Newly-Listed Zoomcar Is Down Over 7% - What's Going On?

Bengaluru, India-based Zoomcar Holdings, Inc. ZCAR shares are trading lower by over 7% in the premarket session on Tuesday.

The company inked a pact with SPARKCARS, an EV self-drive rental company, to boost India’s EV revolution.

Zoomcar and SPARKCARS plan to introduce over 1,000 electric vehicles to Zoomcar’s platform across India within the next two years.

These additions will include popular models such as the TATA Nexon, Mahindra XUV 400, Citroen eC3, and others.

The company said in a press release that this collaboration strives to bolster the availability of EV cars for self-drive, catering to the escalating demand for hassle-free and autonomous travel. 

Additionally, it signifies a strategic endeavor to raise awareness regarding the enhanced economic value for EV hosts within the flourishing rental economy.

“In response to the government’s growing focus on boosting the EV ecosystem, we are proud to grow in the same direction facilitating this evolution together with SPARKCARS to foster a cleaner, greener future,” said Greg Moran, CEO and Co-Founder of Zoomcar. 

Last week, the newly-listed firm reported its third quarter results, where net revenue decreased 19% to $2.4 million. 

Going ahead, the company projects net revenue to range between $17.0 million and $20.0 million for the calendar year ended December 31, 2024, representing an increase of approximately 70% to 100% compared to calendar year 2023.

The company also expects to achieve an annualized adjusted EBITDA run rate between $2.0 million and $4.0 million in the calendar fourth quarter.

Read Next: Newly Listed Zoomcar Partners With India-based CARS24 To Empower Hosts With Fleet Expansion Opportunities

Price Action: ZCAR shares are trading lower by 7.74% to $1.43 premarket on the last check Tuesday.