Ultraviolette’s Loss Jumps 8X To INR 62 Cr In FY24

Ultraviolette Automotive, a leading electric vehicle manufacturer, reported an eightfold increase in its losses, which reached INR 62 crore for FY24. The company’s losses were attributed to higher operational costs, including research and development for its electric bikes, as well as increased marketing and production expenses. Despite the rising losses, Ultraviolette continued to show promising growth in the electric vehicle market, with strong sales figures. The company is focusing on scaling production and improving its market position, aiming for profitability in the coming years. The loss surge highlights the challenges faced by startups in the highly competitive electric vehicle sector.