Exicom Aims for 50% Revenue from EV Chargers by 2030

06 Dec 2024 CW Team

India’s Exicom Tele-Systems, a leading supplier for automakers like Mahindra & Mahindra and MG Motor, projects its electric vehicle (EV) charger business will contribute half of its annual revenue by 2030, according to CEO Anant Nahata.

With India accelerating its clean energy transition by lowering import taxes on certain EVs and allocating substantial incentives for local EV and component manufacturing, Exicom is capitalizing on the surging demand. Currently, six out of ten e-cars sold in India are bundled with Exicom’s chargers.

In fiscal 2024, the EV charger segment generated 2.43 billion rupees (approximately $28.7 million), accounting for 25% of the company’s total revenue. Exicom plans to double this by 2030, supported by India’s EV market growth rate of 30%-50% annually.

To meet this target, the company will begin EV charger production at a new facility in Hyderabad next year, more than quadrupling its current production capacity. Additionally, Exicom is eyeing international markets, including Southeast Asia, Europe, and the United States, to expand its customer base of EV makers and charging operators.

Earlier this year, Exicom announced its acquisition of Tritium, an Australian EV charger manufacturer with a facility in Tennessee, U.S. This acquisition bolsters Exicom’s production and market presence.

Nahata highlighted that the company is exploring “organic and inorganic ways of growth” as part of its long-term strategy to cement its leadership in the global EV charging ecosystem.

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