ConnectM reports 200% y-o-y revenue growth in EV solutions division

ConnectM (CNTM) reported “unprecedented” growth across its Transportation and Logistics division in 2024. EV Solutions – a subset of its Transportation and Logistics segment – revenue grew 200% year-over-year, fueled by adoption across passenger, commercial, and light vehicle OEMs. The company secured 9 new OEM partnerships in the past 12 months, including VST Tractors, Force Motors, and JBM, alongside legacy clients Volvo Eicher, Ashok Leyland, and TI Clean Mobility. ConnectM’s Energy Intelligence Network now supports over 25,000 EVs, up 48% YoY, with 2,000-3,000 new vehicles added monthly, driving recurring subscription revenue. The company launched patent-pending Digital Control Unit, integrating Vehicle Control, Instrument Cluster, and Telematics into a single platform and enabled cumulative reductions of 40.8 million pounds of CO2 emissions and 1.3 million gallons of fuel consumption over three years. The company anticipates accelerated growth as OEM partners ramp up EV production, further amplifying subscription revenue and network scale.