OLA to lay off 1000 Employees while hiring aggressively for EV biz and Focus Shifts!!!

0
OLA to lay off 1000 Employees while hiring aggressively for EV biz and Focus Shifts!!!
OLA to lay off 1000 Employees while hiring aggressively for EV biz and Focus Shifts!!!

OLA to lay off 1000 Employees while hiring aggressively for EV biz and Focus Shifts.According to corporate sources and recruiting agencies, urban mobility provider Ola is in the process of letting go of close to 1,000 people even as it increases hiring for its electric mobility division.

On July 6, ET reported that the corporation had begun issuing pink slips and that many of its employees’ yearly reviews had not yet been formally implemented. The number of layoffs was initially projected to be between 400 and 500, but insiders suggested the actual number may reach 1,000.

According to officials involved in the hiring process, the entire restructuring exercise, which is anticipated to last for a few more weeks, is to focus more on its electric mobility division, where it is hiring “aggressively”.The process has been ongoing in a variety of industries, including those that deal with used automobiles, mobility, hyperlocal, and fintech.

One official told ET that individuals who were about to be laid off had been asked to voluntarily resign. According to one Ola employee, “the company is delaying the appraisal process of certain individuals that the company wishes to terminate in order that they resign.” According to a source familiar with the situation, Ola is laying off four individuals for every one it hires as the Bengaluru-based business prepares to produce lithium-ion battery cells and an electric vehicle.

The individual stated, “Ola plans to hire roughly 800 people for cars alone and additionally for cell development.” “More individuals are entering even as they are releasing people.According to someone with knowledge of the situation, the corporation is repurposing rather than slashing costs. ET’s comprehensive questions about Ola’s restructuring strategy went unanswered.

On June 25, ET reported that Ola was ending its rapid commerce venture Ola Dash and used car sales venture Ola Cars, putting a halt to its plans to build a super app. On February 28, ET also stated that Ola was unlikely to realise its super app ambitions due to a number of obstacles, including finance and technological difficulties.

On July 18, the business said that it was investing roughly $500 million in Bengaluru’s forthcoming research and development centre for battery cells. This facility would begin operations in August and hire over 500 engineers and PhD holders. On Thursday, Ola Electric announced that it had entered into a contract with the Ministry of Heavy Industries to take advantage of the government’s Rs.18000Cr production-linked incentive programme for manufacturing cells at scale on its own.

The business claimed to have created the 2170 battery cell, the first lithium-ion cell made entirely in India.

**To Join Job Update Whatsapp Group**

[table id = 5606 / ]