Ola Electric, India’s Top E-Scooter Maker by Market Share, Reported a Narrower Second-Quarter Loss on Friday Helpeed by a Jump in SAles, Said the Recent Surage in Service Requests Requests Requests. “
The Bengaluru-Based Company Said its consolidated losses narrowed to 4.95 billion rupees ($ 58.7 million) in the July-September Quarter from 5.24 Billion Rupees a year.
Ola’s Quarterly Revenue Jumped 39.1% to 12.14 Billion Rupees, Helped by Sales of Mass Models, Or that priced beLow 100,000 Rupees (About $ 1,186). It has not been deliveries of these models last year.
Ola Electric delivered a total of 98,619 two-wowelers between july and September, 73.6% higher than last year. IT Sold 56,545 Mass Models.
Expenses Grew by 21.8%, Slower Than the Previous Quarter’s 26.6% Rise. Raw Material Costs, Ola’s Biggest Expenses, Rose 46.7% But Were Lower 18.2% Sequective.
Rising Consumer Complaints and Regulatory Scrutiny Over Allegations of Poor Service Have Cast a Shadow on the SoftBank-Backed E-Scooter Maker, Folling a Steller Market Debut In August.
“Not all service requests that came Ay.
“Two-thirds of it actually are just minor issues like loose parts or customers unfamiliar with the software used,” Aggarwal said.
Ola Electric’s Shares Have Fallen 5.5% Since Listing on Aug. 9, While Its Dominance in the Electric Two-WHEELER market has diminished in recent months.
“Over the second Quarter, we had a bit of a capacity challenge in terms of service, our sales expanded faster than we had expanded our service network,” Aggarwal Said.
Reuters Last Year Visited 35 Ola Center in 10 Indian States and Found Many Facted Significant Backlogs, with demand outstripping their workforce or their support of spare.
© Thomson Reuters 2024
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(Tagstotranslate) Ola Electric Q2 Loss Narrows Service Issues Ola Electric (T) Electric Vehicles (T) EVS
