Ola Electric delays cell PLI timeline for profitability
Ola Electric is putting the brakes on expanding its battery cell capacity past 5GWh, choosing to focus on making money instead of just growing bigger.
With the EV market cooling off, their revenue dropped by half to ₹828 crore in Q1 FY25 and losses grew to ₹428 crore.
Still, thanks to tighter cost control, Ola's auto business actually turned a profit in June.
Ola plans to use IPO funds to boost margins
CEO Bhavish Aggarwal says they'll stick with their current battery setup until FY29—even though it means paying a ₹100 crore penalty for missing government deadlines.
Ola plans to use ₹1,227 crore from its IPO funds to strengthen its core operations and boost margins.
Looking ahead, they're aiming high: selling up to 3.75 lakh vehicles and bringing in as much as ₹4,700 crore in FY25, plus exploring new tech and export markets.