Press "Enter" to skip to content

Kinetic-Tonino Lamborghini aim Rs 500-crore biz from off-road EVs

The global golf cart market was estimated to be at billion and the JV was looking at building a Rs 500 crore business in the first two years.

Kinetic Green Energy & Power Solutions and Tonino Lamborghini of Italy have got into a 75:25 joint venture to design and manufacture premium electric and solar golf carts for the global market under the Tonino Lamborghini brand. For now, the focus will be the off-road electric vehicles but the venture could in future look at quadricycles and electric two-wheelers.

Tonino Lamborghini Company will license the ‘Tonino Lamborghini’ exclusively to the joint venture for the worldwide market for the manufacturing of golf carts and any other products the partners agree to jointly develop for 10 years. Both partners are working out the details of the project and decide the investments needed, Sulajja Firodia Motwani, founder and CEO of Kinetic Green Energy & Power Solutions said. The joint venture will be an asset light model and use Kinetic Green’s existing R&D as well as manufacturing facilities in Ahmednagar and carry out contract manufacturing for the joint venture.

Kinetic Green manufactures electric three-wheelers from the Ahmednagar facility and it has so far sold 25,000 electric three-wheelers made here. Firodia Motwani said the golf cards would be launched by September 2019. The global golf cart market was estimated to be at $2 billion and the JV was looking at building a Rs 500 crore business in the first two years, Firodia Motwani said.

It will not just make golf carts but the entire off-road category that are used for site seeing in parks, resorts, industrial campus, hotels, exhibitions and events and it will range from two seaters, to 4, 8, 11 and 14 seaters.

Ferruccio Lamborghini, CEO & VP, Tonino Lamborghini, said his company had two other brands which they could bring into India possibly in the next 12 month period. Iso Motto was their electric scooter brand with manufacturing facilities in China. Town Life is their four-wheeled low-speed small electric city car brand.

Lamborghini was also interested in the quadricycle segment in India. But for now it was important to stay focused on the first phase of the project and the right things will be done at the right time, he said. He will be representing the interest of Tonino Lamborghini as director on the board of the JV. Founded in Italy in 1981 by Tonino Lamborghini, heir of the Lamborghini family, the company is into lifestyle brands in watches, eyewear, smartphones, perfumes, furniture, clothing, sports accessories, signature beverages, 5-star boutique hotels, lounges and restaurants. The Golf Carts company, TLR SRl was founded in 1998 but no longer manufactures it.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Source: Financial Express