Ola Electric slashes sales targets by more than 50%

The reports of scaling back Ola’s sales and revenue targets come ahead of its $700 million IPO plans.

Ola Electric has slashed its sales targets for 2023-2025 by more than 50%. The company has also delayed its target of achieving profits by a year.

According to a media report, Ola’s latest financial projections show that the company expects to sell 3,00,000 e-scooters in the current fiscal year, which is two-thirds lower than its earlier goal of 8,82,000 units.

The document is said to have revealed that Ola has reduced its revenue target for the ongoing fiscal by 60% from $1.55 billion to just $591 million. Reports suggest that the targets have been lowered because of lower government subsidies.

Ola Electric, in a statement, refrained from acknowledging the document. The company stated that the future financial targets were yet to be verified and that this information was confidential.

The reports of scaling back Ola’s sales and revenue targets come ahead of its $700 million IPO plans.

Source: Reuters