Hyundai and Kia have exited Ola Electric just as the company faces its toughest year since going public. The Korean carmakers sold their entire stake in a stock market bulk deal.
The two companies had invested in Ola Electric back in 2019, backing its EV push. Raids, vehicle seizures and scrutiny overbooking practices had raised red flags in the company. Ola is also battling project delays and rising EV competition.
Hyundai and Kia haven’t revealed why they exited, but analysts say they may be stepping back to avoid conflicts as they build their own EV lines in India.
Watch
#hyundai #ola #kia
Mint is an Indian financial daily newspaper published by HT Media. The Mint YT Channel brings you cutting edge analysis of the latest business news and financial news. With in-depth market coverage, explainers and expert opinions, we break down and simplify business news for you.
Click here to download the Mint App: https://livemint.onelink.me/MrDS/p0kx3pdg
Subscribe to Mint Premium Now: https://www.read.ht/Scaq
Subscribe to Mint’s WhatsApp Channel: https://whatsapp.com/channel/0029Va91YSeGehEM6oMesj3d
