Ola Electric Powers Up Strategy, Restructures With 1,000+ Job Cuts

Ola Electric, India's leading electric two-wheeler manufacturer, has announced a massive layoff of over 1,000 employees and contract workers. This move, the second in five months, affects multiple departments including procurement, fulfillment, customer relations, and charging infrastructure. The restructuring comes as Ola grapples with mounting losses and a 60% drop in stock value since its IPO. Despite maintaining a 28% market share, the company faces challenges from competitors and customer complaints. The layoffs, representing over 25% of Ola's workforce, signal potential turbulence in India's burgeoning EV job market and raise questions about the sector's stability.

 

Source: Bloomberg, Moneycontrol