{"id":171335,"date":"2024-11-09T06:00:39","date_gmt":"2024-11-09T06:00:39","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/11\/09\/ola-electrics-q2-loss-narrows-says-most-service-issues-minor\/"},"modified":"2024-11-09T06:00:40","modified_gmt":"2024-11-09T06:00:40","slug":"ola-electrics-q2-loss-narrows-says-most-service-issues-minor","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/11\/09\/ola-electrics-q2-loss-narrows-says-most-service-issues-minor\/","title":{"rendered":"Ola Electric’s Q2 Loss Narrows, Says Most Service Issues ‘Minor’"},"content":{"rendered":"
\"Ola<\/div>


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Ola Electric, India’s top e-scooter maker by market share, reported a narrower second-quarter loss on Friday helped by a jump in sales, and said the recent surge in service requests was largely for “minor issues.”<\/p>\n

The Bengaluru-based company said its consolidated loss narrowed to 4.95 billion rupees ($58.7 million) in the July-September quarter from 5.24 billion rupees a year earlier.<\/p>\n

Ola’s quarterly revenue jumped 39.1% to 12.14 billion rupees, helped by sales of mass models, or those priced below 100,000 rupees (about $1,186). It had not begun deliveries of these models last year.<\/p>\n

Ola Electric delivered a total of 98,619 two-wheelers between July and September, 73.6% higher than last year. It sold 56,545 mass models.<\/p>\n

Expenses grew by 21.8%, slower than the previous quarter’s 26.6% rise. Raw material costs, Ola’s biggest expense, rose 46.7% but were lower 18.2% sequentially.<\/p>\n

Rising consumer complaints and regulatory scrutiny over allegations of poor service have cast a shadow on the SoftBank-backed e-scooter maker, following a stellar market debut in August.<\/p>\n

“Not all service requests that come are complaints or issues with the product, many of them are regular check-ins or scheduled maintenance,” founder and chairperson Bhavish Aggarwal said on an analyst call on Friday.<\/p>\n

“Two-thirds of it actually are just minor issues like loose parts or customers unfamiliar with the software used,” Aggarwal said.<\/p>\n

Ola Electric’s shares have fallen 5.5% since listing on Aug. 9, while its dominance in the electric two-wheeler market has diminished in recent months.<\/p>\n

“Over the second quarter, we had a bit of a capacity challenge in terms of service, our sales expanded faster than we had expanded our service network,” Aggarwal said.<\/p>\n

Reuters last year visited 35 Ola centres in 10 Indian states and found many faced significant backlogs, with demand outstripping their workforce or their supply of spare parts.<\/p>\n

\u00a9 Thomson Reuters 2024<\/em><\/p>\n

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)<\/i><\/p>\n<\/div>\n


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Ola Electric, India’s top e-scooter maker by market share, reported a narrower second-quarter loss on Friday helped by a jump in sales, and said the recent surge in service requests was largely for “minor issues.” The Bengaluru-based company said its consolidated loss narrowed to 4.95 billion rupees ($58.7 million) in the July-September quarter from 5.24 […]<\/p>\n","protected":false},"author":2,"featured_media":171336,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/i.gadgets360cdn.com\/large\/ola_electric_reuters_1731130417580.jpg","fifu_image_alt":"","footnotes":""},"categories":[607],"tags":[467,20464,4316,1678,6859,13688,7908,20463,133316,5807],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/171335"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=171335"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/171335\/revisions"}],"predecessor-version":[{"id":171337,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/171335\/revisions\/171337"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/171336"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=171335"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=171335"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=171335"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}