Pune based Kinetic Group’s company Kinetic Green Energy & Power Solutions Ltd signed an MOU (Memorandum of Understanding) with the luxury brand Tonino Lamborghini to jointly set up a new joint venture company in India (in the state of Maharashtra) for designing and manufacturing of premium segment golf carts and other electric off-road vehicles.
The golf carts segment is growing at a good rate of 7.5 per cent CAGR and currently has a global market size of 300,000 units where North America and Europe count for the maximum market share.
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.