Indian EV maker Ola Electric's Q1 hurt by subsidy cuts; break-even target close

Indian EV maker Ola Electric's Q1 hurt by subsidy cuts; break-even target close

Bhavish Aggarwal, CEO of Ola Cabs, and founder of Ola Electric, poses with Ola electric scooters after the press conference ahead of the company's IPO launch in Mumbai, India, July 29, 2024. REUTERS/Francis Mascarenhas/ File Photo

India’s top e-scooter maker Ola Electric reported a bigger quarterly loss on Wednesday, hurt by subsidy cuts and a surge in depreciation costs, but said it was inching closer to breaking even in a key profit metric.