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Ahmedabad-based technology and electric start-up Matter plans to launch electric vehicles (EV) two-wheelers in the fourth quarter of the calendar year 2021, led by one of the Lalbhai scions.
Ahmedabad-based technology and electric start-up Matter plans to launch electric vehicles (EV) two-wheelers in the fourth quarter of the calendar year 2021, led by one of the Lalbhai scions.
Designed to cater to the mass adoption market, the vehicles will be eligible for FAME-II subsidies, said Matter founder and chief executive officer Mohal Lalbhai.
While the startup will begin retail operations by April 2021 through one B2B and one B2C distribution channel, initially it will begin retailing its energy solutions under the division `Matter Energy`, followed by launch EV two-wheelers under `Matter Mobility` in Q4 2021.
Buoyed by the demand from the mass-premium segment at a time when EV two-wheelers are largely launched in premium, the startup has set a target of achieving a USD 1 billion top line by 2025. "Matter will be manufacturing these motorcycles at its local plant in Ahmedabad prior to mass distribution across the country," Lalbhai added.
The startup`s plans to manufacture EV two-wheelers with an initial capacity of 60000 units per annum. In terms of distribution, Matter is looking to enter markets like New Delhi, Bangalore, Mumbai, Chennai, Hyderabad, Kolkata, Pune, Lucknow, and Chandigarh in a phased manner.
While the company did not disclose the pricing of the EV two-wheelers, Matter is bullish on keeping the same competitive on the back off indigenously developed powertrain and other related EV technology apart from components sourced locally.
For instance, Matter is also producing its battery packs for in-house consumption, apart from plans to supply the same to customers in non-competing EV segments and storage applications.
Meanwhile, for energy solutions, Matter is planning to provide both consumers and enterprise clients a range of energy storage products and solutions including- large-scale energy storage applications such as solar home lighting systems, home inverters, UPS systems as well as non-compete EV products such as battery packs.
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