Bullish on the growth of the 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. The Ahmedabad-based company, which has so far invested $3 million (over Rs 20 crore), will be launching its lithium-ion batteries for solar and renewable management by April, which will be followed by its first electric motorcycle closer to Diwali this year. “2021 is the year of the electric, according to Matter… The industry as a whole would be much larger in five years’ time than even the best of estimates. “We are expecting the same thing that happened with 4G, the rate of adoption of 4G exploded above everyone’s expectations, and that is what we are expecting with EVs as well,” Matter Founder and CEO Mohal Lalbhai told PTI.

Explaining the rationale, he said with India wanting to become a $5 trillion economy and its commitment to the Paris Climate Change Agreement, the country has no option but to switch to EVs, eco-friendly newer energies, and energy solutions.

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. There has never been a true value for money fit.”

Stating that customers understand internal combustion engine vehicle and its value proposition, he further said, “But in electrics, there are some companies who are 100 per cent more expensive than the comparable internal combustion, some who are 20 per cent cheaper, but they don’t really deliver”.