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.