Bengaluru10 minutes ago
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According to a Bloomberg report, Ola Electric Mobility Limited is planning to expel more than 1,000 employees and contract workers. The company wants to reduce its increasing deficit through this.
This job cut will affect several departments including preaching, fullfillment, customer relations and charging infrastructure. People familiar with the case said that this retrenchment is part of the attempts to control Ola Electric.
Earlier in November 2023, some media reports stated that Ola Electrics have fired about 500 employees from jobs under restructuring effort to increase margin and improve the possibilities of profitability.
Ola’s shares fall by 5%
After the reports of the sorting, Ola’s stock falls 5% today. It is trading close to 54 rupees on the National Stock Exchange. The stock has declined by about 52% in the last 6 months. At the same time, the stock has fallen by about 37% this year.
Ola deficit increased by 50% in the third-term
Ola Electric Mobility suffered a net loss of Rs 564 crore in the third quarter of FY 2024-25. The company suffered a loss of Rs 376 crore in the same quarter of a year ago. The company’s loss has increased by 50% on an annual basis. The company released the third quarter results on 7 February.
Talking about the company’s consolidated revenue from the operation, it has been Rs 1,045 crore in the October-December quarter. It has decreased by 19% on an annual basis. In the same quarter of a year ago, the company generated a revenue of Rs 1,296 crore. The amount received from selling goods and services is called revenue or revenue.
Ola electric mobility was established in 2017
Ola Electric Mobility in Bangalore was established in 2017. The company mainly manufactures electric vehicles, battery packs, motors and vehicle frames at the Ola Future Factory.
