SA’s Rubicon revenue rises tenfold in 2 years

A South African energy company has seen its bet on electric vehicles pay off big time. Known for Tesla energy products and solar solutions, Rubicon is now a major player in EV charging, second only to GridCars. 

• Rubicon has almost doubled its charging transactions in the year-to-date in comparison to 2023, as EV sales rise. 

• Its fastest DC charging stations (150kW and 200kW) and those located in malls and parking lots  are the biggest revenue generators.

• It plans to have 262 charging stations by 2025, which means adding 179 new charging stations, potentially becoming the largest charge point operator in South Africa.

More details:

• South Africa has seen a significant rise in EV sales in 2024, with 1,085 fully-electric cars sold in the first nine months, exceeding the total for 2023.

• The affordable Volvo EX30 has boosted EV adoption and made Volvo the top-selling electric vehicle brand.

• Recently launched EV models like BYD are expected to penetrate the market and further drive charging demand.

Our take:

• Rubicon's aggressive expansion and focus on fast charging points will bear more fruit as more affordable EVs hit the roads and position it to become a dominant player in South Africa's growing EV charging market.