Ahmedabad-based technology and electric start-up company Matter plans to launch electric vehicles (EV) two wheelers in the fourth quarter of calendar year 2021. The company is led by one of the Lalbhai scions.
Mohal Lalbhai who is Matter founder and chief executive officer said that the two wheeler will be designed to cater to the mass adoption market and the vehicles will be eligible for FAME-II subsidies. Matter will be manufacturing these motorcycles at its local plant in Ahmedabad prior to mass distribution across the country.
The startup will begin retail operations by April 2021 through one B2B and one B2C distribution channel wherein 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.
The company will 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.
The company did not disclose the pricing of the EV two-wheelers but 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.