was looking for someone to take over Lamborghini as they were cutting ties to save themselves some money. This was the time in which Lamborghini became owned by MegaTech. The time at MegaTech was short, and a few years later, Lamborghini found a new owner with Volkswagen's luxury line Audi. However, even with the German automaker on board, sales have still not increased as hoped.