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Ola Electric: Cutting the noise and next steps

Livemint

Livemint · 10m ago

Ola Electric: Cutting the noise and next steps

Ola Electric, an electric mobility company, has been facing challenges lately. Despite a strong stock market debut, the company's stock price took a hit due to rising consumer complaints about their e-scooters. Social media played a role in amplifying these complaints and putting pressure on the company. Ola Electric has also been issued a show cause notice by the Central Consumer Protection Authority for alleged violations. The company needs to address these issues, improve after-sales service, and regain customer trust to succeed in the competitive electric vehicle market.

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Ola Electric’s subsidiary faces insolvency plea over payment dispute

Economic Times

Economic Times · 5m ago

Ola Electric’s subsidiary faces insolvency plea over payment dispute

Rosmerta Digital Services filed an insolvency plea against Ola Electric's subsidiary over payment disputes. The petition claims non-payment for services, seeking a corporate insolvency resolution process. Ola Electric disputes the claim and plans legal challenges. The issue traces back to vendor renegotiations leading to reduced vehicle registration figures. Meanwhile, Ola Electric faces internal restructuring, financial losses, layoffs, and market share decline, but expects positive Ebitda next quarter amid cost-cutting efforts.

Ola’s Bhavish Aggarwal advocates for AI independence in India. Read here to know why

Livemint

Livemint · 11m ago

Ola’s Bhavish Aggarwal advocates for AI independence in India. Read here to know why

Ola founder Bhavish Aggarwal aims to establish India as a leader in artificial intelligence (AI) and electric vehicles (EVs). He plans to transform India into an AI hub through his venture, Krutrim, and expand Ola Electric's Li-ion cell production to 100 GWh in the next decade. Aggarwal envisions Ola Electric as a critical player in addressing global challenges like climate change, with a focus on the developing world. He aims to create India-focused products powered by cutting-edge battery technology. Additionally, Aggarwal wants to challenge the dominance of global tech giants by developing India's own AI technology infrastructure through Krutrim.

Empty vessels make more noise: Bhavish on MapMyIndia notice to Ola

Inshorts · 1y ago

Empty vessels make more noise: Bhavish on MapMyIndia notice to Ola

Ola CEO Bhavish Aggarwal commented on MapMyIndia's legal notice to Ola Electric for allegedly copying its data to build Ola Maps and said, "Empty vessels make more noise." "We have sent them a response. They haven't responded to that," he stated. "There is absolute opportunistic randomness in what they have done," he added.

Ola Electric Cuts Wait Time With 'Hyper Delivery' Service - Here's All You Need to Know

OutlookIndia

OutlookIndia · 4m ago

Ola Electric Cuts Wait Time With 'Hyper Delivery' Service - Here's All You Need to Know

Ola Electric has introduced a 'Hyper Delivery' service, aiming to streamline the registration and delivery of e-scooters on the same day. By implementing AI, the company automates most registration steps, eliminating middlemen. Currently piloting in Bengaluru, Ola plans to expand this initiative across India. The move follows controversies regarding discrepancies between reported sales and actual registrations. Ola has terminated contracts with two suppliers to resolve registration issues and improve efficiency.

IPO-bound Ola Electric gets PLI certification for its second scooter: Report

Livemint

Livemint · 1y ago

IPO-bound Ola Electric gets PLI certification for its second scooter: Report

Ola Electric, the Indian electric vehicle manufacturer, has received the Domestic Value Addition (DVA) certification for its S1 Pro scooter. This is the second DVA certification for Ola Electric, making them eligible for various incentives under the Production-Linked Incentive (PLI) scheme for the next 5 years. Ola Electric is also planning an IPO to raise ₹5,500 crore. The funds will be used for expanding manufacturing capacity and research and development.

Ola Electric aims to file DRHP by next week for 2024 IPO

Economic Times

Economic Times · 1y ago

Ola Electric aims to file DRHP by next week for 2024 IPO

Ola Electric is planning to file its draft red herring prospectus (DRHP) next week as it gears up for its Initial Public Offering (IPO) in 2024. The aim is to raise funds to support the expansion of its electric vehicle (EV) manufacturing facility and increase EV adoption across India. Ola Electric is a subsidiary of ride-hailing company Ola and focuses on the production and distribution of EVs.

SoftBank-backed Ola Electric says saving about $10 mn a month from cost-cut measures

VCCircle

VCCircle · 5m ago

SoftBank-backed Ola Electric says saving about $10 mn a month from cost-cut measures

Ola Electric, backed by SoftBank, has implemented a cost-cutting program saving approximately 900 million rupees ($10.3 million) monthly. This comes after declining sales and increased scrutiny post its market debut. Despite wider recent losses due to discounts and service investments, the company expects operating expenses to reduce 40% by the first quarter. Ola Electric aims for an operational break-even, requiring monthly sales of 50,000 units, with January sales at 24,377 units.

Ola Electric to invest $100 million in gigafactory

Economic Times

Economic Times · 1y ago

Ola Electric to invest $100 million in gigafactory

Ola Electric, an IPO-bound company, plans to invest $100 million in building its gigafactory for lithium-ion battery cells. The investment will be used for the initial phase of setting up 1.5 GWh of cell manufacturing capacity. Ola Electric aims to have its own battery cells in its electric scooters by next year, with plans to expand capacity to 5 GWh. The company recently received certification for the battery cells and is also working on solid-state batteries. Ola Electric will likely supply cells to other electric two-wheeler makers and renewable energy firms.

Ola Electric Expands Escooter Portfolio With S1X 4kWh, To Add 10K Charging Stations By June

Inc42 · 1y ago

Ola Electric Expands Escooter Portfolio With S1X 4kWh, To Add 10K Charging Stations By June

Ola Electric, led by Bhavish Aggarwal, has introduced its new electric scooter, the S1X 4kWh, in an effort to strengthen its position in the Indian electric vehicle market. Priced at INR 1,09,999, the scooter has a range of 190 km on a single charge and a top speed of 90 km/h. Ola Electric is also expanding its service network and plans to have 600 service centers across India by April. The company aims to rapidly ramp up its fast-charging network to 10,000 points by the next quarter. Ola Electric recently filed its draft red herring prospectus (DRHP) for its upcoming IPO.

Ola Electric To Roll Out Its Products On ONDC Next Week

Inc42 · 1y ago

Ola Electric To Roll Out Its Products On ONDC Next Week

Ola Electric CEO Bhavish Aggarwal announced that all Ola Electric products will be available on the Open Network for Digital Commerce (ONDC) starting from next week. Aggarwal expressed his enthusiasm for ONDC, referring to it as the "UPI moment for e-commerce." This partnership is not the first between Aggarwal and the ONDC network.

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