Brief by Shorts91 Newsdesk / 07:36am on 03 Mar 2025,Monday Business
Ola Electric has laid off over 1,000 employees and contract workers in its second round of job cuts in four months. The move affects charging infrastructure, customer relations, and sales as the company automates operations. Ola posted a 50% rise in losses for Q4 2024, while its stock has fallen 60% since its August IPO. CEO Bhavish Aggarwal had set a 50,000-unit sales target for breakeven, but February sales hit just 25,000 units. Ola says restructuring aims to cut costs and improve margins, though consumer complaints and competition continue to challenge its market position.
