Softbank-Backed Indian EV Maker To Recall 1,441 Electric Bikes

  • SoftBank Group Corp SFTBY SFTBF backed India-based Ola Electric plans to recall 1,441 of its electric scooters weeks after one of its vehicles caught fire, prompting a government probe, Reuters reports.
  • Ola looked to a detailed diagnostics and health check of the scooters in that batch acknowledging the recalls as a "pre-emptive measure."
  • Scooters involving Indian start-ups Okinawa and PureEV caught fire, posing an early setback for India's carbon reduction and climate goals.
  • Okinawa had recalled 3,215 vehicles in April.
  • India launched an investigation into the fires in March and formed a committee of experts to recommend remedial steps.
  • India targeted electric scooters and motorbikes to make up 80% of total two-wheeler sales by 2030, compared with about 2% currently. It offered companies billions of dollars in incentives to make EVs locally.
  • Price Action: SFTBY shares closed at $20.69 on Friday.
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