New Delhi, Mar 3 (PTI) Ola Electric Mobility is cutting around 1,000 jobs across different functions as part of a restructuring exercise to reduce losses, according to people aware of the development.

Ola Electric Mobility Ltd. is laying off over a thousand employees and contract workers, people familiar with the matter said, as one of India’s top scooter-makers races to pare ballooning losses.

Ola Electric, India's top electric two-wheeler maker by sales, said on Monday it is eliminating some roles due to restructuring and automation, with Bloomberg News pinning the number at over 1,000, amid the company's push for profitability.

Ola Electric’s stock dropped 5% to a new low as the company plans to lay off over a thousand employees to mitigate losses. The layoffs impact more than 1,000 of the 4,000 employees, marking the second round of cuts in five months.

MUMBAI: Electric two-wheeler manufacturer Ola Electric is laying off over a thousand employees and contract workers as part of a cost-cutting measure to address mounting losses. According to Bloomberg,

Ola Electric layoffs comes just months after the company, led by Bhavish Aggarwal, made 300-400 employees redundant—less than 10% of its workforce—citing a stronger emphasis on profitability.

The Bengaluru-based electric vehicle (EV) manufacturer will reportedly slash jobs across departments such as fulfillment, procurement, customer relations, and charging infrastructure.

In November last year, the SoftBank-backed EV maker had cut jobs. By the end of last year, Ola Electric had 3,824 employees, nearly two per cent less than what it had in 2023, said a report by market intelligence platform Tracxn.

SoftBank-backed Ola Electric has laid off over 1,000 employees as part of a restructuring move to cut costs and improve margins, even as it struggles with mounting losses and rising competition

Ola Electric recently launched its first electric motorcycle — Roadster X — at a starting price of Rs 74,999 (ex-showroom).

Ola Electric Mobility Ltd is looking to axe more than 1,000 jobs as the EV maker plans to cut down its losses, according to a report by Bloomberg. The job cuts are expected to be across multiple departments, including procurement, fulfilment, customer relations and charging infrastructure, the news report said.