Pune-based Kinetic Group company Kinetic Green Energy & Power Solutions has signed a pact to make electric golf carts and off road vehicles with global luxury brand Tonino Lamborghini.
The memorandum of understanding encompasses jointly setting up a new joint venture company in Maharashtra for design and manufacture of the 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 JV will leverage Kinetic Green’s existing R&D as well as manufacturing facilities located in Ahmednagar, Maharashtra, where the company manufactures various electric vehicles and holds a leading position in electric three-wheeler business in India.
Both companies will discuss and finalize 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 finalize the definitive agreements.
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 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 rate of over 7.5 percent and currently has a global market size of 300,000 units, where North America and Europe count for the maximum market share.
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