Multi-national transportation company Ola aims to boost its electric vehicle (EV) business. However, Bhavish Aggarwal-owned Ola is planning to sack around 1,000 employees to cut the cost of the EV wing.
Earlier this month, the ride-hailing platform also announced its lithium-ion cell NMC 2170 prduction.
Media reports say that verticals like mobility, hyperlocal, fintech, and its pre-owned vehicle activities have all been included in the process.
As of late, a report said that Ola is laying off up to 500 workers across divisions as it meant to reduce expenses amid a difficult subsidising climate and a defer in listing plans.
Senior chiefs at the SoftBank-backed organisation were allegedly entrusted with distinguishing employees who can be approached to leave based n performance.
The organization focuses on “leaner and consolidated teams” to keep its “strong profitability intact”.
Ola had closed down its pre-owned car business, as well as its quick-commerce business, Ola Dash, as of late.
It was closed down after one year of its launch as the organisation moved its focus around its electric two-wheeler and car verticals.
Ola is additionally confronting fire issues over defective batteries and fire episodes in its electric vehicles among other EV players like Okinawa Autotech, and Pure EV, among others.
Several incidences of electric two-wheelers catching fire have recently occurred around the country, prompting companies to recall their vehicles.
Ola entered in the EV space with a bang in 2021. Its electric scoters saw 1 lakh reservations in only 24 hours of opening of pre launch booking.
However, cracks began to show up as delays in deliveries and missing features became synonymous with the brand.