Kinetic Green Eyes Global Markets in JV with Tonino Lamborghini

 Pune: Pune-based Kinetic Green Energy and Italy's Tonino Lamborghini SpA have partnered to set up a joint venture called Kinetic Green Tonino Lamborghini to manufacture and sell luxury electric golf and lifestyle carts in India and globally.

“With plans to enter 25 global markets beyond India and a target turnover of $300 million over five years, the joint venture marks an ambitious step for Kinetic Green into international territory,” Sulajja Firodia Motwani, founder-CEO of Kinetic Green Energy & Power Solutions told media.

Kinetic Green, the maker of electric two- and three-wheelers, will manufacture the electric golf carts conceptualized by Tonino Lamborghini.

“These carts will be marketed and sold globally under the Tonino Lamborghini brand name,” Motwani said. The product line includes 2-, 4-, 6-, and 8-seater electric carts, suitable for luxury resorts, gated communities, and other venues.

The joint venture aims for $300 million in annual revenue within five years and a $1 billion electric vehicle business by the end of the decade.

While Kinetic Green holds a 70 per cent stake in the joint venture and the balance from Tonino Lamborghini out of the estimated $4-5 million investment. About $2-3 million has been invested into core engineering of the product, and an additional $2 million are earmarked to expand the product range.

Highlighting the diverse applications of golf carts, she noted that only about half are used on golf courses. “The rest serve various sectors such as resorts, airports, gated communities, and corporate campuses.”

“It is about a $5 billion market, estimated to have around 500,000 golf carts sold globally,” Motwani said.

The JV plans to enter 5-6 new global markets each year, with a goal of reaching at least 25 key markets over the next three years—representing roughly 75-80 per cent of global golf cart volumes.

Initial markets include countries in the Middle East, along with Bahrain, the Maldives, Sri Lanka, Thailand, and New Zealand. “These are the ones we are immediately entering. And we will also begin our European operations,” Motwani said.

She said exports to the US, one of the world’s largest markets for golf carts, are slated to begin next year. The recent high tariffs on these imports would create a major opportunity for the JV, Motwani pointed out.

The joint venture operates out of a new facility in Supa in Maharashtra, which houses not only the manufacturing unit but also an experience centre and a training academy.