Ola to retrench 1,000 employees, company shifts focus to Electric Vehicle bussiness

New Delhi: Call it the lay-off of employees or paying the price for company’s reorganization of business, the mobility firm is all set to retrench about 1,000 of its employees across many verticals.

However, company insiders & recruitment agencies claim that the company has also planned ramping up of hiring in Electric segment as it plans mega investment in the Electric vehicle business.

According to a leading business daily, Ola has already started handing out pink slips to its employees. Initially, the number of lay-off was expected to be around 500 but sources claim that the figure may swell to around 1,000.

Through its restructuring exercise, the company plans to cut down employee strength in loss-making units and prepare a new ‘Electric segment’ which could well be the future of consumer mobility.

According to reports, the company is hiring at least 4 people in the Electric segment business, against every 1 person leaving/laid off.

The Bengaluru-based firm is aggressively scanning engineers for making electric cars & lithium-ion batteries.

Ola lays out plan for pushing EV business

The Bengaluru based firm has prepared a comprehensive roadmap for driving its EV mobility business. The company has already closed down Ola Dash and Ola cars services.

The company is taking big strides for making transition to the electric vehicle business. Recently, the Ola Electric unveiled an indigenously developed Li-ion cell, which it vows to produce on mass level from next year. The company has also announced investment of %500 mn to set up Battery Innovation Centre (BIC) in Benglauru.

Yesterday, the start-up also inked an agreement with the Ministry of Heavy Industries (MoI) under the government’s Rs 18,100 crore production Linked Incentive (PLI) scheme to manufacture advanced chemistry cells in the country.