Kinetic Green has announced a joint venture with Italy's Tonino Lamborghini to design, manufacture, and export premium electric golf carts, aiming to disrupt the global e-mobility segment with a blend of Italian design and Indian manufacturing.
The electric carts will be produced at Kinetic Green's facility in Pune, with exports routed through the Nhava Sheva port near Mumbai.
Speaking to NDTV Profit, Sulajja Firodia Motwani, Founder and CEO of Kinetic Green, said the joint venture is targeting a revenue of $300 million over five years, with aspirations to grow that to $1 billion in a decade, equating to a 1% global market share. The JV will focus on penetrating 30 international markets over the next five years via a network of global distributors, across Asia and the biggest markets for golf carts, US and Canada.
"This is the world's most prestigious brand coming on board with us, and we're confident about going global with a truly disruptive product," Motwani said, adding that Kinetic Green holds 70% stake in the JV, which she described as "the jam," alongside the company's bread-and-butter two- and three-wheeler businesses.
The JV is also collaborating with Infosys to develop autonomous driving capabilities and JioThings for IoT integration. Total investment in the venture is projected at $20 million, with $4 million from Kinetic Green's equity, bank loans, and a planned $10 million family office funding round, and the rest in training and incubation.
Motwani also addressed Tesla's India entry, adding, "It's great to see Tesla cars, but their entry is more about distribution. They won't contribute to India's EV ecosystem in terms of engineering or investment."
On the rare earth magnet shortage, she stressed the need for localised raw material strategies and long-term government-to-government partnerships, noting that "JVs will be essential to solving this challenge permanently."
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