By Praveen Paramasivam
(Reuters) – India’s Exicom Tele-Systems, a supplier for car makers such as Mahindra & Mahindra and MG Motor, expects its electric vehicle charger business to bring in half of its annual revenue by 2030, its chief executive told Reuters.
As part of its shift towards clean energy, India has lowered import taxes on certain EVs and budgeted billions of dollars in incentives for manufacturers locally making EVs and components.
Exicom, whose chargers come bundled with six out of 10 e-cars sold in India, currently gets a bulk of its revenue from its critical power business, which makes lithium-ion batteries and power systems for telecom enterprises in India, Southeast Asia and Africa.
Its EV charging business, begun in 2019, brought in 2.43 billion rupees ($28.7 million) in revenue in fiscal 2024 – about a quarter of Exicom’s overall revenue.
The company plans to double that by 2030, said CEO Anant Nahata, as India’s electric vehicle sector expands at an annual rate of 30%-50%.
To do so, Exicom plans to start EV charger production at its upcoming plant in the southern Indian city of Hyderabad next year, more than quadrupling its capacity to produce chargers in the country.
It also plans to cater to more EV makers and charging point operators outside India, such as in Southeast Asia, Europe, and the United States.
Earlier this year, the brand said it would acquire Australian peer Tritium, which comes with a manufacturing facility in the southeastern U.S. state of Tennessee.
Nahata added that Exicom is exploring “organic and inorganic ways of growth” after the acquisition.
($1 = 84.7275 Indian rupees)
(Reporting by Praveen Paramasivam in Chennai; Editing by Janane Venkatraman)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibility for its content.