Kinetic Green Energy and Power Solutions (or simply Kinetic Green), the electric vehicle (EV) manufacturing arm of the Kinetic Group, is planning for an ambitious 25x growth in turnover, from Rs 200 crore last fiscal to Rs 5,000 crore by FY 2026-27. The Pune-based firm aims to achieve this on the back of burgeoning demand for its electric two- and three-wheelers (E2W and E3W). The company is also exploring launching electric four-wheelers (E4W) like golf carts and buggies by early 2023.
Kinetic Green has earmarked Rs 500 crore for Research and Development (R&D) and capacity expansion over the next four-five years. It is targeting a yearly output of two lakh E2Ws, one lakh E3Ws and 5,000 E4Ws in the next five years.
Of the Rs 500-crore outlay, the EV maker has earmarked Rs 100 crore to add capacity for E2W and E4W production at its plants in Ahmednagar and Supa in Maharashtra.
“We already have the capacity to produce one lakh E3Ws per year at Ahmednagar. This will help us clock a topline of Rs 1,700 crore (in this segment) in four to five years. We are also commissioning a fully-integrated two-wheeler facility at Supa, with a capacity to produce three lakh units. That will fetch us an additional Rs 3,000 crore of revenues. The E4W carts should help secure Rs 300 crore in revenues. By the beginning of next year we would have put in place the capacity required to generate revenues of Rs 5,000 crore by 2026-27,” said Sulajja Firodia Motwani, founder and CEO, Kinetic Green, talking exclusively to Moneycontrol.
Kinetic Green recently forayed into the high-speed electric scooter (HSS) category by rolling out the Zing HSS at Rs 85,000 (post the government’s FAME II EV subsidy). This will be its third e-scooter offering after Zing and Zoom low-speed electric scooters, launched last year, 45,000 units of which have collectively been sold till date. It will be launching the Flex HSS next month, and an electric variant of the Luna by November-end.
The company plans to expand its dealership count from the existing 300 outlets to 600 outlets by end of FY2023, and 1,000 by end FY2024.
Speaking about the revival of the Luna brand, Motwani said, “The e-Luna will be a low-cost, user-friendly, practical, and lightweight electric moped, which will retain the design elements of the earlier avatar of the petrol Luna. It will be tailored to suit the needs of delivery boys. It will have a top speed of 50 kmph, with battery options of 2 kWh and 3 kWh, with a range of 100 km and 150 km, respectively."
Chinese collaboration
Apart from coming up with its own EVs, Kinetic Green is also banking on models co-developed in technical collaboration with Chinese EV giant Aima Technology, with which it inked a deal earlier this year.
Priced between Rs 50,000 to Rs 1 lakh, the high-speed scooters will be sold under the Kinetic Green brand. The first of these is expected to hit the market in the first quarter of next fiscal.
Talking about the partnership, Motwani said: “Having a global platform which is well validated and proven help us cut the time-to-market from 24 months to 12 months,’’ and added that, “We are currently selling 4,000-5,000 units a month. Plan is to go to 10,000 units a month by March ’23. In the long term, we intend to have 8-9 models born out of this joint venture in the low-, medium- and high-speed categories across various price ranges.”
In the E4W space, Kinetic Green is gearing up to roll out premium electric and solar golf carts for global markets through its partnership with Italy’s Tonino Lamborghini Spa. Designed in Italy and manufactured in India, the Tonino Lamborghini-branded products will be available in two-, four-, six- and eight-seater configurations, for different purposes such as hospitality, golf, etc. These will be priced between Rs 5-15 lakh.
“Though it will be debuting here, 95 percent of sales are expected to be derived from overseas markets. The large markets for golf carts are the US, Middle East, Asia, etc. — wherever there is high-end tourism and golf. It will also be sold in the warmer states of the US such as Texas, Florida, California, etc., as neighbourhood (electric) vehicles (NEV),’’ said Motwani. An is a category of EVs in the US that can be driven in some states or roads where the speed limit is 50 kmph.
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