India, July 21 -- For Bhavish Aggarwal and Ola Electric, the narrative is one of perpetual motion; a company that claims it is shifting from a hypergrowth EV disruptor to a maturing company focused on the long game.
The leadership speaks of consolidation, of profits finally being extracted from its much-vaunted full-stack approach, and of a future defined by capital efficiency and vertical integration.
This bullishness found a receptive audience, at least for a day, as the company's stock surged nearly 18% following its Q1 FY26 results, buoyed by guidance that its auto business had, for the first time, turned EBITDA positive in the month of June.
But when one peels back the layers of this corporate messaging, and a far more challenging...
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