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Ola Electric Posts Wider Loss on Discounts, Improving Service
Hindustan Times West UP
|February 08, 2025
India's top electric two-wheeler maker Ola Electric reported a wider quarterly loss on Friday, hurt by heavy discounts it offered to fend off rising competition and as it spent on improving the quality of service at its workshops.
The SoftBank-backed firm reported a loss of ₹564 crore ($64.51 million) in the October-to-December quarter, compared with a loss of ₹376 crore a year earlier.
Its shares dropped 4% after the results. The company, which is under regulatory scrutiny for lapses in quality of service at its workshops, incurred a one-time cost of ₹110 crore to address the issue.
The company also spent ₹13 crore as it slashed jobs during the quarter.
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