Kinetic – Lamborghini JV Seeks Middle East Production Hub
Kinetic Green, the electric vehicle manufacturer, is accelerating its global ambitions with its joint venture partner, Tonino Lamborghini. While the initial plan was to produce golf carts and tourism vehicles solely in India, the company is now prioritizing the establishment of a manufacturing base in the Middle East.
“We’re taking a slightly different approach now. While we’ll continue to develop the golf cart project in India, we’re actively seeking opportunities to set up a manufacturing facility in the Middle East.”
Sulajja Firodia Motwani, Founder and CEO of Kinetic Green
The Middle Eastern plant is expected to be operational within the next twelve months. Kinetic Green’s team is currently exploring potential locations in the region and engaging with local authorities. This strategic move positions the joint venture to capitalize on the growing demand for electric vehicles in global markets.
Kinetic-Lamborghini JV Gears Up for Global Launch
Kinetic Green and Tonino Lamborghini are poised to introduce their first joint venture product in the upcoming April-June quarter of 2025. The initial rollout will take place from the Indian manufacturing facility.
The joint venture anticipates strong demand for its premium golf carts in regions such as North America, Europe, and the Middle East, where the market for these vehicles is more substantial compared to India. Motwani emphasized the global focus of the joint venture, encompassing marketing, branding, and all related efforts.
Kinetic Green Leverages JV, Capital Injection to Capture Growing Golf Cart Market
Riding the wave of a burgeoning global market for golf carts, Kinetic Green is strategically leveraging its joint venture with Tonino Lamborghini. A recent report by Pune-based Fortune Business Insights valued the global golf cart market at USD 1.88 billion in 2023, with projections indicating a steady rise to USD 3.29 billion by 2032, representing a Compound Annual Growth Rate (CAGR) of 6.4%.
This expanding market presents a lucrative opportunity for Kinetic Green. The company, which successfully raised USD 25 million in August 2024, plans to allocate a portion of these funds towards the joint venture. Further investment is expected through an additional USD 15 million to be secured soon from the Series A fundraising round. Industry sources suggest that an even larger multi-million dollar fundraising campaign (potentially in the USD 30-40 million range) is also in the pipeline. This significant financial backing demonstrates Kinetic Green’s commitment to capitalizing on the JV’s potential and capturing a significant share of the growing golf cart market.
Kinetic Green Expands Horizons with International Two-Wheeler Push
The company’s three-wheeler business will be the most key one in terms of profitability as B2B products usually offer better margins. With renewed or tweaked strategies, and new investments in place, Motwani and team now have the more challenging task of executing the plans successfully.