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Ahmedabad-based electric vehicle startup Matter targets $1B turnover by 2025

Bullish on the growth of electric vehicles (EV) market in India, EV and energy storage technology startup Matter expects to clock a turnover of $1 billion (over Rs 7,250 crore) by 2025, according to a top company official. On why the sector has not been able to grow in the past, Lalbhai said, "Electric (vehicles) fundamentally in India have either been overpriced products or under-delivering products. He said inferior quality Chinese product kits are brought in and assembled in India, and then and sold at much cheaper prices. Matter has been focusing on developing an electric motor that would have a performance similar to the internal combustion vehicles, he added. In order to achieve this target, Matter has lined up its product launch and market expansion plans in place, he said.

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