Ola Electric cuts its fiscal 26 overall revenue target, while maintaining forecasts for the core automotive business as it shifts the focus to profitability over volumes, reported Reuters. Shares of the company fell 5% post announcement which were down 0.8% prior to the announcement.
The decline in volume reflected the shrinking market share which has been overtaken by legacy giants like Bajaj Auto and TVS Motors.
Lucid Cuts Production Forecast Amid Supply and Production Constraints
Lucid cut down in its 2025 production forecast to 18,000 vehicles as it grapples with industry-wide supply and production constraints, reported Reuters.
The EV maker also suffered a blow at the stock market as shares fell 3% in extended training after it reported revenue for the third quarter below the analyst estimates and bigger than expected loss despite the jump in deliveries.
Tesla’s Co-Founder Start Critical Minerals Plant Production as EV Market Sets to Decline
Tesla’s co-founder JB Straubel opened a new facility for their battery recycling venture, Redwood Materials that will supply critical minerals, reported Bloomberg. Tesla is facing an expected slowdown in the EV segment.
Redwood has also started a new unit called Redwood energy that turns degraded EV batteries into grid-scale energy storage systems, and raised a $350 million Series E to speed up energy storage deployment.
JSW in Talks with Japan, South Korea Firms to Cut Reliance on China for Battery
JSW group is in talks with Japanese and South Korean firms for battery cell manufacturing in India as it looks to reduce its reliance on China, reported ET.
The conglomerate is looking to safeguard its supply chains for its new energy vehicle business. Discussions are expected to conclude by March, with the joint venture potentially serving energy storage and renewable integration.
MoEving to lease 700 small Tata Motors’ electric CV for Last-Mile Deliveries
MoEving, electric mobility solution provider has partnered with Tata Motors’ to 700 small electric commercial vehicles (CVs) that will be deployed for the last mile deliveries across 10 cities, reported Economic Times.
This move will help the e-commerce, logistics, and FMCG sectors’ growth and their business model will make electric vehicles deployment scalable and cost-effective.
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