MUMBAI: City-based Kinetic group company, Kinetic Green and Energy Power Solutions Ltd (KGEPSL), has formed a joint venture with Italian luxury accessories maker Tonino Lamborghini SpA to design and manufacture premium segment electric and solar golf carts for the global market under the ‘Tonino Lamborghini’ brand.
The JV is eyeing Rs 5 billion revenue over the next four to five years, besides garnering a 2.5 per cent share of the total global market pie, an official release states.
The Kinetic group’s electric vehicle specialist subsidiary will hold 75 per cent stake in the JV, while the Lamborghini family will own the remaining 25 per cent, as per the release.
“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,” said Sulajja Firodia Motwani, founder and chief executive officer, KGEPSL.
“As a first step, we have set a reasonable goal to build a top line of Rs 500 crore (Rs 5 billion) in the JV in the next four to five years, that will represent just 2.5 per cent of the global market,” she added.
The JV will leverage Kinetic Green’s existing R&D as well as manufacturing facilities in Ahmednagar, which produces various electric vehicles, including electric three-wheelers.
Both the companies will leverage their existing network and marketing channels to promote and market the joint venture products in India and globally, the release said.
“Today we are very proud to announce the JV with Kinetic Green. In the following weeks, all the aspects will be defined in order to jointly put all our values into the project to soon participate to this change,” said Ferruccio Lamborghini, chief executive and vice-president of Tonino Lamborghini SpA. Ferruccio will also represent the interests of Tonino Lamborghini SpA on the JV board.
The luxury golf carts will feature premium styling with plans to use lightweight materials like aluminium and carbon fibre. Roof-mounted solar panels will help in charging the carts quicker while swappable and lightweight lithium ion batteries may be used as well.
Kinetic Green, a market leader in electric three-wheelers and electric mobility solutions, has sold over 25,000 EV’s so far and have close to 200 dealers across India. Currently, their electric products are 90 per cent localised, with parts like the microcontroller being imported. With the upcoming luxury golf carts, Kinetic plans to achieve 100 per cent localisation.
Tonino Lamborghini SpA is known for its luxury apparel, merchandise and boutique hotels. It is run by the same Lamborghini family who started the iconic and highly desirable supercar brand before selling it off to the Audi VW group in the 90’s.
The golf cart sector has a global market size of $2 billion and is increasing at a compound annual growth rate of 8-10 per cent. Currently, North America and Europe account for over 45 per cent market share. The Asian market is also one of the fastest growing and it will represent a growing part of the global market, the release states.
