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Economic Times
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Ola Electric Q2 performance better on year, but weakens sequentially
- Ola Electric reports Rs 1,214 cr operating revenue for Q2FY22, up 39% YoY, net loss narrows to INR 495 crore
- However, sequentially, revenue falls 26% and net loss widens; Deliveries fell 21% QoQ to 98,619 units
- CEO Bhavish Aggarwal calls Q2 a "seasonally weak period" and predicts a recovery in Q3
- Ola Electric maintains market leadership with a market share of around 33% & gross margin is 20.6%, despite enhanced competitive dynamics in the industry
- Ola Electric announced plans to launch 20 new products over the next two years
- Ola Electric recently launched sale events to ramp up sales and aims to grow at a rate of 30% YoY from here on
- Ola Electric's market share fell to 27% in September from 58% in May as larger two-wheeler makers Bajaj Auto and TVS Motor gained ground in the EV market
- Ola Electric aims to have more than 3,000 retail stores by March 2025, co-located with service infrastructure, which includes 2,000 company-owned locations
- Ola Electric's mass segment products now account for more than half of its quarterly volumes
- Ola Electric saw its shares decline 2.5% on Friday to INR 72.74 in the BSE, after announcing its Q2 results
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