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India’s Exicom Tele-Systems (EXIC.NS), a supplier for car manufacturers like Mahindra & Mahindra (MAHM.NS) and MG Motor, anticipates that its electric vehicle (EV) charger division will contribute to half of its annual revenue by 2030, according to comments made by its CEO to Reuters. As part of its commitment to clean energy, the Indian government has reduced import taxes on certain EV models and allocated billions in incentives for locally produced EVs and components.
Exicom’s chargers are included with six out of ten electric vehicles sold in India. Currently, a significant portion of the company’s revenue comes from its essential power business, which manufactures lithium-ion batteries and power systems for telecommunications companies across India, Southeast Asia, and Africa.
The EV charging segment, launched in 2019, generated 2.43 billion rupees ($28.7 million) in revenue during the fiscal year 2024, accounting for roughly a quarter of Exicom’s total revenue. CEO Anant Nahata indicated that the firm aims to double this revenue by 2030 as the electric vehicle market in India grows at an annual rate between 30% and 50%.
To achieve this goal, Exicom plans to begin production of EV chargers at a new facility in Hyderabad next year, which will more than quadruple its production capacity in India. Along with expanding into markets in Southeast Asia, Europe, and the US, the company also hopes to connect with more EV manufacturers and charging station owners abroad. Earlier this year, Exicom announced its intention to acquire the Australian company Tritium, which includes a manufacturing plant in Tennessee, USA.
About Exicom
Exicom Tele-Systems is an Indian company that specializes in providing solutions for telecommunications, electric vehicles (EV), and power management. Founded in 1994, Exicom initially focused on the telecom sector, developing power solutions such as lithium-ion batteries and power systems that were widely used in telecommunications networks across India, Southeast Asia, and Africa.
Over the years, Exicom has expanded its business portfolio to include electric vehicle charging infrastructure. The company launched its EV charging business in 2019, quickly establishing a significant presence in the market. Exicom’s chargers are reportedly bundled with a substantial portion of the electric vehicles sold in India, indicating its strong position in the EV ecosystem.
