Pune based Kinetic Group’s
company Kinetic Green Energy & Power Solutions Ltd signed a MOU (Memorandum
of Understanding) with luxury brand Tonino Lamborghini to jointly set up a new
joint venture company in India (in state of Maharashtra) for design and
manufacture of premium segment golf carts and other electric off-road vehicles.
Under the MOU, Lamborghini
Family will also provide the “Tonino Lamborghini” brand license to the JV and
both the 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
Ahmednagar district of Maharashtra where the company manufactures various
electric vehicles and holds a leading position in electric three-wheeler
business in India.
Kinetic Green and Tonino
Lamborghini group will discuss and finalise the further terms and condition of
JV including shareholding percentage, investments, JV scope, business plan and
other commercial terms during the next 90 days and finalise the definitive
Sulajja Firodia Motwani, Founder and CEO of
Kinetic Green Energy & Power Solutions Ltd said “The whole world is moving
towards green technology oriented vehicles for a better tomorrow and we are
very happy to announce the joint venture with one of the world’s most admired
and luxury brand. 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 a good
rate over 7.5% CAGR and currently has a global market size of 300,000 units
where North America and Europe count for the maximum market share.
Source: Kinetic Green Energy & Power Solutions Ltd
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