Ola Electric Narrows Q1 Loss as EV Sales Rise
India’s Ola Electric reported a narrower first-quarter loss, helped by stronger electric two-wheeler sales and lower operating expenses following its restructuring efforts. The company’s net loss for the quarter ended June 30 narrowed to ₹3.36 billion from ₹4.28 billion a year earlier.
Ola said orders nearly doubled from the previous quarter to around 44,000 units, while deliveries rose to about 39,200 units. Revenue at its automotive business increased 72% sequentially, while consolidated operating expenses fell 22% from the previous quarter. However, overall operating revenue declined about 45% year-on-year to ₹4.55 billion.
The company maintained a gross margin of 30.5% despite higher costs for copper, aluminium, lithium and plastics, and said rising sales and further cost efficiencies could improve profitability. Ola also said volatile fuel prices linked to Middle East tensions could support demand for electric two-wheelers, as consumers seek lower running costs. Analysts expect India’s electric two-wheeler market to remain resilient.
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