LAS VEGAS - One would think with a crumbling U.S. economy and escalating oil prices, an exotic automaker like Lamborghini would be on its knees. Yet the Italian carmaker’s biggest problem is meeting increasing demand for its high-powered thoroughbreds.

In the first quarter of 2008, Lamborghini has seen sales climb by more than 20 per cent, to 639 vehicles. And the Gallardo, the brand’s least expensive (it’s a fraction of the cost of the larger $400,000-plus V12 Murciélago) and most popular super sports car, sold 2,406 copies in 2007, an increase of more than 15 per cent (approximately 7,100 Gallardo models have left the Sant’Agata Bolognese production plant since its launch in 2003.)

Yet with other super sports car challengers such as the Ferrari F430 Scuderia and Porsche 911 GT2 recently updated, it’s time for Lamborghini to strike back with an updated model for 2009, the Gallardo LP560-4.

The styling and name changes don’t begin to illustrate the numerous changes under the as always outrageous bodywork. Improvements include a highly revised chassis, all-new suspension, engine, automated gearbox, as well as an updated interior.

As Lamborghini’s president and CEO Stephen Winkelmann pointed out at the new Gallardo’s world launch here in Sin City, U.S.A., the long-winded LP560-4 badge means “longitudinal posteriore” for the rear longitudinal engine position, 560 for the horsepower, and “-4″ for the number of driven wheels.

Despite the improvements, Lamborghini confirmed Canadian pricing remains similar to last year’s Gallardo: “in the range of $255,000;” competitive with the F430 and GT2.

I’m being kind when I say the previous e-gear was clunky. It made BMW’s herky-jerky SMG semi-automatic seem as smooth as a cue ball. But during a day split between a morning of lapping at Las Vegas Motor Speedway’s combined oval and infield road course and an afternoon on public roads, the revised autobox is easily the most improved driving aspect of the LP460-4.

Where normally a gear shifter would poke up from the central tunnel inside the cockpit, there’s a brushed aluminum pod with three black buttons for the e-gear’s different modes.

“A” is for automatic; “Sport” makes shifts quicker and loosens up the LP560-4’s nannies a bit; and “Corsa” quickens shifts by another 40 per cent and gives the driver full control via left/right fixed steering wheel paddle shifters and further extends the electronic driving controls, but not completely.

In all three modes, the new autobox is less abrupt, yet even quicker in swapping cogs. Not bad.

Except for the new e-gear console interface, the Gallardo’s leather-lined cabin remains the same. That means a centre console stack, chock-a-block with audio and HVAC controls from fellow Volkswagen Group Audi’s parts bin, highly supportive bucket seats for two, a gun slit rear window and the constant mechanical music from the vivacious V10 wedged up against one’s spine.

The other critique is of the “around $10,000″ state-of-the-art ceramic brake package that all the launch event vehicles came with. At the front the discs measure 380mm in diameter and at the rear 356mm. They deliver much improved performance at a reduced weight. But on road or track, I was never able to modulate the brakes properly.

From a numbers standpoint and driving experience, if the goal of the LP560-4 was to put its super sports car combatants in their respective places, mission accomplished - for now.

Because debuting alongside the LP560-4 at the Geneva Motor Show this year was the Gallardo’s corporate kid brother, Audi’s R8 - a newer vehicle that doesn’t exist without the Lambo’s space frame chassis - crammed with the inevitable V12 turbodiesel. And you just know Ferrari and Porsche aren’t sitting on their super sports car laurels.

Nonetheless, record sales aren’t allowing president Winkelmann to relax.

With a new Lamborghini promised each year, expect to see a soft-top version of the LP560-4 and eventually a Superleggera version. “If you know the past, you will know the future,” he said.

Here are the salient points and overall rating of this new model, as established by our reviewer: