Ahmedabad-based technology and electric startup Matter to launch EV two-wheelers in last quarter this year

Led by one of the Lalbhai scions, Ahmedabad-based technology and electric start-up Matter is in plans to launch electric vehicles (EV) two wheelers in the fourth quarter of this year. 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.

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 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.

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 power train 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.