Pune-based Kinetic Group’s company Kinetic Green Energy & Power Solutions signed an MoU with Italian luxury brand Tonino Lamborghini to set up a new joint venture company in Maharashtra for the design and manufacture of premium segment golf carts and other electric off-road vehicles.
Under the MoU, the Lamborghini family will also provide the Tonino Lamborghini brand license to the JV; both companies will leverage the existing network and marketing channels to promote and market the joint venture products in India and globally.
The new JV will leverage Kinetic Green’s existing R&D as well as manufacturing facilities located in the Ahmednagar district of Maharashtra where the company manufactures electric three-wheelers.
Over the next three months, Kinetic Green and the Tonino Lamborghini Group will discuss and finalise the further terms and conditions of the JV including shareholding percentage, investments, JV scope, business plan and other commercial terms, before arriving at a definitive agreement.
Announcing the JV on the sidelines of the Magnetic Maharashtra event in Mumbai, Sulajja Firodia Motwani, founder and CEO of Kinetic Green Energy & Power Solutions, said, “The whole world is moving towards green technology oriented vehicles for a better tomorrow. We are happy to announce the joint venture with one of the world’s most admired and luxury brands. Kinetic Green is keenly looking to tap the global market with high-end golf carts and off-road electric vehicles along with our JV partner, the Lamborghini family.
The golf carts segment is growing at rate of over 7.5 percent CAGR and currently has a global market size of 300,000 units with North America and Europe accounting for the maximum market share.
“Under the Make in India Initiative for ease of doing business, India has jumped 40 points ahead and is becoming one of the most favored nations for manufacturing and distribution point for the global markets. Our JV fits the same principle where Kinetic Green’s expertise in competitive cost and reliable quality manufacturing along with the prestigious Tonino Lamborghini global brand will make the products a most saleable proposition throughout the world,” added Motwani.
Speaking at the occasion, Ferruccio Lamborghini, vice-president, Tenino Lamborghini, said “Electric vehicles are nowadays under the spotlight as never before, and in this era of changes the world is becoming aware of the potential and benefits that e-vehicles can provide. Golf carts are not unknown for Tonino Lamborghini, as the brand started to produce premium golf carts in 1990. We are very proud to announce the brand is discussing with Kinetic Green to set up a JV company which will aim to look to future and provide a vision, not only products. Following the Lamborghini family entrepreneurial spirit, we are ready to embrace this challenge and the strategies in the following weeks will be defined in order to jointly put all our values into the project to soon participate to this change.”