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Lamborghini Urus gets the green light for production [UPDATE]

UPDATE: We've gotten the official press release from Lamborghini, which you can read below. In it, company president Stephan Winkelmann does say that the new vehicle will be built in Sant'Agata Bolognese in a move to demonstrate "our commitment to safeguarding the values of 'Made in Italy' worldwide." It's been a long time coming, but the official word has finally come down: Lamborghini is going to build the Urus. The Italian automaker first gave us a sneak peak at the crossover concept in New York, before revealing the Urus in concept form at the Beijing Motor Show back in 2012. And we had a chance to catch up with it again in Monterey that summer. That's a lot of buildup. Ever since, Lambo has been toying with putting it into production as its third model line, alongside the existing Huracan and Aventador two-door supercars. All it's been waiting for is the go-ahead from parent Volkswagen, which it has now received. Autoblog received confirmation from a spokesman at Lamborghini of the Urus' production approval, with official details to be announced within the next few hours. Word has it that the high-riding Raging Bull will hit showrooms in 2018, but watch this space for more details as we find them. The Urus (or whatever it's ultimately called) will join a burgeoning market for high-end crossovers, alongside the likes of the Bentley Bentayga, Jaguar F-Pace, Aston Martin DBX and Maserati Levante. Unlike those forays, however, Lamborghini's will not be its first SUV. That honor will forever belong to the LM002, nicknamed the "Rambo Lambo" that came out just before the original Hummer and was powered by the Countach's V12 engine. Just what will power Sant'Agata's new crossover remains to be seen. However the signs have been pointing towards it at least being offered with the company's first hybrid powertrain, as previewed in the Asterion concept from Paris. With substantial incentives being offered by the Italian government, it is expected to be built in Italy – or at least assembled there. Much of the production work is likely to be carried out in Slovakia where the Audi Q7, Volkswagen Touareg and Porsche Cayenne (with which the Urus is destined to share its underpinnings) are made. Scroll down to read the official announcement.

Bulls on vacation: Lamborghini Giro 2015

Twenty-one owners were on hand for the Lamborghini Giro 2015, the tenth edition of the exclusive brand's most exclusive event. Hailing from the US and Canada, the small group blazed over some of the best roads in Maine, New Hampshire, Vermont, and Massachusetts. Luxury accommodations were provided at each stop on the four-day tour in late July. Twenty-one owners may sound like a minuscule showing, but it represents nearly 3% of the yearly American customer base. The colorful collection of Aventadors, Huracans, and Gallardos charged around New England like a high-speed string of Skittles. Challenging drives included the storied climb of New Hampshire's famed 6,288-foot Mount Washington and a mad dash up sinuous Route 17 through Vermont's Appalachian Gap. It all concluded with a police-escorted romp into the heart of Boston. Brilliant as the driving is, the Giro is also an opportunity for the Italian brand to connect with and take the pulse of owners in America, its largest market. Twenty-one owners may sound like a minuscule showing, but consider this: Lamborghini sold just over 2,000 cars globally in 2014, 736 of them in the US. This privileged few represents nearly three percent of the yearly American customer base. For comparison, Ford Motor Company sold 2,480,942 vehicles in 2014. If a similar portion of American Ford owners breezed into New England for a Ford Giro, that would equate to more than 70,000 "Ford-istas." Begun in 2006 in the US, the event is relatively unknown, even among Lamborghini owners. Capped at a maximum of 25 couples/cars, the Giro draws some of the most loyal customers of the Bologna-based icon. Exclusivity – participants mix with top management and are looked after by Lamborghini "concierges" – is what sets it apart from larger yet still select activities for the faithful, including the Lamborghini Esperienza (track events for owners) and Accademia (track and winter driving academies). Given the statistical significance of the participants, we couldn't help but survey the well-heeled swells running their bulls on the 2015 Giro about what they thought of the company's gamble on a third Lamborghini model in the form of an SUV – the upcoming Urus. Will it diminish the flamboyant brand's street cred? Half said "No", citing the celebrated Porsche Cayenne parable. Half said, "What the ****?!" "It's not only a nice drive," says Alessandro Farmeschi, Lamborghini America Chief Operating Officer.

BMW Z8, Lambo LM002 sell for $192,500 apiece in Detroit [w/poll]

Think a car are a bad investment? That all depends on what kind of car you're talking about. Because while most cars depreciate in value as soon as you drive them off the lot, others can do even better than hold their value. The cars that appreciate tend to be pretty high-end exotics, but they don't have to be multi-million-dollar classics to command a premium at auction. Just look at the results from RM Sotheby's Motor City sale in Detroit this past weekend. The auction house moved a solid $7.4 million worth of metal, which is pretty impressive when you consider that – unlike events at Lake Como or Pebble Beach – not one of the lots dipped into seven figures. 1930s-era American classics performed the strongest, with Duesenbergs, Packards, Auburns and the like all fetching hundreds of thousands. But what intrigued us most were the European exotics that rounded the top ten results. Amidst the Depression-era American steel were a BMW Z8 from 2001 and a 1988 Lamborghini LM002, each of which sold for an equal $192,500. Hardly the highest figures paid for European exotics this year, but considering how much they were worth just a few years ago, they've proven solid investments. BMW only made 5,703 examples of the Henrik Fisker-designed retro Z8, of which only 2,543 were brought to the United States, where they originally sold for $128,000. The most anyone had ever paid for one at auction, according to Sports Car Market, was $184,082, just this past March at Silverstone. That makes the price achieved this weekend a new record for one of the slinkiest vehicles the Bavarian automaker has ever made, representing an impressive 50-percent increase in value over the course of fourteen years. This particular example – chassis WBAEJ13481AH60437 for those keeping track – is decked out in silver over black, with less than 15,500 miles on the odometer. This Rambo Lambo was produced early in the 301-unit production run, with the sought-after carbureted engine and 32,000 miles on the clock. It didn't set any records at the same price, other examples of the LM002 having traded over the past few years for over $200k. But considering that Sant'Agata originally charged around $120-130k for the SUV when it was new, its selling price still represents about 50-percent appreciation (leaving inflation aside).