Kinetic Green and Tonino Lamborghini announce JV

Kinetic Green Energy & Power Solutions - a Kinetic Group company has signed a memorandum of understanding (MoU) with Tonino Lamborghini to set up a joint venture (JV) company in Maharashtra for designing and manufacturing golf carts and other electric off-road vehicles.

Under the MoU, the JV will use the "Tonino Lamborghini" brand name. Both companies will leverage the existing sales networks and marketing channels to promote their products in India and abroad. The JV company will also use Kinetic Green's existing R&D and manufacturing facilities.

Kinetic Green is looking to tap into the global market for high-end golf carts and off-road electric vehicles. According to the company, the golf cart segment is witnessing a compound annual growth rate (CAGR) of 7.5% and currently has a global market size of 3,00,000 units. North America and Europe are the largest markets for such vehicles.