Ola electric trimming: hunting for profit- Ola electric scheme for heavy job cuts!

India’s major electric two -wheeler manufacturer Ola is planning to remove more than 1000 employees and contract workers. Several reports suggest that the electric vehicle manufacturer has decided to reduce jobs in an attempt to target higher profits. Amid reports of these trimming, Ola electric stock was a low-level high of the new 52-week trading session.

Ola electric difficulty ..

The EV manufacturer fired around 500 employees last year. Ola Electric has not yet responded to the latest news that employees are being removed from the company.

Ola Electric, which entered the stock market as an IPO last year, is running a bit. The sales are currently slowing down with sales of 25,000 units last month. At the same time, competition from other automobile companies has increased.

There is a positive thing between all these negative Ola electric .. its market share! The company is still at the top in the electric two -wheeler category. Currently, the market was capable of retaining 28 percent of the share.

Cut jobs in Ola Electric.

According to several reports, Ola is arranging to remove its employees. Workers are likely to be affected in many classes, including purchases, full filament, customer relationship and fracture. Ola also removes front and sales, service and warehouse personnel in showrooms and service centers. The company has taken this decision to restore logistics and distribution strategy and reduce costs.

In November last year, the SoftBank -based EVC manufacturer was cut off. By the end of last year, Ola Electric had 3,824 employees. According to the market intelligence platform trackson report, it is about two percent lower than in 2023.

Ola electric shares have not been expected since last year’s launch. In addition to the sales recession, the company is fighting with problems such as Ola electric high cost and low turnover. Ola offers huge discounts on its electric scooter. Although it entered this department in August 2021, it was not profitable for four years.

At 1 pm, Ola electric stock fell by about 3.5 % to Rs. Trading at 54.7.