Reported about 5 hours ago
Ola Electric, India's leading e-scooter manufacturer, plans to lay off approximately 500 employees to prioritize profitability, as reported by Moneycontrol. The company's workforce totaled 4,011 in March 2024, but they continue to face challenges including high costs, reduced EV subsidies, and increased competition. Despite a slight reduction in losses in the recent quarter, Ola's stock has reached its lowest closing price as it navigates regulatory hurdles and declining market dominance.
Source: YAHOO