The most comprehensive deep dive into the electric two-wheeler and micro-mobility industry

Sales and Financials

Ola Electric Q1 FY 2026 Financials

The company paints a positive picture, and there is a big improvement from last quarter, but the financials have deteriorated on a year-on-year basis. Also, the results open up some questions.

Ola Electric Q1 FY 2026 Financials

The company paints a positive picture, and there is a big improvement from last quarter, but the financials have deteriorated on a year-on-year basis. Also, the results open up some questions.

Ola Electric Bleeds Profusely

The India-based Ola Electric, the world's most funded electric two-wheeler manufacturer, announced its Q4 and Full Year FY 2025 financial results yesterday. Every meaningful metric has dipped, the most important being a 61% drop in revenues and a -101% consolidated EBITDA margin.

Ather Reverses the Trend

We are always sceptical about financials immediately after an IPO. Companies are at their best behaviour, are prudent, and the numbers are unbelievably good. In some cases, they start deteriorating right after. With that skepticism, mixed with some cynicism, we analyse Ather's latest numbers

Bajaj Will Ride KTM

India-based Bajaj Auto, the world's most profitable two-wheeler manufacturer and KTM's long-term partner, has pitched in with EUR 800m to save KTM. We look at the what, why, and what now of the deal.

Alt-Mobility Raises

India-based EV as a service company Alt-Mobility has raised an undisclosed amount from Beyond Capital Ventures.

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Ola Electric's Financials are Deteriorating Fast

Ola Electric has reported a 50% increase in Net Losses and a 19.5% drop in revenues in Q3 FY2025 (year-on-year). In a quarter when the Indian E2W industry reached a new peak, Ola's declined. The company also had a one-off cost of INR 1.1bn (USD 12.56m) to address service issues.

Dust Moto: Mid is not Mediocre

Off-road lends beautifully to electrification, but there may be different ways of targeting the market - from urban/street for the kids to cut-throat sports for the big boys and everything in between. We sat down with Colin Godby, CEO-Dust Moto, who is looking at motocross from the lifestyle lens.

Tough Being A-Live

Livewire's full-year unit sales could not cross the 2023 numbers even as cost-cutting measures and a high loss base meant that the Milwaukee-based Harley offshoot could improve on its losses. It needs new and smaller products. It needs a huge cultural shift in America. It needs a miracle.

Why is Ola Misrepresenting Tech?

Marketing is critical for technology creation. Without taking new tech to the masses, one cannot continue creating. Pathbreaking innovations - from Damon's hyper-optimized monocoques to Verge's Donut motor- often take time to reach the mass level. That limits their impact.

Vmoto Remains Under Stress

The company's full-year sales numbers for 2024 are down 33% over 2023. Sales continue to fall in China and the rest of the world, even as the company stresses its positive cash flows and strong balance sheet and sales recovering in the near term horizon.

Hero Separates Electric Business in Top Deck Upheaval

India-based Hero MotoCorp, the second-largest two-wheeler manufacturer in the world, announced a management reshuffle yesterday evening. The CEO and CBO have been replaced. Most importantly, Hero is separating its EV & Emerging Mobility Business Unit (EMBU) into a fully independent entity.

Ola Electric Updates its Scooter Portfolio

The company launched what it says is the Gen-3 of its hardware and software platform that underpins the Ola S1 scooter range. However, it seems that the company has changed the definition of Gen-3 from the one that it had shared during its quarterly results on Nov 08, 2024

Wk 5 2025 - Does Honda have a Strategy for India?

Honda's 50% market share of the Indian scooter market is handy as it enters electric mobility with the Activa e: and QC1 scooters. But the prices and the subscription plans leave everyone puzzled. They don't want to disrupt the market. Instead, Honda wants to take it apart, brick-by-brick.

What is Honda's electric play in India?

Late-entrant Honda shows no urgency in its India E2W play. Its Go-To-Market is linked with its battery-swapping network rollout. The problem is that three years after the start of the pilot, the Honda e-swap has reached only 1% of the population. Are they serious about India's E2W market?

The Circularity of Sustainability

For electric mobility to be truly sustainable, battery recycling has to be a core requirement for participants. Honda and Spiro are at least making the right moves, figuring out in the early days how their batteries would be redeployed and recycled once their charge drops to below usable.

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