Ola Electric aims for 50000 monthly EV sales to reach profitability, reports CEO

Ola Electric's CEO Bhavish Aggarwal stated the company must sell 50,000 electric vehicles monthly to achieve profitability. In January, Ola sold 25,000 units, claiming to regain market leadership despite facing service center issues and a net loss of ₹ 564 crore in the December quarter. To boost sales, Ola plans to sell two generations of scooters and expand its battery manufacturing. The company reported a 13.9% revenue decline in the December quarter, attributed to competition and discounts, but saw a slight increase in operating margin. Ola Electric's stock has dropped about 2% to ₹ 70, remaining close to its all-time low. The company aims to improve customer service and expand its market share, with expectations of better margins as it introduces its own batteries in the upcoming fiscal quarter.