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Ola Electric stock tumbles as complaints add up and market share erodes
Indian electric vehicle maker Ola Electric's customers aren't happy with its service and scooters, and it's affecting the company's stock and market Ola Electric's market cap fell below $4.75 billion for the first time since its public debut in August.
The analysts wrote that Ola Electric “did not invest” sufficiently in servicing capacity to match the volumes sold over the past two years. Issues ranged from sensor and software problems in the hub motor to battery discharge during non-usage, while other regular service requirements also accumulated due to staff shortages,” the note added. Meanwhile, Indian automotive giants Bajaj and TVS are ramping up their focus on electric vehicles — each now controls over 20% of the EV market.
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