Ola Electric vs Polestar: Revenue, Profit and Business Model
Ola Electric had ~$261.3M of annual revenue in FY2026 and a net loss of ~$212.6M. Polestar had $3.1B of annual revenue in FY2025 and a net loss of $2.4B.
Latest financial snapshot
Ola Electric
- Latest annual revenue
- ~$261.3M (FY2026)
- Net income
- ~-$212.6M
- Net margin
- -81.4%
- Revenue growth
- +56.7% a year, FY2022–FY2026
Polestar
- Latest annual revenue
- $3.1B (FY2025)
- Net income
- -$2.4B
- Net margin
- -77.1%
- Revenue growth
- +38.0% a year, FY2020–FY2025
Financial summary
Ola Electric
Ola Electric's revenue from operations rose from ~$43.3 million (₹373 crore) in FY22 to ~$581 million (₹5,010 crore) in FY24, then fell to ~$524 million (₹4,514 crore) in FY25 and ~$261 million (₹2,253 crore) in FY26, missing its own ₹3,000-3,200 crore FY26 guidance. Net losses were ~$184 million (₹1,584 crore) (FY24), ~$264 million (₹2,276 crore) (FY25) and ~$213 million (₹1,833 crore) (FY26). Q1 FY27 (April-June 2026) showed early recovery: revenue ~$52.8 million (₹455 crore) (down 45% year on year but up 72% from Q4), deliveries of 39,192 units, a 30.5% gross margin and a net loss of ~$39 million (₹336 crore). Ola raised ~$90.5 million (₹780 crore) through a QIP in June 2026, and its board approved further raises of up to $174 million (₹1,500 crore) and a ~$116 million (₹1,000 crore) rights issue in September 2026. Ola Electric Mobility is India's absolute largest manufacturer of electric two-wheelers, commanding a market valuation typically exceeding $4 billion after going public.
Polestar
Polestar's revenue rose 50% to $3,058 million in 2025 as retail sales climbed 34% to 60,119 cars, but impairments of about $1.1 billion pushed the net loss to $2,357 million. In the first half of 2026 revenue slipped 4% to $1,360 million, the operating loss narrowed 43% to $629 million and cash stood at $888 million at the end of June. Polestar Automotive Holding operates as a premium electric vehicle manufacturer jointly controlled by Volvo Cars and Geely, experiencing a significantly compressed market valuation around $2 billion amid broader EV market struggles.
Revenue and profit by year
Ola Electric
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$261.3M | ~-$212.6M | -81.4% | -50.1% | Source |
| FY2025 | ~$523.6M | ~-$264M | -50.4% | -9.9% | Source |
| FY2024 | ~$581.2M | ~-$183.7M | -31.6% | +90.4% | Source |
| FY2023 | ~$305.2M | ~-$170.8M | -56.0% | +604.5% | Source |
| FY2022 | ~$43.3M | ~-$91M | -210.0% | — | Source |
Polestar
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $3.1B | -$2.4B | -77.1% | +50.3% | Source |
| FY2024 | $2B | -$2B | -100.8% | -14.1% | Source |
| FY2023 | $2.4B | -$1.2B | -49.9% | -3.0% | Source |
| FY2022 | $2.4B | -$479M | -19.6% | +81.7% | Source |
| FY2021 | $1.3B | -$969.8M | -72.2% | +120.2% | Source |
| FY2020 | $610.2M | -$484.9M | -79.5% | — | Source |
Where the revenue comes from
Ola Electric
- Automotive (Scooters & Motorcycles)~99%
S1 scooters, Roadster motorcycles, spares and service; ~$52.8 million (₹455 crore) of Q1 FY27 revenue.
- Cell & Energy Storage~1%
Bharat Cell manufacturing and the Mahashakti storage platform; ~$580,000 (₹5 crore) of revenue in Q1 FY27.
Polestar
- Vehicle sales
Not formally reported
Cars sold directly to customers online, with Polestar Spaces showrooms for test drives. Retail sales were 60,119 cars in 2025 and revenue was $3,058 million.
Business model and strategy
Ola Electric
How it makes money
Ola Electric makes money mainly by selling electric scooters (S1 range) and Roadster electric motorcycles directly to consumers through its own app and company-owned stores, without franchised dealers. The automotive segment generated all ~$52.8 million (₹455 crore) of Q1 FY27 operating revenue.
Growth strategy
Ola Electric's growth plan has four parts: win back scooter share with cheaper S1 variants and its own cells; build Roadster electric motorcycles into a second vehicle business; use the gigafactory to supply cells for both vehicles and stationary storage; and cut operating costs toward ~$34.8 million (₹300 crore) a quarter so that recovering volume reaches EBITDA breakeven.
Competitive advantage
Ola Electric's distinctive asset is vertical integration: it designs its own motors, battery packs, vehicle software (MoveOS) and now lithium-ion cells, which its rivals mostly buy from suppliers. In-house cells could lower battery costs and reduce dependence on Chinese imports, and Ola reported a 30.5% consolidated gross margin in Q1 FY27.
Polestar
How it makes money
Polestar runs an asset-light model. It sells directly to customers online, without traditional dealerships, and uses small showrooms called Polestar Spaces in city centres for test drives. It does not own large factories: its cars are built in plants belonging to its parent companies, Volvo in the United States and Geely in China, which keeps its fixed costs low.
Growth strategy
Polestar is widening its range from a single sedan, the Polestar 2, to larger and more profitable SUVs, the Polestar 3 and Polestar 4, because premium buyers favour SUVs. To reduce its exposure to tariffs on Chinese-built electric cars, it moved production of the Polestar 3 to a Volvo plant in South Carolina. The company is doing this while in financial difficulty and needs higher volumes to cover its costs.
Competitive advantage
Polestar's advantage is Scandinavian design and Volvo's reputation for build quality and safety, which it draws on directly. It was also the first automaker to build its infotainment on Android Automotive, so Google Maps and Google Assistant run natively in the car.
Questions about Ola Electric vs Polestar
Which company has higher revenue — Ola Electric Mobility Limited or Polestar?
Ola Electric Mobility Limited had ~$261.3M (FY2026), while Polestar had $3.1B (FY2025). By latest annual revenue, Polestar is the larger business, with Ola Electric Mobility Limited showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Ola Electric Mobility Limited vs Polestar?
Ola Electric Mobility Limited's market capitalisation stands at $1.9B, while Polestar's is $1.1B. Ola Electric Mobility Limited carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Polestar.
How does revenue per employee compare for Ola Electric Mobility Limited and Polestar?
Polestar generates $1.81M / employee in revenue per employee. A comparable figure for Ola Electric Mobility Limited requires matching employee and revenue data from the same reporting period.
How do Ola Electric Mobility Limited and Polestar make money?
Ola Electric Mobility Limited and Polestar generate revenue in fundamentally different ways. Ola Electric Mobility Limited: Ola Electric makes money mainly by selling electric scooters (S1 range) and Roadster electric motorcycles directly to consumers through its own app and company-owned stores, without franchised dealers. Polestar: Polestar runs an asset-light model.
Which company is valued higher relative to revenue — Ola Electric Mobility Limited or Polestar?
On a price-to-sales (P/S) basis, Ola Electric Mobility Limited trades at 7.3x P/S and Polestar at 0.4x P/S. Ola Electric Mobility Limited commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Polestar. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Ola Electric Mobility Limited bigger than Polestar?
By last reported revenue, Polestar ($3.1B (FY2025)) is the larger company compared to Ola Electric Mobility Limited (~$261.3M (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Ola Electric vs Polestar overview