Latest news with #Electric
Economic Times
2 days ago
- Automotive
- Economic Times
Ola Electric reports revenue decline and widening losses in March quarter
Agencies Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Mumbai: Ola Electric's financial performance worsened in the March quarter as the electric two-wheeler maker reported a sharp decline in revenue and loss company posted a net loss of ₹870 crore compared with ₹416 crore in the same period last year, amid declining market share, a slump in the stock price, and increased regulatory revenue fell 61.8% YoY to ₹611 crore from ₹1,598 crore, driven by a drop in electric scooter sales - the Bengaluru-based company's primary revenue source."These (financial) numbers were impacted by a one-time issue with our registration process which we had highlighted during the course of the quarter itself. That subsequently got resolved in Q1 which is this quarter," said founder Bhavish Aggarwal on an earnings call."If you look at our Q1 outlook, we are sharing a revenue forecast of about ₹800-850 crore, about 65,000 deliveries and a gross margin of about 28-30% which is much higher than Q4," said Aggarwal Electric reduced total expenses by 31.6% to ₹1,306 crore, largely due to a nearly ₹1,000 crore cut in material deliveries fell to 51,375 units in the quarter, down from 115,386 in the year-ago period. However, gross margin at its automotive business inched up to 19.2% from 18% last said the company had planned to integrate its own battery cells into its vehicles in the current quarter. While the vehicles are ready with in-house cells, the rollout was deferred to allow time for stabilising the newly launched Roadster bikes and the Gen 3 scooter platform, said Aggarwal. The company also aims to improve cell production yields from 60% to 80% before the full-scale launch. "We are delaying it a bit just to make sure the operating profile of the commercial business is first prioritised. Then we add on the cell integration to that," he added. A total capital expenditure of ₹1,600 crore has been earmarked for expanding the company's cell manufacturing capacity from the current 1.5 GWh to 5 GWh. "We have not yet kicked off this capex cycle on the cell yet because we are just waiting for stabilising yields in the 1.5 gigawatt hour," Aggarwal said. Ola Electric slipped to third position in India's electric two-wheeler market in May, overtaken by legacy players TVS Motor and Bajaj Auto . The company held a 20% market share in May, down from 22.1% in April and significantly lower than the 50% share it commanded in May 2024. Aggarwal described the March quarter as a period of "important learning and introspection" as Ola Electric navigates its transition to a publicly listed company. "As we have transitioned from a private to a public company, we have to also manage operating risk in a slightly more mature way. So, that lesson has been well learned by everybody at Ola Electric," he said. "Going forward, hence you will see us be much more deeper as well as thoughtful about capital allocation and operating risk."Earlier this month, Ola Electric's board approved raising up to ₹1,700 crore through non-convertible debentures and other debt instruments - the company's first fundraising move since its August 2024 IPO. The funds are expected to support operations and strengthen the balance sheet amid regulatory challenges and stock market company has faced increasing scrutiny over discrepancies in reported sales figures, vehicle quality issues, and missing trade certificates at several retail outlets. In February, Vahan data showed only 8,652 registrations for Ola Electric, while the company claimed sales of 25,000 units in its filings. The discrepancy was attributed to a temporary backlog caused by ongoing contract renegotiations with registration service providers Rosmerta and Shimnit mismatch prompted inquiries by the Ministry of Heavy Industries and the Ministry of Road Transport and Highways. Despite these headwinds, Ola Electric is expanding its product line. On May 23, it began deliveries of its Roadster X electric motorcycle, which Aggarwal said is generating strong interest. The company launched its third-generation electric scooters on January 31, promising improved performance and efficiency.
Irish Examiner
2 days ago
- Business
- Irish Examiner
Ernest Cantillon: 'An empty restaurant, built to have lots of people enjoying themselves. It was strange, haunting'
Electric on the South Mall, an art deco building, built in the 1930s by the O'Shea brothers who came back from Chicago after the 1929 crash. I bought it in 2009, and O'Shea Brothers renovated it for me. It had a lot of history – for me, an emotive place. I opened it as a bar and restaurant in 2010, I was 27, my biggest undertaking before or since. Quite quickly, it became a big business. We were open all hours – at its busiest, we had 60 employees. I lived nearby, on the Grand Parade. Effectively, I lived in Electric for 13 years – everything bar slept. I adored it. My father's office was two doors down, my grandfather was a GP next door – they used to live over the surgery. We have a phenomenal history with that part of town. My mother, brother, and sister were in and out multiple times a day. I met my wife, Sally, there in 2011. My family, Sally's family, ate there every Christmas Eve. So, Electric was more than a job, there was a big emotional connection. We were very busy, vibrant, heading into covid – we never really emerged out of covid. It was like turning around a ship – I couldn't re-ignite it, could never seem to catch up. So the 24-hour period: December 23, 2023. I didn't necessarily know that day it would be the last day. Our plan was to close from Christmas into January while I assessed what to do. I knew something dramatic would happen: it was no longer going to be Electric with me at the helm. It was the end of a chapter – I was no longer the best person to run that business, I was out of ideas. That last day was bittersweet. Bizarrely, it was a very nice day. By that time in December, most people are on holidays, everyone's in good form. That day every year, lots of people home for Christmas would call in. Hundreds worked there over the years – we took on lots of college students in the summer – so people back from Dublin, the UK, would call in. But it was a highly emotional day. There were staff who'd been there since it opened. We were a crew who enjoyed working together, and I was breaking that up. My life was so interconnected with it – routine-wise my default was to go to Electric. It would be strange not having that anymore. I was very proud of Electric, my name synonymous with it. It was scary, terrifying – someone would come the next day and the door would be closed. There was a feeling of having let down colleagues. There was also relief. I wasn't going to have to keep slogging on – it had been a hard slog since covid. My family came in for dinner, my three sons too – the last time we'd eat there as a family. Walking out, 9pm, Lou Reed's 'Walk on the Wild Side' playing, Sally and I stopped. In that moment, I knew I was walking out on a chapter that had dominated my life for 13 years. Even covid, while initially stressful, I knew the world couldn't fail. Whereas now, we were the only ones closing. On your own, it's a very public failure, particularly when your identity's tied up in it. I was on top of the practical side – I had good advisors, accountants. It was: What will I do with myself? I felt people's perceptions of me would change. There was a period when I was almost embarrassed, self-conscious, walking down the Mall. It was almost like the death of a friend, like losing a bit of yourself. It took a year to sell the building. An empty building takes lots of maintenance – I went in most days. Definitely not good for the soul. An empty restaurant, built to have lots of people enjoying themselves... It was strange, haunting. Supporters of the Cork City Hospital's Children's Club gathered at the Lough, Cork, to announce details of their upcoming fundraiser, "Lap the Lough," where a trail of coins will circle the Lough on June 2nd. Included are John Looney, Mick Finn, Ernest Cantillon, Pat Fitzgibbon, Emer O'Mahony and Eimear McCarthy. Picture Dan Linehan. The staff of Electric were so unbelievably understanding and supportive, all of them so concerned for me. Small acts of kindness meant a massive amount. People sending messages, saying they'd got engaged there, brought their parents when they'd got their first job, people with fond memories of summers they'd worked there, picking up glasses – those messages were hugely consoling. I'm disappointed Electric failed. Knowing I gave it my best shot – just all my ideas had run their course – makes it easier. And I'm still here – involved in other business projects, less encumbering, less stressful. There's a whole other part of you besides your job, your business. My life's happy, I have healthy children. I like what I do. Losing Electric is one of the biggest bad things to happen to me, which puts it in perspective – makes me realise how happy my life has been. Getting back up, dusting yourself off – I didn't know I had resilience. I discovered I've a bit of steel in me. If I'd known at the outset, 'I'll have 12 great years with Electric and on the 13th I'll fail', I'd say all day long: I'd do it again. It was worth it, I wouldn't change it. Ernest Cantillon is an organiser with the 'Lap The Lough' fundraiser in aid of Cork City Hospitals' Children's Club taking place this Bank Holiday Monday, June 2, 11am to 2pm. The fundraising event aims to create a full circle of Euro coins in a ring of hope to help bring sick children to Disneyland Paris. Donate here. Read More Bernard O'Shea: Five things Peppa Pig needs to know about having three siblings in the family
Malaysian Reserve
22-05-2025
- Automotive
- Malaysian Reserve
NetDragon Expands Global "AI + Education" Strategy, Partners with Thailand MHESI to Launch AI Education Platform
HONG KONG, May 22, 2025 /PRNewswire/ — NetDragon Websoft Holdings Limited ('NetDragon' or the 'Company'; Hong Kong Stock Code: 0777), a global leader in building internet communities, is pleased to announce the official launch of the MHESI Skill platform ( an AI education platform co-developed with Thailand's Ministry of Higher Education, Science, Research and Innovation ('MHESI') based on NetDragon's This platform serves as a key initiative under MHESI's recently launched 'EV Ready+' electric vehicle ('EV') industry talent development program, offering free, certified training to equip Thai citizens with real-world skills and enhance career prospects in the EV sector. The MHESI Skill platform will offer a suite of EV-focused training programs, initially launching with two fundamental courses — Basic Electric Vehicle Technology Course and Electric Vehicle Maintenance Course. These will be followed by three additional courses covering EV System Design and Development, EV Infrastructure and Charging Systems, and EV Business Management. All courses will be free of charge and include an official e-Certificate issued by MHESI upon completion. All 'EV Ready+' courses will be delivered in a hybrid 'online + offline' learning format, combining self-paced online theory modules on the MHESI Skill platform with hands-on practical training at partner universities, including Bangkok Thonburi University and King Mongkut's University of Technology North Bangkok (Rayong Campus). MHESI also plans to expand practical training sites to other regions nationwide, ensuring equal access to learners across the country. Mr. Punpermsak Aruni, Assistant Permanent Secretary of MHESI, shared, 'Thailand is rapidly emerging as the regional center for the electric vehicle industry in Asia-Pacific. To keep pace with this transformation, we must urgently invest in developing high-skilled talent. The 'EV Ready+' project was designed to empower Thai talent with free, advanced knowledge and professional training, strengthening our competitiveness in the global automotive shift.' Dr. Simon Leung, Vice Chairman of NetDragon, commented, 'The MHESI Skill platform marks a significant step forward in digitization access to technical education in Thailand. Through our collaboration with MHESI, we are building a flexible, scalable AI education platform aligned with Thailand's national workforce development goals. By providing certified training in key areas such as EV technology, we are supporting Thailand's ambition to become the EV production hub of the Asia-Pacific region while empowering its talent with the skills needed for success in the digital and green economies.' About NetDragon Websoft Holdings Limited NetDragon Websoft Holdings Limited (HKSE: 0777) is a global leader in building internet communities with a long track record of developing and scaling multiple internet and mobile platforms that impact hundreds of millions of users, including previous establishments of China's first online gaming portal, and China's most influential smartphone app store platform, 91 Wireless. Established in 1999, NetDragon is one of the most reputable and well-known online game developers in China with a history of successful game titles including Eudemons Online, Heroes Evolved, Conquer Online and Under Oath. In the past 10 years, NetDragon has also achieved success with its online education business both domestically and globally, and its overseas education business entity, currently a U.S.-listed subsidiary named is a global leader in interactive technology and its award-winning interactive displays and software can be found in more than 1 million learning and training spaces across 126 countries. About Thailand Ministry of Higher Education, Science, Research and Innovation (MHESI)The Ministry of Higher Education, Science, Research and Innovation (MHESI) plays a vital role in shaping Thailand's future by laying the foundation for a knowledge-based society. With a mission to promote equal access to lifelong learning, MHESI is committed to reducing inequality, enhancing quality of life, and equipping Thai citizens with the skills needed for the 21st century. The Ministry aims to drive national development by accelerating the creation of scientific, technological, and innovative knowledge alongside the development of human capital in higher education institutions, positioning Thailand as a competitive, innovation-led nation on the global stage. For investor enquiries, please contact: NetDragon Websoft Holdings Limited Ms. Maggie ZhouSenior Director of Investor Relations Email: [email protected] / [email protected] Website:
Time of India
21-05-2025
- Automotive
- Time of India
Oben to foray into 100-cc motorcycle segment
Oben Electric is set to enter the 100-cc motorcycle segment with its new O100 platform, targeting the mass commuter base with sub-Rs 1 lakh electric motorcycles expected in the second half of the year. This move aims to capture a significant 30% share of the two-wheeler market. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Electric motorcycle maker Oben on Wednesday announced plans to foray into the 100-cc motorcycle segment under a new platform. The new platform named as O100 will produce the 100 cc and equivalent sub-Rs 1 lakh motorcycles, which are expected to be rolled out by the second half this calendar year, to cater to the mass commuter base, Oben Electric segment accounts for nearly 30 per cent of the total two-wheeler market, it first motorcycle platform, ARX, churns out the performance-centric Rorr and Rorr EZ models of e-motorcycles that cater to the premium commuter scalability at its core, enabling faster product iterations and manufacturing ramp-up, the platform allows Oben Electric to deliver high-quality electric motorcycles that cater to a wide range of commuter a modular and versatile architecture, O100 supports multiple variants, different battery options, and functionalities tailored to different customer segments, it said, adding that with future-ready by design, the platform also allows seamless integration of emerging technologies and infrastructure upgrades, making it a robust foundation for long-term EV adoption in India's most cost-sensitive segments."Our new platform, O100 is engineered for India's mass daily commuters and aims to make electric motorcycles a practical reality for every Indian," Oben Electric Founder and CEO Madhumita Agrawal Electric also said it is rapidly expanding its presence across Tier I/II/III cities and looking to cross 100+ showrooms by the end of the year.
Time of India
21-05-2025
- Automotive
- Time of India
JLR expects BEVs to account for significant portion of India biz in 3-4 yrs
Jaguar Land Rover expects electric vehicles to account for a significant portion of its business in India over the next 3-4 years, as the company builds its portfolio amid hopes of faster adoption of green vehicles in the country, according to a top company executive. Tata Motors-owned marquee brand plans to roll out around 8 variants of Battery Electric Vehicles (BEVs) in the country by 2030, including the Range Rover BEV , which is expected to be introduced in India sometimes next year. Tata Motors-owned JLR currently does not have any BEVs in its portfolio in the country. "I think that EVs are one of those things that will hit a point where it is going to race ahead. It was racing already, but slowed down a bit. With every manufacturer now investing, I think that the power of many will fuel this (segment) further, giving consumers confidence," Jaguar Land Rover (JLR) India Managing Director Rajan Amba told PTI here. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Selling your car? Don't do anything before clicking this Cars24 Book Now Undo With battery pricing dropping and mileage increasing amid the right set of government policies in place, the EV segment is moving in the right direction in the country, he added. "For whatever reasons, it (EV sales) kind of slowed down a bit, maybe swayed by foreign sentiment, but I think that certainly for our brand and for our category where we operate, I think it will be more than enough to create in the next 3-4 years, a significant portion of our business to come from the BEV portfolio," Amba said. Live Events He noted that when many OEMs come forward, it helps to create a market, which is not possible if only a single entity is operating in the segment. Amba noted that adoption of EVs in luxury segment in the domestic market has been brisk and various automakers have already benefited in terms of their overall volumes in the last few years. He expressed hope that going by the market sentiments, Range Rover BEV is also expected to generate a strong demand in the domestic market. Amba stated that the only thing lacking and which needs to be accelerated is the speed in creating charging infrastructure which would give confidence to the prospective customers. He noted that JLR is working very closely with Tata Motors and other group firms in this regard. As part of its global sustainability goals, JLR aims to achieve net-zero carbon emissions by 2039.
