Ola Electric COO Hyun Shik Park resigns after leading operations at EV maker

Ola Electric Chief Operating Officer Hyun Shik Park has resigned from the company due to personal reasons, marking a senior leadership change at the electric vehicle manufacturer as it continues to expand its product portfolio, distribution network and manufacturing operations.

According to media reports, Park's resignation became effective from the close of business on September 5. The development was disclosed alongside a series of board decisions, including a proposed ₹1,500 crore fundraising plan and the reappointment of two independent directors.

Leadership transition at a pivotal stage

Park's departure comes as Ola Electric, led by founder and CEO Bhavish Aggarwal, works to strengthen its position in India's electric mobility market while scaling new businesses in battery manufacturing and energy storage.

The resignation coincides with several strategic initiatives underway across the company.

A leadership transition during a period of capital raising and business expansion places additional focus on operational execution across Ola Electric's core and emerging businesses.

Key developments approved by the board

According to media reports, Ola Electric's board approved several measures during its latest meeting:

• Hyun Shik Park resigned as Chief Operating Officer due to personal reasons, effective September 5.
• The company approved a proposal to raise up to ₹1,500 crore through equity shares or convertible securities.
• The board approved an increase in authorised share capital to ₹8,721.87 crore from ₹8,318.50 crore, subject to shareholder approval.
• Manoj Kumar Kohli and Shradha Sharma were reappointed as independent directors for a second five-year term beginning December 6, subject to shareholder approval.

Expansion plans continue

The leadership change comes as Ola Electric continues investing in multiple growth areas.

Last month, the company launched its S1Z electric scooter range, powered by its locally developed 46-series LFP Bharat Cell. It also expanded its energy storage portfolio with the launch of the second-generation residential Ola Shakti, industrial-focused Shakti Rack, and utility-scale Mahashakti solutions.

The company has also started shifting its retail strategy by opening dealer-operated outlets across seven states. Ola Electric plans to establish a network of more than 500 dealerships over the next two quarters.

Focus on improving business performance

Ola Electric is simultaneously pursuing growth and financial discipline.

According to reported financial results, the company recorded a 22% year-on-year reduction in consolidated net loss, which narrowed to ₹336 crore in the first quarter of FY27 from ₹428 crore a year earlier.

Operating revenue declined 45% year-on-year to ₹455 crore from ₹828 crore. However, on a sequential basis, revenue increased 72% from ₹265 crore, while consolidated losses improved from ₹500 crore.

Industry data from Vahan showed Ola Electric registered 13,132 units in August, down 7.7% from 14,226 units in July. Despite the decline in volumes, its market share improved to 7.6% from 6.8%, as overall electric two-wheeler registrations fell more sharply.