Ola Electric Tackles Loss Amid Competitive Challenges

Ola Electric Mobility Ltd reported a net loss of Rs 564 crore for Q3 2024, attributed to increased competition and service-related costs. Despite a drop in revenue, e2W registrations rose by 37.5%. Ola aims to improve services and network expansion to recover market share and margins.

Ola Electric Mobility Ltd announced a substantial increase in its consolidated net loss, reporting Rs 564 crore for the third quarter ending December 2024. The downturn is attributed to intensified competition and expenses incurred to address service challenges.

The company's revenue from operations fell to Rs 1,045 crore, a decline from Rs 1,296 crore during the same quarter last year. Total expenses, however, decreased slightly to Rs 1,505 crore compared to the previous year's Rs 1,597 crore.

Despite the financial challenges, Ola Electric recorded its highest-ever e2W registrations at 3.33 lakh units, marking a 37.5% increase. The company is focused on rectifying service issues and enhancing its market position through technological innovations and network expansion.

(With inputs from agencies.)