Kinetic Green enters a new lane

For Kinetic Green – the 14-year-old EV-specific subsidiary of auto major Kinetic Group – the recent announcement in the national capital of its collaboration with Italian luxury brand Tonino Lamborghini was indeed a big moment. For, it not only meant unveiling or showcasing what the Indian firm could produce with world’s leading luxury brand as the partner, but also expressed the strong intent of moving into a new business lane – the electric cart business, which have multiple outlets. The primary emphasis, of course, was on golf carts, but the luxury carts which will be produced by the partners will also have subtle accommodation avenues in businesses like high end hospitality or premier lounges of leading airports.

Prima facie, the global EV cart business is a small component of the mobility industry. It is estimated to be in the range of $5 billion annually. But, then, this segment is believed to have not been aggressively tapped by serious players (dominated by Chinese players who, like any other segment, have been churning out products at low pricing points). And, it is here that the Indo-Italian venture is trying to make a mark by being a disruptor. “Over the years, the use of golf carts has extended well beyond golf, to luxury resorts, world-class airports, sprawling townships and corporate campuses and to personal use,” remarked Sulajja Firodia Motwani, founder & CEO, Kinetic Green. “But the design and specifications of popular golf carts have remained much the same and this is where we see a large global market ready for disruption”.

Projected as the confluence of superior Italian design and best of Indian engineering, these carts will be made in India. And they would be marketed globally under the prestigious Tonino Lamborghini brand. “Together, we have created a project that combines best of the two worlds: the elegance and identity of Italian design and the strength, efficiency and innovation of Indian manufacturing,” added Ferruccio Lamborghini, vice-president, Tonino Lamborghini. “This is more than an industrial joint venture – it is a bridge between two entrepreneurial cultures, united by a shared vision of the future”.

Intelligent features

The Tonino Lamborghini Golf & Lifestyle Carts will be available across two-seater, four-seater, six-seater and eight-seater configurations. And, it will be available in the pricing range of $10,000 and above. The cart, powered by advanced Li-Ion battery, will have a slew of intelligent features to offer including a smart TFT dashboard, complemented by essential safety features like Hill Hold for safety and electronic parking brakes.

Meanwhile, the partners have entered the EV cart lane with definitive time bound targets. In the initial years, the major turfs for their luxury EV cart business will be India and the UAE and then attempts would be made to reach out to Europe and the US. These are two of the biggest markets for this product line with North America, commanding a dominating 40.3 per cent market share. Over the next five years, the JV intends to be present in 30 countries, which cumulatively would represent 80 per cent of the global golf cart market. Achieving these milestones is expected to generate an annual revenue goal of $300 million by the end of this decade. For Kinetic Greens, which is eyeing a billion-dollar revenue by the end of the decade, a critical contribution will now be expected from this cart business. The partners are, however, looking at a more formidable positioning in the segment globally over the next decade – grabbing 10 per cent of the market share, when the market size swells to $10 billion (with a projected 8-9 per cent CAGR over the current base).