South Korean automakers Hyundai Motor and Kia sold about 136 million shares in Ola Electric Mobility on Tuesday, just days after the Indian e-scooter firm posted quarterly losses that had more than doubled. While Hyundai offloaded 108.8 million shares at an average price of 50.7 rupees (59 cents), Kia sold 27.17 million shares at Rs. 50.55 … Read more
Ola Electric Mobility Ltd.’s rapid expansion into brick-and-mortar showrooms is running into regulatory trouble. The Bengaluru-based electric scooter maker, once a champion of the digital-only sales model, recently scaled up to 4,000 physical locations since 2022. A Bloomberg news investigation has found that out of roughly 3,400 showrooms for which data is available, a little … Read more
Indian electric two-wheeler maker Ola Electric received a letter from the federal government on Tuesday for missing a key milestone in the setup of its planned battery “gigafactory”. Ola was selected in 2022 for the government’s production-linked incentive (PLI) scheme to establish a 20 gigawatts (GW) local battery manufacturing facility in the southern state of Tamil Nadu. The 181-billion-rupee ($2.07 billion or roughly Rs. 18,019 crore) scheme required companies to set up … Read more