Driving Lamborghini’s $600,000 Ultra-Powerful Plug-In Hybrid

No longer are supercars powered strictly by muscular V8 and V12 engines, producing a mighty roar as they burn gallons of gas at a ferocious rate. Today’s entries can have hybrid, plug-in hybrid, or pure electric drive. But they’re still awesomely fast, with neck-snapping acceleration.

The new Lamborghini Revuelto, a novel form of plug-in hybrid, puts out an eye-opening 1,001 horsepower (with 739 pound-feet of torque) via a combination of three electric motors (two on the front axle) and a mid-mounted—and exposed to the elements—V12 that, by itself, produces 825 horsepower. It manages to produce more power with some beneficial weight loss. That’s coupled to an eight-speed dual-clutch automatic (with manual paddles) and a 3.8-kilowatt-hour battery pack (with LG cells) that gives the Revuelto five or six miles of all-electric travel.

Hybrid drive in the Revuelto is not so much to achieve better fuel economy, though that’s one result, but is primarily a way of boosting power output as needed. It also yields all-wheel drive. Sales started early this year, and Lamborghini plans to produce about 1,500 to 1,600 Revueltos annually (with the supply limited by the company’s ability to produce its carbon-fiber structure). The inventory is sold out until 2026. As is true of many supercar companies, the SUV is the biggest seller—Lamborghini produces about 5,000 Urus SUV models each year.

The Lamborghini Revueltos in convoy in the Hudson Valley.
Lamborghini photo

The list price of the 2024 Revuelto is US$604,363. As tested, with the biggest option being US$13,100 for the special greyish paint, the bottom line was US$681,258. Lamborghini handed over the Revuelto keys at the 140-acre Wildflower Farms resort in Gardiner, N.Y., for a 90-minute drive around the scenic Hudson Valley. Although the car is capable of a stated 217 miles per hour in the right context, it was still huge fun to drive it at much more moderate speeds on the curvy local roads.

Matteo Ortenzi, product line director for the Revuelto, explained that having two motors up front increases the opportunity for effective torque vectoring, which improves handling by delivering power to the individual wheels as needed. “The feel is of a lighter and more powerful car,” Ortenzi says. “We didn’t build the Revuelto just to say we did a hybrid.”

As in other hybrids, the Revuelto returns power to the battery on deceleration, a process called “regenerative” braking or in Ortenzi’s words, “using negative torque.” After the 90-minute drive, the Revuelto still had a 90% charge. Lamborghini doesn’t think owners will need to plug it in often, though it provides a charging cord. The charge portal is actually under the front hood, a “frunk” where the car has its limited luggage space.

A row of Revueltos with scissor doors up.
Jim Motavalli photo

Entering through the vertically opening scissor doors requires some agility, but soon becomes second nature. Leg room is good, and the bolstered seats hold the driver in firmly—a good thing considering the speeds and g-forces the car can achieve. The gauges are brightly digital, with huge single-digit numbers for the gear selected. There’s an 8.4-inch touchscreen mounted centrally, and a third 12.3-inch unit for the passenger. The start-stop button is under a military-grade protective cover.

The drive started in EV mode, yielding a quiet getaway that didn’t disturb resort guests. Small dials on the dash control the driving modes. Città (city) is for city electric, Strada (street) for comfortable cruising, Sport (self-explanatory), and Corsa (race, for total performance).

All the modes were sampled, but Strada was a nice balance of performance and driving pleasure. Sometimes using paddles seems not worth the bother, but in the Revuelto the big flippers provided instant gear changes and a nice feeling of control. Slowing down, the transmission acts on its own to downshift. Everything works together: the tight steering (with rear-wheel steering, too), the firm but not harsh suspension, and the hugely reassuring carbon-ceramic brakes. The engine barks out a very Italian song. It’s quite a driver’s car, though not one that can take the family to Disneyland.

The Revueltos engine is exposed to the elements.
Jim Motavalli photo

In the classic muscle car, huge V8 engines were stuffed under the hoods of regular passenger vehicles, sometimes without much thought as to how the powerful result would get around corners or stop. The Revuelto, despite that fearsome 1,001 horsepower, seems to have been fully engineered to handle what it puts on the ground. It can reach 62 miles per hour in 2.5 seconds, with the driver in firm control.

Plug-in hybrids like the Revuelto are a big step toward battery EVs. Lamborghini showed the Lanzador, a fully electric concept car, during Monterey Car Week in 2023 . Exactly when a production model will appear is unclear. “It’s not when, but how,” Ortenzi says. “The world doesn’t need just another electric car; it needs an electric Lamborghini.”

Developer efforts to convert emptying office towers into residential buildings have largely gone nowhere. That may be finally changing.

The prospect of transforming unused office space into much-needed housing seemed a logical way to resolve both issues. But few conversions moved forward because the cost of acquiring even an aging office building remained too high for the economics to pencil out.

Now that office vacancy has reached record levels, sellers are willing to take what they can. That has caused values to plunge for nothing-special buildings in second-rate locations, making the numbers on many of those properties now viable for conversions.

Seventy-three U.S. conversion projects have been completed this year, slightly up from 63 in 2023, according to real-estate services firm CBRE Group. But another 309 projects are planned or under way with about three-quarters of them office to residential. In all, about 38,000 units are in the works, CBRE said.

“The pipeline keeps replenishing itself,” said Julie Whelan , CBRE’s senior vice president of research.

In the first six months of this year, half of the $1.12 billion in Manhattan office-building purchases were by developers planning conversion projects, according to Ariel Property Advisors.

While New York, Chicago and Washington, D.C., are leading the way, conversions also are popping up in Cincinnati, Phoenix, Houston and Dallas. A venture of General Motors and Bedrock announced Monday a sweeping redevelopment of Detroit’s famed Renaissance Center that includes converting one of its office buildings into apartments and a hotel.

In Cleveland, 12% of its total office inventory is either undergoing conversions or is planned for conversion. Many projects there are clustered around the city’s 10-acre Public Square. The former transit hub went through a $50 million upgrade about 10 years ago, adding fountains, an amphitheater and green paths.

“You end up with so much space that you paid so little for, that you can create amenities that you would never build if you were doing new construction,” said Daniel Neidich, chief executive of Dune Real Estate Partners, a private-equity firm that has teamed up with developer TF Cornerstone to invest $1 billion on about 20 conversion projects throughout the U.S. in the next three years.

Conversions won’t solve the office crisis, or make much of a dent in the U.S. housing shortage . And many obsolete office buildings don’t work as conversion projects because their floors are too big or due to other design issues. The 71 million square feet of conversions that are planned or under way only account for 1.7% of U.S. office inventory, CBRE said.

But city planners believe that conversions will play an important part in revitalising depressed business districts, which have been hollowed out by weak return-to-office rates in many places.

And developers are starting to find ways around longstanding obstacles in larger buildings. A venture led by GFP Real Estate is installing two light wells in a Manhattan office-conversion project at 25 Water St. to ensure that all the apartments will get sufficient light and air.

Cities such as Chicago, Washington, D.C., and Calgary, Alberta, have started to roll out new subsidies, tax breaks and other incentives to boost conversions.

The projects are breathing new life into iconic properties that no longer work as office buildings. The Flatiron Building in New York will be redeveloped into condominiums. In Cincinnati, the owner of the Union Central Life Insurance Building is converting it into more than 280 units of housing with a rooftop pool, health club and commercial space.

In the first couple of years of the pandemic, office building owners were able to hold on to their properties because of government assistance and because tenants continued to pay rent under long-term leases.

As leases matured and demand remained anaemic, landlords began to capitulate and dump buildings at enormous discounts to peak values. In Washington, D.C., for example, Post Brothers last year paid about $66 million for 2100 M Street, which had sold for as much as $150 million in 2007.

Washington, D.C., has been particularly hard hit by the office downturn because the federal government has been especially permissive in allowing employees to work from home .

“We’re able to make it work as a conversion because it was no longer priced as though it could be repositioned as office,” said Matt Pestronk , Post’s president and co-founder.

Increasingly, more deals are taking place behind the scenes as converters reach deals with creditors to buy debt on troubled office buildings and then push out the owners. GFP Real Estate reduced costs of its $240 million conversion of 25 Water Street by buying the debt at a discount and cutting deals with tenants to exit the building before their leases matured.

One of the first projects planned by the venture of Dune and TF Cornerstone likely will be the Wanamaker Building in Philadelphia. TF Cornerstone just purchased the debt on the office space in the building and is in the process of taking title.

“The banks are foreclosing and doing short sales,” said Neidich, Dune’s CEO. “There’s a ton of it going on.”

In Washington, D.C., a conversion of the old Peace Corps headquarters building near Dupont Circle is 70% leased just four months after opening, said developer Gary Cohen . Rents are higher than expected.

“If that’s the way to get people downtown, that’s what we have to do,” Cohen said.

Not all developers agree that the economics of conversions work, even at today’s low prices. Miki Naftali , who has converted more than five New York properties over the years, said he has been very actively looking at conversion candidates but hasn’t yet found a deal that works financially.

One of the issues facing converters is that even if an office building is dying, it often has a few existing tenants who would need to be relocated. Some buildings would need atriums to ensure that all the apartments have sufficient light and air.

“When you start to add everything up, if your costs get close to new construction, that’s when you get to the point that it doesn’t make financial sense,” Naftali said.

Some landlords are including clauses in leases that give them the right to evict tenants to make room for a major conversion. Others are keeping a small ownership stake when they sell buildings so that they can learn the conversion process for future buildings.

“The world is looking at these assets in a different way,” said developer William Rudin , whose company decided to learn the conversion process by keeping a stake in 55 Broad Street, a downtown New York office building it sold last year to a converter.

Driving Lamborghini’s $600,000 Ultra-Powerful Plug-In Hybrid

Office-to-residential conversions are gaining traction, helping revitalize depressed business districts