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Tuesday, April 16, 2024
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Lamborghini Getting Into $3B Golf Cart Market

  • Lamborghini and Kinetic Green Energy are developing golf carts.
  • Sales are set to start next year.
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Lamborghini/Design: Alex Brooks

Lamborghini and Indian EV maker Kinetic Green Energy are developing golf carts, with sales to start next year.

The joint venture follows a tough year for Kinetic, largely due to the global pandemic, with revenue dropping 30% in 2020 compared to a year prior. Lamborghini also took a hit in 2020, generating $1.9 billion in revenue, an 11% drop compared to 2019.

Now, Kinetic and Volkswagen-owned Lamborghini will descend upon the $3 billion golf cart market together.

The collaboration adds to a growing list of massive golf-related deals in recent months.

  • In March, Callaway merged with Topgolf. Callaway already owned a 14% stake in Topgolf and paid $2.66 billion to acquire the rest of the company.
  • Platinum Equity, run by Detroit Pistons owner Tom Gores, announced in April its plans to acquire Club Car, Ingersoll Rand’s golf cart business, for $1.7 billion.
  • Private equity firm Centroid Investment Partners acquired TaylorMade Golf in May for $1.7 billion, the largest acquisition ever in the golf goods industry.

The Italian-designed and Indian-made golf carts from Kinetic and Lamborghini will feature solar panels and be sold to airports, hotels, and resorts.

Kinetic plans to raise $35 million to $40 million from private equity investors to supplement growth over the next decade.

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