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German carmaker Mercedes-Benz expects <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> to become its third biggest market in its 'Region Overseas' over the next 2-3 years with demand anticipated to remain strong for luxury products, according to a senior company executive. The Region Overseas for <keyword id="20034825" type="General" weightage="20" keywordseo="mercedes-benz" source="keywords">Mercedes Benz</keyword> comprises 118 countries, excluding North America, Europe and China. India is the fifth largest market in the region after Japan, South Korea, Australia and Turkey. The sales gap between India and Turkey is around 8,000 units per year. "Our Region Overseas markets which encompass 118 markets across the world and India happens to be market number five for us. So you can imagine the relevance and importance it serves not only today, but also for the future of the Mercedes Benz brand," Mercedes-Benz AG Head of Region Overseas, <keyword id="20836954" type="General" weightage="20" keywordseo="sagree-sardien" source="keywords">Sagree Sardien</keyword> told reporters here. When asked about the expected timeframe to achieve the target, she stated, "We are convinced that with the way the Indian market is developing, we should see this happening in the next two to three years." Terming India a strategic market for the brand, <keyword id="20836953" type="General" weightage="20" keywordseo="sardien" source="keywords">Sardien</keyword> noted that the company has seen sales of its high-end models grow in double digits for the last couple of years and expects the same to continue this year and beyond. She noted that the company will add 12 new models, including three battery electric vehicles, in the market this year. The company also plans to tap smaller cities as it looks to establish sales outlets in 10 new locations ranging from Jammu to <keyword id="19910725" type="General" weightage="20" keywordseo="kottayam" source="keywords">Kottayam</keyword> to scale operations, Sardien stated. Mercedes-Benz India reported its highest ever sales of 17,408 units in 2023. Sardien said the electrification journey in India is picking up slowly for Mercedes-Benz with 4 per cent of total sales in the country coming from EVs. "I completely believe that we will see a double-digit (growth) in electrification for our product range within this market," she said. "Customers' preferences are obviously at a much slower pace than the demand we expected," she said adding the company would go according to the transformation of customers. Sardien noted that the company will not change its strategic direction. "It is clear that the future is electric for us, but we ensure that we cater for our customers' changing preferences and where market conditions are actually allowing," she said. When asked about the potential of the overall luxury car market in India, Sardien said it can touch 1 lakh unit mark probably by the end of this decade. "But I think there are some fundamental things that need to happen in the market and it is highly dependent on how customers transition here between the combustion engine and the battery electric vehicle architecture," she added. The luxury car market in India is around 47,000 units per annum and remains a miniscule part of the overall passenger vehicle segment which crossed the 41 lakh units mark last year. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-grow-by-24-in-february-2024-ola-electric-leads-with-over-40-market-share/articleshow/108227956.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-grow-by-24-in-february-2024-ola-electric-leads-with-over-40-market-share/articleshow/108227956.cms" target="_blank">Electric two-wheeler sales grow by 24% in February 2024, Ola Electric leads with over 40% market share</a><a href="https://www.businessinsider.in/business/auto/news/byd-seal-electric-sedan-launched-in-india-starting-at-41-lakh/articleshow/108234000.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/byd-seal-electric-sedan-launched-in-india-starting-at-41-lakh/articleshow/108234000.cms" target="_blank">BYD Seal electric sedan launched in India starting at ₹41 lakh</a><a href="https://www.businessinsider.in/stock-market/news/mukka-proteins-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/108212514.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/mukka-proteins-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/108212514.cms" target="_blank">Mukka Proteins IPO allotment – How to check allotment, GMP, listing date and more</a>

Expect India to be third largest market among 118 countries: Mercedes-Benz

Ride-hailing major <keyword id="6354720" type="General" weightage="100" keywordseo="ola" source="Orion">Ola</keyword> has started to lay off 200 employees from its <keyword id="6362049" type="General" weightage="50" keywordseo="ola-cabs" source="Orion">Ola Cabs</keyword>, Ola Electric and <keyword id="7306214" type="General" weightage="50" keywordseo="ola-financial-services" source="Orion">Ola Financial Services</keyword> verticals as part of the "restructuring" exercise. The layoffs, which were first announced in September last year, happened across the teams. The company told IANS that it is "centralising operations and is undertaking a restructuring exercise to minimise redundancy and build a strong lateral structure that strengthens relevant roles and functions". The layoffs constitute 10 per cent of its 2,000-strong engineer workforce "as part of a larger restructuring exercise towards its electric dream". "Currently, the company has around 2,000 engineers and aims to increase its engineering talent pool to 5,000 over the next 18 months," according to the ride-hailing company. The Bhavish Aggarwal-run company has nearly 1,100 employees in its core ride-hailing business. Earlier, restructuring exercises impacted employees across product, marketing, sales, supply, tech, business, and operations verticals at the company, affecting nearly 500 employees that "were a result of restructuring in the cars and dash businesses". The ride-hailing major last year shut down its used vehicle business <keyword id="3295694" type="General" weightage="50" keywordseo="ola-cars" source="Orion">Ola Cars</keyword>, as well as its quick-commerce business, <keyword id="13052888" type="General" weightage="50" keywordseo="ola-dash" source="Orion">Ola Dash</keyword>, as the company shifted to focus on its electric two-wheeler and car verticals. Ola said it plans to hire 5,000 engineers as it doubles down on new engineering verticals and strengthens capabilities across the vehicle, cell, battery, manufacturing and autonomous streams. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/fugitive-diamantaire-mehul-choksi-buying-protection-by-bribing-antigua-officials-says-an-expos-on-blogger/articleshow/96956166.cms">Fugitive diamantaire Mehul Choksi buying protection by bribing Antigua officials, says an exposé on Blogger</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/oneplus-11-5g-launch-event-how-to-buy-event-tickets-price-benefits-and-more/articleshow/96956696.cms">OnePlus 11 5G launch event – how to buy event tickets, price, benefits, and more</a>

Layoffs begin at Ola, 200 employees to be impacted by restructuring exercise

New Delhi, <keyword id="4393078" type="General" weightage="20" keywordseo="Ola-Electric" source="Orion">Ola Electric</keyword> on Thursday said it has raised Rs 3,200 crore from Temasek-led investors and State Bank of India. The company announced the successful closure of the funding round from Temasek-led investors and State Bank of India. The funds raised would be utilised towards expansion of <keyword id="6354720" type="General" weightage="20" keywordseo="Ola" source="Orion">Ola</keyword>'s EV business and setting up India's first lithium-ion cell manufacturing facility at Krishnagiri, Tamil Nadu, the company said in a statement. The Bengaluru-based firm aims to accelerate its growth by ramping up its two-wheeler manufacturing capacity, launching electric motorcycles followed by electric cars and fast-tracking the construction of gigafactory, it added. "At Ola, our vision is to end ICE (internal combustion engine) age in automobiles and our upcoming gigafactory will be a big leap in India's journey towards becoming a global EV hub. We are committed towards developing core technologies in EVs and cell and are rapidly scaling up manufacturing to further accelerate the transition to sustainable mobility," Ola Electric Founder &amp; CEO Bhavish Aggarwal said. Ola Electric was selected by the government under its ambitious cell PLI scheme, receiving a maximum capacity of 20 GWh.

Ola Electric raises Rs 3,200 cr to fund EV business

Ride-hailing platform <keyword id="6354720" type="General" weightage="100" keywordseo="ola" source="Orion">Ola</keyword> has shut down its used vehicle business <keyword id="3295694" type="General" weightage="50" keywordseo="ola-cars" source="Orion">Ola Cars</keyword> as well as Ola Dash, its quick-commerce business, at a time when Indian companies are pouring money into the 10-15 minute grocery delivery market. The company shut Ola Cars within one years of its launch, as it focuses on its electric two-wheeler and car verticals. Ola has so far shut down <keyword id="2773874" type="General" weightage="50" keywordseo="ola-cafe" source="Orion">Ola Cafe</keyword>, food panda, Ola Foods, and now Ola Dash. "Ola has reassessed its priorities and decided to shut down Ola Dash - its quick commerce business. Ola will also be reorienting its Ola Cars business to focus more on strengthening the go-to-market strategy for <keyword id="4393078" type="General" weightage="50" keywordseo="ola-electric" source="Orion">Ola Electric</keyword>," the company said in a statement. It added that Ola Cars' infra, technology and capabilities will be "repurposed towards growing Ola Electric's sales and service network". Ola now aims to invest more towards its electric car, cell manufacturing, and financial services businesses. Ola Dash shuts down at a time when India's quick commerce market is all set to witness 15 times growth by 2025, reaching a market size of nearly $5.5 billion. The total addressable market for quick commerce in India stands at $45 billion, and urban areas are driving this market on the back of mid-high-income households. <keyword id="830092" type="General" weightage="50" keywordseo="zomato" source="Orion">Zomato</keyword> on Friday poured Rs 4,447 crore into acquiring quick-commerce grocery delivery platform Blinkit. In December 2021, Swiggy announced to pour $700 million into Instamart. Last month, 10-minute delivery platform Zepto raised $200 million, taking its valuation to around $900 million. Ola Electric is also facing scrutiny over faulty batteries in its electric two-wheelers, among other EV players like Okinawa Autotech, Pure EV, Jitendra Electric Vehicles, and Boom Motors, by the government. The Bureau of Indian Standard (BIS), which comes under the Union Consumer Affairs Ministry, has published the "performance standards for electronic vehicle batteries" in a bid to keep a strict control over the manufacturing of EV batteries. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/india-might-be-used-as-a-back-door-for-russian-oil-say-media-reports/articleshow/92480791.cms">India might be used as a 'back door' for Russian oil, say media reports</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/netflix-confirms-an-ad-supported-tier-is-coming-to-its-streaming-service-by-year-end/articleshow/92438291.cms">Netflix confirms an ad supported tier is coming to its streaming service by year end</a>

Ola shuts it used car and quick commerce businesses

<keyword id="14403260" type="General" weightage="20" keywordseo="Shikharr-Sood" source="Orion">Shikharr Sood</keyword>, the head of <keyword id="6354720" type="General" weightage="100" keywordseo="ola" source="Orion">Ola</keyword>'s Talent Acquisition, and in charge of talent acquisition for the entire Ola Group, is now reportedly the latest executive to leave the firm. His resignation comes amid several resignations by top executives. Several former executives said that product complaints, unit closures, and 'act fast, think later' culture has led to recent Ola troubles, CNBC reported, adding that the company is yet to respond to the query on Sood's resignation. Meanwhile, a recent media report also said that the ride-hailing platform Ola is planning to lay off up to 500 employees across departments as it aims to cut costs and streamline operations amid the ongoing funding winter. Meanwhile, a recent report said that the ride-hailing platform Ola is planning to lay off up to 500 employees across departments as it aims to cut costs and streamline operations amid the ongoing funding winter. According to reliable sources, SoftBank-backed Ola has asked senior executives to find employees in their teams on a performance basis who can be asked to go. The company is reportedly looking at "leaner and consolidated teams" to keep its "strong profitability intact". Ola, which has delayed its IPO plans, has also reportedly shopped its global investment plans to further expand overseas. The company currently has nearly 1,100 employees in its core ride-hailing business and directly competes with Uber. Last month, Ola shut down its used vehicle business <keyword id="3295694" type="General" weightage="50" keywordseo="ola-cars" source="Orion">Ola Cars</keyword> as well as <keyword id="13052888" type="General" weightage="50" keywordseo="ola-dash" source="Orion">Ola Dash</keyword>, its quick-commerce business. The company shut Ola Cars within one year of its launch, as it focuses on its electric two-wheeler and electric car verticals. Ola has so far shut down <keyword id="2773874" type="General" weightage="50" keywordseo="ola-cafe" source="Orion">Ola Cafe</keyword>, food panda, Ola Foods, and now Ola Dash. Meanwhile, <keyword id="4393078" type="General" weightage="50" keywordseo="ola-electric" source="Orion">Ola Electric</keyword>, facing a government probe into battery fires along with other EV players, has also seen some high-profile exits in recent months. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/not-just-crude-gold-silver-and-even-wheat-and-edible-oil-prices-are-going-down-in-india/articleshow/92748130.cms">It’s not just crude, gold, silver and even wheat and edible oil prices are going down</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/retail/news/dmarts-growth-momentum-could-be-impacted-by-high-inflation/articleshow/92747965.cms">DMart has more stores and no disruptions like it wanted – and investors are excited</a>

Ola's talent acquisition head Shikharr Sood quits too

As Bhavish Aggarwal-owned <keyword id="6354720" type="General" weightage="100" keywordseo="ola" source="Orion">Ola</keyword> is aiming to ramp up its electric vehicle business, the ride-hailing platform is now planning to lay off around 1,000 employees. Media reports say that verticals like mobility, hyperlocal, fintech, and its used car operations have all been included in the process. Recently, a report said that Ola is laying off up to 500 employees across departments as it aimed to cut costs amid a challenging funding environment and a delay in listing plans. Senior executives at the SoftBank-backed company were reportedly tasked with identifying team members who can be asked to leave based on performance. The company aims at "leaner and consolidated teams" to keep its "strong profitability intact". The company had shut down its used vehicle business <keyword id="3295694" type="General" weightage="50" keywordseo="ola-cars" source="Orion">Ola Cars</keyword>, as well as its quick-commerce business, <keyword id="13052888" type="General" weightage="50" keywordseo="ola-dash" source="Orion">Ola Dash</keyword>, recently. It was shut down within one year of its launch, as the company shifted focus on its electric two-wheeler and car verticals. Ola is also facing flak over faulty batteries and fire incidents in its electric vehicles among other EV players like <keyword id="6077703" type="General" weightage="50" keywordseo="okinawa-autotech" source="Orion">Okinawa Autotech</keyword>, <keyword id="7583348" type="General" weightage="50" keywordseo="pure-ev" source="Orion">Pure EV</keyword>, among others. Several incidences of electric two-wheelers catching fire have recently occurred around the country, prompting companies to recall their vehicles. The company entered the EV space with a bang last year. Its electric scooters saw 1 lakh reservations in just 24 hours of opening of pre-launch bookings. However, cracks began to show up as delays in deliveries and missing features became synonymous with the brand. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/rectal-pain-penile-swelling-more-common-in-current-monkeypox-outbreak/articleshow/93208619.cms">Rectal pain, penile swelling more common in current monkeypox outbreak</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/battlegrounds-mobile-india-delisted-from-google-play-store-and-apple-app-store-in-india/articleshow/93195450.cms">BGMI delisted from Play Store and App Store after government order citing data sharing and mining in China: Report</a>

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Expect India to be third largest market among 118 countries: Mercedes-Benz

PTI

Layoffs begin at Ola, 200 employees to be impacted by restructuring exercise

IANS

Ola Electric raises Rs 3,200 cr to fund EV business

PTI

Ola shuts it used car and quick commerce businesses

IANS

Ola's talent acquisition head Shikharr Sood quits too

IANS

Ola likely to lay off nearly 1K employees to ramp up EV plans

IANS

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