{"id":247678,"date":"2023-12-07T08:49:19","date_gmt":"2023-12-07T08:49:19","guid":{"rendered":"https:\/\/automotobuzz.com\/?p=247678"},"modified":"2023-12-07T08:49:19","modified_gmt":"2023-12-07T08:49:19","slug":"ola-electric-slashes-sales-targets-by-more-than-50","status":"publish","type":"post","link":"https:\/\/automotobuzz.com\/news-features\/ola-electric-slashes-sales-targets-by-more-than-50\/","title":{"rendered":"Ola Electric slashes sales targets by more than 50%"},"content":{"rendered":"
The reports of scaling back Ola\u2019s sales and revenue targets come ahead of its $700 million IPO plans.<\/h2>\n
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.<\/p>\n
According to a media report, Ola\u2019s 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.<\/span><\/p>\n
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.<\/span><\/p>\n
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.<\/span><\/p>\n
The reports of scaling back Ola\u2019s sales and revenue targets come ahead of its $700 million IPO plans.<\/span><\/p>\n