The company said it is renegotiating the contract for lowering costs.
19 Feb 2025 | 5922 Views | By Angitha Suresh
Ola Electric Mobility Limited announced today that its vehicle registration numbers on the VAHAN portal will temporarily decrease during February 2025. The company attributes this expected dip to ongoing renegotiations with its registration agencies.
In a regulatory filing to the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), ...
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Ola Electric Mobility Limited announced today that its vehicle registration numbers on the VAHAN portal will temporarily decrease during February 2025. The company attributes this expected dip to ongoing renegotiations with its registration agencies.
In a regulatory filing to the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), the electric vehicle manufacturer stated it is currently renegotiating terms with Rosmerta Digital Services Private Limited and Shimnit India Private Limited to "reduce cost and enhance registration process efficiencies."
"Due to ongoing negotiations and optimisation of the registration process, our registration numbers for the month of February 2025 (on VAHAN portal) will be temporarily impacted," the company stated in its filing. However, Ola Electric emphasized that its actual sales remain strong throughout February and assured investors that "the dip in registration will be streamlined in the next few weeks."
The company provided additional details in an annexure, noting that both agency agreements—originally executed in December 2021—are being revised specifically to improve registration efficiency while reducing operational costs.
Ola Electric's stock trades under the symbol OLAELEC on NSE and code 544225 on BSE. The company, formerly known as Ola Electric Mobility Private Limited, is headquartered in Bengaluru.
Ola Electric, while still a major player, has its once seemingly unassailable lead in India's electric two-wheeler market come under increasing pressure in the last six months.
While it held onto a leading position, their market share wasn't what it once was. A big part of this was the rise of competitors like TVS and Bajaj.
These established players were catching up, bringing out new models and crucially, expanding their service networks – something that's vital in the Indian market.
Ola's sales figures weren't consistently, and saw ups and downs, periods of decline followed by attempts to regain lost ground. Meanwhile, Ola is making heavy investment in expansion, including building new manufacturing capacity and a lithium-ion cell facility.