Ola Mobility has lost its charge

Ola Electric’s 60% stock plunge reveals the fragility of first-mover advantage in India’s EV market. The meteoric rise and sharp decline of Ola Electric shows the challenges faced by EV startups when competing against established players. Despite reaching a $3 billion valuation and capturing 35% market share, the company’s dominance proved unsustainable, with monthly sales plummeting from 34,000 to 8,647 units within a year. The company’s financial health is deteriorating, with quarterly losses expanding to $65 million, while a mass exodus of senior executives signals deep-rooted organizational challenges.

via Rest of World