NEW DELHI : India's IPO-bound Ola Electric has suspended its electric car launch plans as the Softbank-backed company wants to focus on its e-scooter business, two people with direct knowledge of the decision said.
FILE PHOTO: Ola Electric's S1 Air e-scooters are pictured inside its manufacturing facility in Pochampalli in the southern state of Tamil Nadu, India, August 15, 2023. REUTERS/VarunVyas Hebbalalu/File PhotoNEW DELHI : India's IPO-bound Ola Electric has suspended its electric car launch plans as the Softbank-backed company wants to focus on its e-scooter business, two people with direct knowledge of the decision said.
Ola's"focus is all on the two-wheeler market, including bikes, and mass electrification is still some time away - you need to have infrastructure," the first source told Reuters. One of the sources said Ola's car project has been put off for at least two years as focus remains on two-wheeler sales and battery production.The company's stock market debut next month will be one of India's biggest IPOs this year.
Ola deployed external consultants and hired more than 100 employees for the project, the second source said, adding that 30 per cent of the team had now quit and some had been given new roles or projects.
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