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Matter to launch one EV bike each year; targets 60 dealerships in FY26

Matter to launch one EV bike each year; targets 60 dealerships in FY26

Time of India5 days ago
Matter Motor Works
, an Ahmedabad-based electric motorcycle startup, plans to launch one new model every year for the next three years as part of its expansion strategy, said Co-founder and COO Arun Pratap Singh, as reported by PTI.
Speaking at the launch of the company's first geared electric bike, AERA, Singh said Matter aims to scale operations nationwide, targeting 50–60 dealerships by the end of FY26. Of these, 20 outlets are expected to be in South India, a key region for premium motorcycle demand.
'There are products planned, at least a new launch every year,' Singh said, adding the company remains focused on
electric motorcycles
, with no immediate plans for scooters.
The company began deliveries of the AERA in October 2024, after nearly six years of development. Sales were initially limited to Ahmedabad to gather feedback before rolling out nationally.
Matter expects to sell around 10,000 vehicles in FY26, ramping up to 50,000–60,000 units in the following year. Its Ahmedabad plant has a capacity of 10,000 units per month.
Strategy to resolve supply chain issue
The company has so far raised $80 million and plans to secure an additional $200 million in the next couple of years, ahead of a potential IPO in 3–4 years. On supply chain concerns, Singh acknowledged challenges around sourcing rare earth magnets and said the company is working with Chinese suppliers while also exploring non-Chinese alternatives that use magnets without rare earth materials.
'We're actively looking at alternatives to avoid future supply disruptions,' Singh said.
Matter's expansion and product roadmap signals its ambition to emerge as a key player in India's growing
electric two-wheeler market
, with a clear focus on technology, scale, and regional reach.
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Recover excess payment for imported ITI panels: Govt
Recover excess payment for imported ITI panels: Govt

Time of India

time44 minutes ago

  • Time of India

Recover excess payment for imported ITI panels: Govt

Mumbai: The state govt issued an order on Monday to recover Rs 2.13 crore paid for Made in China interactive panels, a year after TOI reported on how norms favoring indigenous products were violated to procure devices for smart classrooms in Industrial Training Institutes (ITIs). An inquiry has also been initiated against 13 officers in the procurement section of the Department of Vocational Education and Training (DVET). The vendor, who acknowledged to the inquiry committee that it supplied Made in China panels, is now replacing them at no extra cost. The govt's order says Rs 2.13 crore was paid over and above the right price. That excess amount will have to be recovered from the vendor in 15 days. In two of the four purchase orders, price per panel ballooned by 151% with a warranty period of 5 years. In the remaining two, the markup soared to a staggering 227%, with a warranty period of merely one year. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai TOI had reported on Dec 18, 2023 about the procurement of interactive panels at an inflated cost as part of a plan to install smart classrooms in ITIs. The majority of the Chinese-made panels were procured through funds received under Strive, a skills strengthening project of the World Bank and Govt of India. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo The tender was floated on the govt e-marketplace portal after disabling the "Make in India" purchase preference, contrary to what procurement agencies are encouraged to choose. The manufacturer was subsequently blacklisted on the portal and no state govt could purchase any of these panels. The govt inquiry, while acknowledging the allegations, found that all the bidders submitted their bids from the same IP address, thus inferring that there was no real competition: "it is clear that all the tenderers who are suppliers of BenQ submitted their tenders from the same IP address in both the tenders." Other observations include that "the period of warranty published in the tender was reduced in the supply and re-warranty orders and financial benefits were given to the suppliers". Moreover, "the tenderers were given illegal exemption in Earnest Money Deposit (EMD) and they were given financial benefit". "The country of origin was deliberately ignored. Therefore, it was possible for the supplier to provide the Chinese-made interactive panels." Additionally, the report said, "BenQ manufacturer was biased towards other manufacturers by conducting a tender process which was favourable and materials were procured at exorbitant prices reducing competition." Also, "an assembled OPS was purchased from another manufacturer, Digital Audio Video Solutions, Nagpur, pretending to be an OPS manufactured by BenQ. OPS or Open Pluggable Specification is a slot in interactive panels that allows for quick access to various applications and features. " The connivance between DVET and the manufacturers was clear as the inquiry report said, "The specifications prepared by the technical specifications committee were exchanged at the directorate level in both tenders published and thereby assisted BenQ suppliers in qualifying." The report concluded: "As per the detailed investigation as above, it is pointed out that there was a serious irregularity in the procurement process carried out through both the tender processes. "

OECD Tax Framework Collapses as G7 Bows to Trump's reciprocal tax threat
OECD Tax Framework Collapses as G7 Bows to Trump's reciprocal tax threat

The Hindu

timean hour ago

  • The Hindu

OECD Tax Framework Collapses as G7 Bows to Trump's reciprocal tax threat

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Chandrasekhar taught for more than three decades at the Centre for Economic Studies and Planning, Jawaharlal Nehru University, New Delhi. He is currently Senior Research Fellow at the Political Economy Research Institute, University of Massachusetts Amherst, US.

Xi Jinping losing his grip? Signs emerge of chaos in China's military and political circles
Xi Jinping losing his grip? Signs emerge of chaos in China's military and political circles

Economic Times

timean hour ago

  • Economic Times

Xi Jinping losing his grip? Signs emerge of chaos in China's military and political circles

President Xi Jinping's absence from the BRICS summit sparks speculation of internal turmoil in China, despite official claims of a scheduling conflict. Experts suggest Xi may be facing challenges to his leadership and control, while widening rifts within BRICS, fueled by trade disputes and China-India tensions, further complicate the situation. Premier Li Qiang is attending instead. Tired of too many ads? Remove Ads Xi Jinping Skips BRICS Summit for First Time Experts See Signs of Turmoil at Home Tired of too many ads? Remove Ads Premier Li Qiang Steps In Widening Rifts Within BRICS China-India Tensions Add Pressure FAQs Tired of too many ads? Remove Ads For the first time since it was started, Chinese President Xi Jinping is not attending the BRICS summit , a move that's raising speculations that something must be going terribly wrong within China, as per a official explanation from Beijing is simple, a 'scheduling conflict,' and that Xi had already met with Brazilian President Luiz Inácio Lula da Silva earlier this year, but experts are convinced, as per Fox sudden absence from this week's gathering of major emerging economies in Brazil for BRICS is prompting questions about the stability of his leadership at home, according to the Fox News expert on US-China relations, Gordon Chang said, "That doesn't make sense," adding, "There are many other countries at the BRICS summit, not just Brazil. To me, it's extremely significant that Xi Jinping is not going. It suggests turbulence at home — there are signs he's lost control of the military and that civilian rivals are reasserting power. This is a symptom of that," as quoted in the READ: Keir Starmer on the way out? This surprise contender could be the UK's next Prime Minister According to a Fox News report, Premier Li Qiang is attending the summit in Brazil instead of Xi, continuing a recent trend of Xi scaling back his appearances on the global Burack of the Heritage Foundation also pointed out that Xi's absence might indicate deeper issues, saying, "It's another indication that BRICS is not going to be China's vassalization of the Global South," as quoted in the explained that countries like Brazil and Indonesia have recently imposed tariffs on China over industrial overcapacity and dumping, which reflect widening rifts within the group. Burack pointed out that, "China is actively harming all those countries for the most part, maybe with some exceptions, through its malign trade policies and dumping and overcapacity," as quoted by Fox READ: Nvidia just dropped a game-changer — CEO Jensen Huang calls it a miracle for AI supercomputing While a few analysts have also cited rising China-India friction as a possible reason for Xi's decision to not attend the summit, according to the pointed out that, "China has been at war with India for decades, essentially," adding, "These are fundamentally opposing interests. It's difficult to see China changing its behavior in the near term, and that will keep tensions high," as quoted by Fox to the report, Indian prime minister Narendra Modi is expected to take a leading role at the summit, which could have been another deterrent for Xi's attendance. The author of The Red Emperor, a biography of Xi, Michael Sheridan said, Xi, as the Red Emperor, does not want to be overshadowed,' as quoted in the due to a scheduling conflict and because he already met Brazil's president this year. But many experts suspect political turmoil at unclear, but experts suggest he may be facing internal challenges or strategic shifts.

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