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 agreements.
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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