Lamborghini enters $3 billion golf cart market

Lamborghini and Indian electric vehicle maker Kinetic Green Energy are developing golf carts, which will begin sales next year.

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

Now Kinetic and Volkswagen-owned Lamborghini will descend on 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 had a 14% stake in Topgolf and had paid $2.66 billion to acquire the rest of the business.
  • Platinum Equity, led by Detroit Pistons owner Tom Gores, announced plans in April to acquire club AutoIngersoll Rand’s golf cart business for $1.7 billion.
  • Acquisition of private equity firm Centroid Investment Partners TaylorMade Golf in May for $1.7 billion, the largest acquisition ever in the golf equipment industry.

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

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