Ola Electric Narrows Quarterly Loss on Lower Costs
The Indian electric vehicle maker reported a reduced net loss of 5 billion rupees for the March quarter by halving operating expenses. While delivery volumes fell over 60 percent, the company expects orders to double in the next quarter through price cuts and new model launches.
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OLA ELECTRIC MOBILITY LTD narrowed its quarterly net loss to 5 billion rupees ($51.6 million) on midday the following day through aggressive cost-cutting and automation. The loss is down from 8.7 billion rupees a year ago, despite India delivery volumes falling to 20,256 units. Investors are weighing narrowed losses against shrinking market share and regulatory scrutiny over service quality.
