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Shares of <keyword id="19956271" type="General" weightage="100" keywordseo="Ola-Electric-Mobility" source="keywords">Ola Electric Mobility</keyword> were in a freefall today, tanking about 4.55% on the NSE and 4.88% on BSE. Today also marked 30 days since the company was listed on the bourses (August 9th), bringing down shutters on the one-month lock-in window anchor investors are mandated to hold stocks for, before deciding to offload 50% of shareholding. Around 18.18 crore shares, or about 4% of company's outstanding shares were eligible for trading in the market post the 30-day lock-in, which hurtled Ola's stock towards Rs 100. While the stock managed to gain some ground later in the day, and was trading at Rs 114.10 when the markets closed today, slightly up from its intraday low of Rs 109. However, it still remained a far cry from its all-time high price of Rs 157.4, which it had hit on August 20th, 2024. Ola Electric, which currently dominates the Indian EV space, debuted on stock exchanges last month, and was looking to raise Rs 6,145.56 crore via fresh issue, along with an OFS (offer for sale) of 8.49 crore equity shares. The IPO was oversubscribed by around 4x. Going ahead, the Bhavish Aggarwal-led startup is also set to face intense competition from fellow EV maker Ather Energy. With its IPO set to hit the markets soo, Ather is looking to raise Rs 3,100 crore via fresh issue, and an OFS of about 2.2 crore equity shares. Per the DRHP (draft red herring prospectus) filed by Ather, its net worth for FY24 stood at Rs 545.9 crore. The remaining 50% of Ola Electric's shares will be eligible for offloading by anchor investors in 60 days from now, or 90 days since the date of allotment. While this event will certainly test Ola's buoyancy in the market, the fact remains that Ola was off to a stellar start days after its listing, when the stock price accelerated to Rs 157.4 on August 20th, 2024. This skyrocketed the company's valuation well beyond that of established Indian 2-wheeler giants like Hero Moto Corp and Bajaj, albeit briefly. In fact, for a small period, Ola Electric Mobility had recorded valuations higher than that of Tesla's. For perspective, Ola's market capitalization, as of today, stood at Rs 50,327.57 crore. Bajaj Auto, which listed on the exchanges in 2008, presently has a market value of Rs 3,02,993.79 crore, while Hero Moto Corp, which was listed in 2003, currently has a market value of Rs 1,14,788.59 crore. However, ever since hitting this peak on August 20th, Ola's prices have only been on a downward journey. However, now that the stock has witnessed a price correction of sorts, the question remains- has Ola corrected enough, or are we still in for further downside? As per SEBI registered Investment Advisor Gaurav Goel, Ola continues to trade in the expensive zone despite recent correction. "The recent mercurial rise in the stock has been more on the promise it holds for the future. It is the largest <keyword id="23099550" type="General" weightage="20" keywordseo="E-Scooter-Manufacturing" source="keywords">E-Scooter Manufacturing</keyword> company in India, with 31% market share in the E2W sector, selling 3,29,618 scooters in FY24. Recently, it also forayed into the motorcycle segment with several new “Roadster” models at an attractive pricing. It is building an Ola Gigafactory for cell production in Tamil Nadu, and a Battery Innovation Centre in Bangalore", Goel explained. "However, we feel that despite attractive future plans, the stock is currently overpriced. Despite rising revenues, we need to see how quickly it is able to translate widening losses into profits", he continued. <h2>Gaping holes, take a long-term approach </h2>It is hard to overlook the wide, year on year losses that the company continues to incur. As of March 2024, the company had racked up an operating loss of Rs 1,266 crore. Per its Q1FY25 financials, the company's losses before taxes during April-June 2024 grew to Rs 347 crore, up from Rs 267 crore in the year-ago period. The company's cash flows from operating activities continued to be in red, rising from Rs 2,520.25 crores in March 2021 to Rs 15,072.71 crore as of March 2023. Generally, if a company is regularly registering negative cash flows from its primary, operational activity, it is a troubling sign, indicating that the company is spending more than what its making. Ola continues to rack up major losses in its cell business, which reported a loss of Rs 5 crore in Q1FY25. The segment's operating expenses, however, doubled from Rs 11 crore in Q1FY24 to Rs 22 crore in Q1FY25. Per Agrawal, the indigenously developed 4680 Bharat Cell, which will be integrated in all Ola vehicles starting Q1FY26, will help in bettering the company's profit margins, given that cells constitute around 30-35% of overall vehicle's cost. Which is why experts suggest not to buy into any short-term euphoria surrounding the stock, and instead, opt for a long-term approach. While there is scope, it is largely unchartered waters, which will have to face the tides of multiple market volatilities and cycles, before it starts to generate sustainable, significant returns. Goel believes that while the new vehicle segment is a good space to enter, the competition here is going to be stiff. Customer actual response in terms of sales is yet uncertain. "We recommend a buy on dips on this stock. An entry level of Rs 100 would be good point for purchase. It should be kept for the long-term, for a period of at least 3-5 years for realization of its potential"

Shares of Ola Electric have tapered down from their record-highs. Is this a good time to buy in?

<keyword id="19895037" type="General" weightage="20" keywordseo="bengaluru" source="keywords">Bengaluru</keyword>’s ride-hailing landscape has seen the emergence of a new player, ‘<keyword id="22009267" type="General" weightage="20" keywordseo="Nagara-Metered-Auto" source="keywords">Nagara Metered Auto</keyword>,’ launched in June and backed by the Karnataka State Driver’s Council. This service aims to reintroduce the <keyword id="22298940" type="General" weightage="20" keywordseo="metre-culture" source="keywords">metre culture</keyword> in the city, offering rides at government-fixed rates. Shivanna from NMA notes that the goal is to combat the cheating experienced by <keyword id="19933374" type="General" weightage="20" keywordseo="auto-drivers" source="keywords">auto drivers</keyword> with other <keyword id="19945903" type="General" weightage="20" keywordseo="ride-hailing-apps" source="keywords">ride-hailing apps</keyword> and reestablish the trust and reliability of metered autos. “After conducting many surveys in the city and talking one-on-one with <keyword id="19933374" type="General" weightage="20" keywordseo="auto-drivers" source="keywords">auto drivers</keyword>, we came to the conclusion that metred autos work the best,” explained Shivanna to Deccan Herald. “Many auto drivers told us they were getting cheated by other <keyword id="19945903" type="General" weightage="20" keywordseo="ride-hailing-apps" source="keywords">ride-hailing apps</keyword> and they would rather go back to using the metre”. <h2>How to use and challenges</h2>Unlike conventional ride-hailing apps, <keyword id="22009267" type="General" weightage="20" keywordseo="Nagara-Metered-Auto" source="keywords">Nagara Metered Auto</keyword> stands out by operating primarily through a website and a WhatsApp chatbot, eliminating the need for passengers to download a separate mobile application. Drivers, however, are required to download an app to register and use the service. The fare structure is straightforward: Rs 30 for the first 2 km and Rs 15 for every additional kilometre, adhering strictly to government-set rates. To book a ride, users can simply text ‘Hi’ to a WhatsApp number. They will receive a One Time Password (OTP), valid for eight minutes, to start a street-hailed ride. Alternatively, drivers registered on the app are identifiable by the branding on their autos, and they can initiate rides using a unique QR code for street-hailing passengers. <div type="Article" hostid="261" msid="111457653" title="Brace yourself, Bengaluru! Traffic could get a whole lot worse as BBMP announces major roadwork in many key areas" mstype="2" mssubtype="0"></div>Despite its promising concept, Nagara Metered Auto faces teething issues. DH’s attempts to hail rides in areas like M G Road, Indiranagar, Okalipuram, and Sheshadripuram were reportedly unsuccessful, as the website failed to assign a driver. The majority of auto drivers, particularly from localities like Yeshwantpur, Nandini Layout, and Whitefield, have registered, but awareness among drivers remains low. <h2>Government crackdown on bike taxis</h2>Meanwhile, the ride-hailing sector in <keyword id="19895037" type="General" weightage="20" keywordseo="bengaluru" source="keywords">Bengaluru</keyword> is facing fresh regulatory scrutiny. After massive protests from the Federation of Karnataka State Private Transport Associations, the state transport department has announced plans to crack down on bike taxis operating illegally in the city. In March, the Karnataka Government had banned the operation of electric bike taxis in the state after they were deemed “unsafe for women”. The Federation’s demands also include implementing a ‘one city, one fare’ policy, issuing permits to school cabs and buses, regulating private cab aggregators’ commissions, and controlling the pricing of vehicle tracking devices. <div type="Article" hostid="261" msid="111496190" title="Bengaluru&amp;#39;s residential real estate market soars as prices shoot up by 32% year on year" mstype="2" mssubtype="0"></div>

Bengaluru's newest ride-hailing app allows you to book autos via WhatsApp, to follow govt rates

The <keyword id="20070916" type="General" weightage="20" keywordseo="GMR-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="GMR Group" meta.hostid="261" meta.entityid="GMR Group">GMR Group</keyword>, co-owners of <keyword id="20150498" type="General" weightage="20" keywordseo="IPL-franchise" source="keywords">IPL franchise</keyword> <keyword id="19907060" type="General" weightage="20" keywordseo="Delhi-Capitals" source="keywords" meta.keywordsubtype="org" meta.entityname="Delhi Capitals" meta.hostid="261" meta.entityid="Delhi Capitals">Delhi Capitals</keyword>, has agreed to a deal with <keyword id="22638160" type="General" weightage="20" keywordseo="English-county-team" source="keywords">English county team</keyword> <keyword id="22436824" type="General" weightage="20" keywordseo="Hampshire" source="keywords" meta.keywordsubtype="org" meta.entityname="Hampshire" meta.hostid="261" meta.entityid="Hampshire">Hampshire</keyword> to buy its major shares worth 120 million pounds (approximately Rs 1278 crore). Hence, Hampshire will become the first county side to be owned by an overseas entity, as the GMR Group will now have control over 51 per cent of the team's shares. "The Delhi part-owners are understood to have beaten a second bid from rival Indian Premier League franchise Lucknow Super Giants with an offer which values Hampshire at £120 million, although that price includes the club's debts of around £60 million," the Telegraph reported. Additionally, the GMR Group will also take control of the Utilita Bowl (cricket stadium at Hampshire), the Hilton hotel and a golf course at the same venue. Apart from being the co-owners of the Capitals, the GMR Group also has equal stakes in Dubai Capitals, the ILT20 side in the UAE, and Seattle Orcas, the Major League Cricket outfit in the USA. The England and Wales Cricket Board (ECB), the Hampshire club officials and the new owners are expected to make an official announcement soon about the deal. Besides the significant investment, the take over could also open up the possibility of Hampshire gaining access to some of Delhi Capitals' young players for domestic tournaments such as the Hundred. However, at present, the Board of Control for Cricket in India (BCCI) does not permit active Indian cricketers to play in overseas tournaments. In another significant development, Yorkshire, another English county side, has reopened their talks with Rajasthan Royals for a possible takeover of the Headingley based club. However, this would require a consent from 6000 Yorkshire members through a ballot. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank">Ola Electric IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank">Nothing Phone (2a) Plus with Dimensity 7350 Pro chipset launched in India starting at ₹29,999</a><a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank">Indian smartphone shipments decline by 2% in Q2 2024, Xiaomi retakes the throne</a>

Delhi Capitals owners agree to buy major share in Hampshire takeover

<ul class="summary-list"><li>Mercedes-Benz CEO Ola Källenius says automakers need to hunker down if they want to beat the Chinese.</li><li>Källenius described the competition between automakers as a "Darwinistic-like price war."</li></ul>The Western auto industry is now locked in a pivotal <a target="_blank" class="" href="https://www.businessinsider.com/china-xi-jinping-crush-tesla-elon-musk-american-ev-industry-2024-2">existential battle</a> with Chinese competitors, if recent remarks by the CEOs of <a target="_blank" class="" href="https://www.businessinsider.com/mercedes-benz-ev-2030-electric-car-market-trends-2024-2">Mercedes-Benz</a> and <a target="_blank" class="" href="https://www.businessinsider.com/ford-focuses-on-smaller-cheaper-evs-pivots-from-giant-trucks-2024-7">Ford</a> are anything to go by.Mercedes-Benz CEO <a target="_blank" class="" href="https://www.businessinsider.com/china-electric-cars-mercedes-benz-ola-kallenius-european-union-tariffs-2024-3">Ola Källenius</a> was speaking at a panel at the Berlin Global Dialogue conference on October 2 when he was asked about the threat posed by Chinese EV makers.EVs, Källenius said, are cheaper for Chinese consumers to buy than combustion vehicles even though they cost more to produce."It's strange. It's a Darwinistic-like price war, market purification. And many of those players that are around now. Many of those are not going to be around five years from now," he said."In that market consolidating phase, you have cash burn and value destruction that even affects companies that sit at the upper end of the pyramid because you cannot release yourself from the market," he added.But automakers, Källenius added, should not remain "paralyzed" in the face of all this market turmoil."You must control your nerves, keep on investing, keep on innovating and make sure that at the end of that Darwinian battle, that you are one of the combatants that are left and that's what we are focusing on," Källenius said.Representatives for Källenius at Mercedes-Benz did not immediately respond to a request for comment from Business Insider sent outside regular business hours.The Mercedes-Benz CEO isn't the only major auto chief sounding the alarm about their Chinese competitors.After a visit to China in May, Ford CEO <a target="_blank" class="" href="https://www.businessinsider.com/ford-ceo-jim-farley-musk-tesla-cybertruck-dirt-hill-video-2023-11">Jim Farley</a> told a board member that he viewed the Chinese auto industry as an "<a target="_blank" class="" href="https://www.businessinsider.com/ford-ceo-cfo-left-shocked-after-chinese-ev-test-drive-2024-9">existential threat</a>," per a September 14 report from The Wall Street Journal.Farley wasn't the only top executive at Ford who had an eye on the aggressive progress of the Chinese market.In early 2023, Farley and his CFO John Lawler were in China where they tested out an electric SUV made by Changan Automobile, a state-owned automaker.The quick test drive, which saw Farley driving and Lawler riding shotgun, left them both shocked and impressed with the quality of the Chinese-made EVs, the Journal reported."Jim, this is nothing like before," Lawler reportedly told Farley after the test drive. "These guys are ahead of us."When it comes to competing in the EV market, Western automakers have been left playing a game of catch-up with the Chinese.Chinese automakers like BYD have been expanding into Southeast Asian countries like Thailand, as well as developing markets like Brazil and Mexico.According to <a target="_blank" class="" href="https://www.businessinsider.com/byd-saic-chinese-ev-makers-plot-world-takeover-2024-6">data compiled by the technology firm ABI Research</a> for BI, Chinese automakers accounted for 70% of the EV market in Thailand and 88% in Brazil in the first quarter of this year.The seemingly unstoppable rise of Chinese automakers has prompted Western governments to intervene in the form of tariffs.In May, the US government <a target="_blank" class="" href="https://www.businessinsider.com/china-evs-tariffs-joe-biden-transport-2024-5">imposed tariffs</a> on Chinese automakers. The crippling trade restrictions effectively shut them out of the US auto market. The European Union <a target="_blank" class="" href="https://www.businessinsider.com/china-electric-vehicles-share-price-europe-tariff-hike-overcapacity-investors-2024-6">introduced tariffs</a> as well just a month later.Notably, Mercedes-Benz's Källenius <a target="_blank" class="" href="https://www.businessinsider.com/china-electric-cars-mercedes-benz-ola-kallenius-european-union-tariffs-2024-3">isn't a fan of using trade restrictions</a> to quell the competition."Don't raise tariffs. I'm a contrarian, I think go the other way around: take the tariffs that we have and reduce them," he told the Financial Times in an interview published in March."That is the market economy. Let competition play out," he added.

The Western auto industry is now locked in a 'Darwinian' make-or-break battle with China, the chiefs of 2 major automakers warn

Leading US asset manager <keyword id="174755" type="General" weightage="70" keywordseo="vanguard" source="Orion">Vanguard</keyword> has further slashed its holding in ride-hailing major <keyword id="6354720" type="General" weightage="100" keywordseo="ola" source="Orion">Ola</keyword> by more than half, which takes the Bhavish Aggarwal-run company's valuation down to nearly $3.5 billion from $7.3 billion at the end of 2021. According to a TechCrunch report, citing Vanguard's filings, the investment firm has cut the worth of its shares in Ani Technologies, Ola's holding firm, by 51.6%. "The asset manager marked down the holding of its Ola shares to $25 million, from the $51.7 million purchase price years ago, the filings showed," according to the report. Vanguard had valued its Ola's shares at about $33.8 million in February this year. In May, Vanguard had slashed Ola's valuation by 35% amid global macroeconomic conditions, reducing its valuation to about $4.8 billion. Ola has raised more than $3.9 billion over the years, according to public data. IPO-bound Ola Electric has also recorded an operating loss of $136 million (roughly Rs 1,116 crore) and revenue of $335 million (roughly Rs 2,750 crore), missing its revenue goal disclosed publicly. The company reported sales of over 1,50,000 electric scooters for FY23, according to a Reuters report. In the first two months of FY23, Ola Electric claimed to have surpassed Rs 500 crore in revenue and was on track to surpass $1 billion by year's end. In January, Ola laid off 200 employees from its <keyword id="6362049" type="General" weightage="80" keywordseo="ola-cabs" source="Orion">Ola Cabs</keyword>, Ola Electric and Ola Financial Services verticals as part of the "restructuring" exercise. Ola joins a growing list of Indian unicorns who have significantly lost their valuations. Invesco lowered Swiggy's valuation by almost half to $5.5 billion in earlier this year while leading US investment firm Fidelity reportedly slashed the estimated worth of its holding in homegrown conversational engagement platform Gupshup by over 20% in a month.

Ola's valuation slashed by more than half by Vanguard

New Delhi, Youths should learn to balance hard work with a healthy diet, proper sleep and timely exercise, doctors said while cautioning that overwork is leading to early onset of lifestyle diseases. Some medical experts also said that a 70-hour-week regimen would be "far too ambitious," and urged team leaders at workplaces to divide work in an optimised manner among members and "not try to extract too much work from an individual", which often leads to physical or psychological burnout. Their comments come in the wake of Infosys co-founder <keyword id="6448574" type="General" weightage="20" keywordseo="n-r-narayana-murthy" source="Orion">N R Narayana Murthy</keyword> recently suggesting that young people should work <keyword id="19286531" type="General" weightage="20" keywordseo="70-hours-a-week" source="Orion">70 hours a week</keyword> to boost the country's productivity. Murthy's remarks were criticised on social media for allegedly promoting an 'overwork culture' by some, and praised by several others. Doctors in Delhi warned that overwork was leading to early onset of lifestyle diseases like diabetes and cervical spondylitis. Smoking, drinking and consumption of junk food at work or home are also adversely affecting their health, and compounding their health issues, they said. Dr Suranjit Chatterjee, senior consultant, internal medicine at Apollo Hospital in Delhi said, "Hard work doesn't mean you neglect or compromise your health. Hard work is fine, but a person should take care of one's health too while following their ambition. "So, it has to be balanced with a healthy diet, healthy lifestyle, proper sleep and timely exercise," he told PTI. The 70-hour-week regimen would be "far too ambitious, I feel, and 60 hours per week with a balanced and optimised lifestyle" should be the way forward, the doctor said. "Many people work hard and then resort to eating junk food or smoking at regular intervals, of course, having this myth that it is helping them de-stress, but it's not, it's only making their health even worse," Chatterjee said. Some resort to regular drinking and frequent parties, driven at times by the idea that 'I can afford it, so I will do it'. This attitude has to change if a person has to grow professionally without compromising one's health, he cautioned. Doctors at other government and private hospitals also warned about the consumption of junk food, at times for "snob value" at the workplace, which in turn leads to a "wrong ripple effect". Recreation is important, but it should be done after putting in hard work on working days, for both personal and professional growth in any organisation, the medical experts underlined. A senior doctor at Sir Ganga Ram Hospital said the OPD of internal medicine there is seeing a "paradigm shift" in the nature of patients visiting it. "We are seeing now more younger people than the elderly population who are coming to us with early onset of lifestyle diseases like diabetes. They are glued to their computer screens or mobile phones all the time, so they complain of pain in the eyes, neck pain, backache and many other issues," the doctor said. Consumption of junk food, lack of proper sleep, negligible or no exercise, coupled with the sedentary lifestyle at work, is making matters worse, he added. The senior doctor advised youths to balance ambition with a healthy diet and lifestyle, and not give in to any pressure from peers or otherwise. There have been many cases of physical or mental burnout and overwork is a major cause for that, he added. Ambition is good for work, good for the country, and a person can work for even 10 hours or so per day "while ensuring health is not compromised," Chatterjee said. In a conversation with former Infosys CFO Mohandas Pai in the inaugural episode of 3one4 Capital's podcast 'The Record,' Murthy had said that youngsters should put extra hours at work to compete with leading economies. "India's work productivity is one of the lowest in the world. Unless we improve our work productivity...we will not be able to compete with those countries that have made tremendous progress," he said, comparing India with China, Japan and Germany. "So, therefore, I request that our youngsters must say, 'This is my country. I'd like to work 70 hours a week," he added. Murthy's remarks have drawn mixed reactions on social media. Comedian and actor Vir Das wrote on X, "Life's hard. You meet a girl, fall in love, get married. Her dad wants you to work 70 hours a week. You can't work that hard, you just wanna chill and run England." Another user on X said "overwork" gave him stress and health complications. Bhavish Aggarwal, CEO, <keyword id="6362049" type="General" weightage="80" keywordseo="ola-cabs" source="Orion">Ola Cabs</keyword>, also posted, saying, "Totally agree with Mr Murthy's views. It's not our moment to work less and entertain ourselves. Rather it's our moment to go all in and build in one generation what other countries have built over many generations!"

A 70-hour-week regimen 'far too ambitious' say medical experts

<ul><li>The sales of electric two-wheelers have taken a massive hit in June 2023.</li><li>This comes amid an increase in prices due to reduction of the subsidy offered under the <keyword id="21028" type="General" weightage="80" keywordseo="fame" source="Orion">FAME</keyword> India phase 2 scheme.</li><li>Top EV makers have reported a decline of up to 70% in sales in June.</li></ul> The Indian government’s decision to revamp the Faster Adoption and Manufacturing of Electric Vehicles (FAME) in India Phase 2 scheme by<a href="https://www.businessinsider.in/business/auto/news/electric-scooters-and-bikes-may-get-costlier-as-government-looks-to-revamp-the-fame-ii-scheme/articleshow/100321089.cms"> reducing</a> the subsidy prompted EV makers like <keyword id="6354720" type="General" weightage="80" keywordseo="ola" source="Orion">Ola</keyword>, TVS and Ather to significantly<a href="https://www.businessinsider.in/business/auto/news/tvs-ather-ola-hike-prices-of-electric-two-wheelers-as-new-subsidy-norms-kick-in/articleshow/100679993.cms"> increase</a> the prices of their electric two-wheelers. The increased prices have impacted the sales of electric two wheelers in the month of June as the revised prices came into effect from June 1. Let’s take a look at how the sales have declined for this segment. <cmsannotation type="cmsannotation" annotationid="June sales decline by up to 70%" comment="subhead" text="June sales decline by up to 70%">June sales decline by up to 70%</cmsannotation> All the major electric two-wheeler makers have reported a decline in sales in the month of June. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">June 2023 </td><td style="border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">May 2023 </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ola Electric </td><td style="border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">17,572 </td><td style="border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">28,629 </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">-38.62% </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">TVS Motor </td><td style="border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">7,791 </td><td style="border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">20,397 </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">-61.80% </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ather Energy </td><td style="border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">4,543 </td><td style="border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">15,407 </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">-70.51% </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Auto </td><td style="border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2,966 </td><td style="border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">9,965 </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">-70.24% </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Okinawa Autotech </td><td style="border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2,616 </td><td style="border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2,907 </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">-10.01% </td></tr></tbody></table> Source: Vahan Ola Electric, whose sales have been on a steady increase over the past few months, sold 17,572 scooters in June, down from 28,629 units in May, a decline of 38.62%. The company had increased the prices of its electric scooters by up to ₹15,000 effective June 1. TVS Motor, the maker of the iQube electric scooters, reported sales of 7,791 scooters in June 2023, down from 20,397 in May. The company’s sales declined by 61.80%. The company increased its prices between ₹17,000 to ₹22,000. Up next is <keyword id="2622993" type="General" weightage="80" keywordseo="ather-energy" source="Orion">Ather Energy</keyword>, which is the worst-hit among the top 5 EV two-wheeler makers. The company sold 4,543 scooters in June, down from 15,407 a month earlier, a decline of 70.51%. The company had increased the prices of its electric scooters by up to ₹30,285. Bajaj Auto has also taken a big hit, with a decline of 70.24%. The company’s sales decreased from 9,965 in May to 2,966 in June. The company had raised the price of its scooters by ₹22,000. Okinawa has taken a 10% hit in sales, reporting sales of 2,616 units in June, down from 2,907 units in May. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/meta-is-giving-more-control-to-parents-over-their-childrens-activities-on-facebook-and-instagram/articleshow/101333395.cms">Meta is giving more control to parents over their children’s activities on Facebook and Instagram</a> <a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2-pre-orders-to-begin-from-june-29-heres-how-to-book-yours/articleshow/101278663.cms">Nothing Phone (2) pre-orders to begin from June 29 – Here’s how to book yours</a> <a href="https://www.businessinsider.in/tech/mobile/news/smartphone-makers-urge-indian-government-to-reduce-input-tariffs-to-increase-competitiveness/articleshow/101272037.cms">Smartphone makers want India to take the fight to China and Vietnam further</a>

No FAME, no gain? India’s electric two-wheeler sales decline after increase in prices

Ride-hailing major <keyword id="6354720" type="General" weightage="100" keywordseo="ola" source="Orion">Ola</keyword> has started to lay off 200 employees from its <keyword id="6362049" type="General" weightage="50" keywordseo="ola-cabs" source="Orion">Ola Cabs</keyword>, Ola Electric and <keyword id="7306214" type="General" weightage="50" keywordseo="ola-financial-services" source="Orion">Ola Financial Services</keyword> verticals as part of the "restructuring" exercise. The layoffs, which were first announced in September last year, happened across the teams. The company told IANS that it is "centralising operations and is undertaking a restructuring exercise to minimise redundancy and build a strong lateral structure that strengthens relevant roles and functions". The layoffs constitute 10 per cent of its 2,000-strong engineer workforce "as part of a larger restructuring exercise towards its electric dream". "Currently, the company has around 2,000 engineers and aims to increase its engineering talent pool to 5,000 over the next 18 months," according to the ride-hailing company. The Bhavish Aggarwal-run company has nearly 1,100 employees in its core ride-hailing business. Earlier, restructuring exercises impacted employees across product, marketing, sales, supply, tech, business, and operations verticals at the company, affecting nearly 500 employees that "were a result of restructuring in the cars and dash businesses". The ride-hailing major last year shut down its used vehicle business <keyword id="3295694" type="General" weightage="50" keywordseo="ola-cars" source="Orion">Ola Cars</keyword>, as well as its quick-commerce business, <keyword id="13052888" type="General" weightage="50" keywordseo="ola-dash" source="Orion">Ola Dash</keyword>, as the company shifted to focus on its electric two-wheeler and car verticals. Ola said it plans to hire 5,000 engineers as it doubles down on new engineering verticals and strengthens capabilities across the vehicle, cell, battery, manufacturing and autonomous streams. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/fugitive-diamantaire-mehul-choksi-buying-protection-by-bribing-antigua-officials-says-an-expos-on-blogger/articleshow/96956166.cms">Fugitive diamantaire Mehul Choksi buying protection by bribing Antigua officials, says an exposé on Blogger</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/oneplus-11-5g-launch-event-how-to-buy-event-tickets-price-benefits-and-more/articleshow/96956696.cms">OnePlus 11 5G launch event – how to buy event tickets, price, benefits, and more</a>

You Searched For "major ola" and got 8 results

Shares of Ola Electric have tapered down from their record-highs. Is this a good time to buy in?

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Ola's valuation slashed by more than half by Vanguard

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A 70-hour-week regimen 'far too ambitious' say medical experts

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No FAME, no gain? India’s electric two-wheeler sales decline after increase in prices

Sourabh Jain

Layoffs begin at Ola, 200 employees to be impacted by restructuring exercise

IANS

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