Ola Electric to cut 500 jobs to 'drive profitability': Reports
The exercise is expected to be completed by the end of this month
Ola Electric Mobility, amid mounting losses, is cutting 500 jobs across verticals and levels as part of a restructuring exercise, according to media reports on Friday (November 22).
The company, which has come under the scanner for its poor aftersales service recently, had started the job cut in the September quarter.
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"It has been going on for some time now, starting around July. It has been a gradual process of removing redundant roles across verticals and levels," PTI reported quoting a source.
As per Inc42 report, citing sources, “the aim is to cut expenses to drive profitability and improve margins. There's no set time period for the completion of the exercise”.
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The exercise is expected to be completed by the end of this month.
Ola Electric is looking to optimise workforce with an aim to improving margins and enhance profitability, the source added.
Earlier this month, the Central Consumer Protection Authority (CCPA) had ordered a detailed probe into complaints related to alleged "deficiencies" in services and electric two-wheelers manufactured by Ola Electric.
Last month, the company had said that out of 10,644 complaints received from CCPA, it has resolved 99.1 per cent of the complaints.
(With agency inputs)