Ola Electric Q3 net loss widens 50% to Rs 564 crore amid rising competition, service issues

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Electric two-wheeler manufacturer Ola Electric‘s net loss widened by 50% to Rs 564 crore in the October-December quarter from Rs 376 crore a year earlier, primarily due to intensified competition and after-sales service challenges.The Bengaluru-based firm’s operating revenue declined 19% to Rs 1,045 crore from Rs 1,296 crore a year earlier. The company generates revenue primarily by selling electric scooter sales, with battery sales contributing a marginal portion.

“We faced a much more intense, tougher, competitive environment and we saw through…



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Ola Electric Q3 net loss widens 50% to Rs 564 crore amid rising competition, service issues


Electric two-wheeler manufacturer Ola Electric‘s net loss widened by 50% to Rs 564 crore in the October-December quarter from Rs 376 crore a year earlier, primarily due to intensified competition and after-sales service challenges.The Bengaluru-based firm’s operating revenue declined 19% to Rs 1,045 crore from Rs 1,296 crore a year earlier. The company generates revenue primarily by selling electric scooter sales, with battery sales contributing a marginal portion.

“We faced a much more intense, tougher, competitive environment and we saw through…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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