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.