Ola Electric has been on a fast but bumpy ride since it began churning out battery-powered scooters in 2021. Mechanical troubles early on led to fires and breakdowns. The company has now resolved those manufacturing problems, and is the leading maker of the vehicles in India. Yet it lost $190m in its most recent fiscal year, 8% more (in rupees) than its loss in the previous year. It sold 330,000 scooters at an average price of $1,800—and an average loss of $573. Although that is an improvement, of sorts, on the 156,000 scooters sold at an average loss in excess of $1,100 in the previous year, profits appear to be some distance away.