Ola Electric to cut 1,000 jobs to reduce losses: Report
Ola Electric Mobility Ltd is set to lay off over 1,000 employees and contract workers as part of cost-cutting measures to curb its rising losses, Bloomberg reported. The job cuts are expected to impact multiple departments, including procurement, fulfillment, customer relations, and charging infrastructure.
Ola Electric Mobility Ltd is set to lay off over 1,000 employees and contract workers as part of cost-cutting measures to curb its rising losses, Bloomberg reported. The job cuts are expected to impact multiple departments, including procurement, fulfillment, customer relations, and charging infrastructure.
This marks the company’s second round of layoffs in less than five months. In November 2024, Ola Electric let go of around 500 employees. The Bhavish Aggarwal-led electric two-wheeler manufacturer is facing a 50% surge in losses for the December quarter and has also come under scrutiny from the consumer protection authority recently.
According to the report, Ola Electric is automating parts of its customer relations operations, and its layoff plans may evolve based on business needs. The company, once a market leader, has been losing market share, with Bajaj Auto Ltd and TVS Motor Co surpassing it in December 2024.
Additionally, Ola Electric has informed investors that its vehicle registrations will be affected in February as it renegotiates terms with two vendors to reduce costs and improve efficiencies.
Ola Electric Shares Drop
Ola Electric’s stock declined by 3.25% on the Bombay Stock Exchange (BSE) at 1:25 pm IST on Monday, trading at ₹55, down ₹1.85. The company’s shares have plummeted over 60% from their peak following its blockbuster IPO debut in August 2024.
Sources By Agencies
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