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New Delhi, May 16: Global telecom carrier Vodafone on Tuesday said it plans to reduce 11,000 jobs over the next three years, with an aim to "simplify" both headquarters and local markets.
Margherita Della Valle, Group Chief Executive, said their performance has not been good enough.
"To consistently deliver, Vodafone must change. My priorities are customers, simplicity and growth. We will simplify our organisation, cutting out complexity to regain our competitiveness," she said in a statement as the company posted its FY23 results.
"We will reallocate resources to deliver the quality service our customers expect and drive further growth from the unique position of Vodafone Business," said Valle who was appointed CEO permanently earlier this month after five months as Nick Read stepped down as CEO in early December.
Vodafone said it has an action plan already underway, focused around three priorities -- significant investment reallocated in FY24 towards customer experience and brand, 11,000 role reductions planned over three years and Germany turnaround plan, continued pricing action and strategic review in Spain.
"We will change the level of ambition, speed and decisiveness of execution. We will have empowered markets focused on customers, scale up Vodafone Business and take out complexity to simplify how we operate," said the company.
The group revenue increased by 0.3 per cent to 45.7 billion euros in FY23 driven by growth in Africa and higher equipment sales, offset by lower European service revenue and adverse exchange rate movements. There was a significant reduction in net debt to 33.4 billion euros.
"We will be a leaner and simpler organisation, to increase our commercial agility and free up resources. We will focus our resources on a portfolio of products and geographies that is right-sized for growth and returns over time," said the company.
New EV models, govt incentives to drive hybrid penetration growth in India: HSBC
EV penetration in India has improved with new model launches over the last six months, and new model launches and government incentives will drive hybrid penetration growth in the near term, an HSBC report said on Wednesday.
Representational Image
New Delhi, May 21: EV penetration in India has improved with new model launches over the last six months, and new model launches and government incentives will drive hybrid penetration growth in the near term, an HSBC report said on Wednesday.
Contrary to popular assumptions, hybrids are not currently competing with EVs, but rather, are complementary to them. For instance, in states with hybrid incentives, EVs have grown more even after incentives were announced, said HSBC Research in its note.
“We think India will remain a multi-powertrain industry over the medium to long term,” it stated.
Hybrids, CNGs and biofuels are practical medium- to long-term solutions, while the country moves towards eventual electrification.
“We think strong hybrid electric vehicles (SHEVs) and battery electric vehicles (BEVs) are not cannibalising each other but, rather, are attracting different sets of customers. In states where incentives are offered for SHEVs, BEV sales have also seen strong growth,” said the report.
In FY25, the growth in EV sales was similar to the growth in SHEV sales, despite incentives being offered on SHEVs by Uttar Pradesh, the largest PV selling state in India.
This trend suggests that SHEV adoption is having a positive effect on BEV sales, said the report.
According to the report, 4-wheeler EV penetration has improved from 1.9 per cent in H1 FY25 to 2.5 per cent in Q4 FY25 and 3.2 per cent in the Q1 FY26 quarter-to-date period, driven by launch on MG Windsor and M&M BEVs.
The SHEV share in total PV has increased to 2.4 per cent in FY25 from 2.1 per cent in FY24.
“The perception that promoting SHEVs will hinder EV adoption is misplaced, in our view. This is not a zero-sum game, but rather an incremental opportunity where incentivizing SHEVs contributes to the broader development of the clean mobility ecosystem, benefiting BEVs and advancing overall market growth,” the report emphasised.
--IANS
New EV models, govt incentives to drive hybrid penetration growth in India: HSBC
EV penetration in India has improved with new model launches over the last six months, and new model launches and government incentives will drive hybrid penetration growth in the near term, an HSBC report said on Wednesday.
Representational Image
New Delhi, May 21: EV penetration in India has improved with new model launches over the last six months, and new model launches and government incentives will drive hybrid penetration growth in the near term, an HSBC report said on Wednesday.
Contrary to popular assumptions, hybrids are not currently competing with EVs, but rather, are complementary to them. For instance, in states with hybrid incentives, EVs have grown more even after incentives were announced, said HSBC Research in its note.
“We think India will remain a multi-powertrain industry over the medium to long term,” it stated.
Hybrids, CNGs and biofuels are practical medium- to long-term solutions, while the country moves towards eventual electrification.
“We think strong hybrid electric vehicles (SHEVs) and battery electric vehicles (BEVs) are not cannibalising each other but, rather, are attracting different sets of customers. In states where incentives are offered for SHEVs, BEV sales have also seen strong growth,” said the report.
In FY25, the growth in EV sales was similar to the growth in SHEV sales, despite incentives being offered on SHEVs by Uttar Pradesh, the largest PV selling state in India.
This trend suggests that SHEV adoption is having a positive effect on BEV sales, said the report.
According to the report, 4-wheeler EV penetration has improved from 1.9 per cent in H1 FY25 to 2.5 per cent in Q4 FY25 and 3.2 per cent in the Q1 FY26 quarter-to-date period, driven by launch on MG Windsor and M&M BEVs.
The SHEV share in total PV has increased to 2.4 per cent in FY25 from 2.1 per cent in FY24.
“The perception that promoting SHEVs will hinder EV adoption is misplaced, in our view. This is not a zero-sum game, but rather an incremental opportunity where incentivizing SHEVs contributes to the broader development of the clean mobility ecosystem, benefiting BEVs and advancing overall market growth,” the report emphasised.
--IANS
New EV models, govt incentives to drive hybrid penetration growth in India: HSBC
EV penetration in India has improved with new model launches over the last six months, and new model launches and government incentives will drive hybrid penetration growth in the near term, an HSBC report said on Wednesday.
Representational Image
New Delhi, May 21: EV penetration in India has improved with new model launches over the last six months, and new model launches and government incentives will drive hybrid penetration growth in the near term, an HSBC report said on Wednesday.
Contrary to popular assumptions, hybrids are not currently competing with EVs, but rather, are complementary to them. For instance, in states with hybrid incentives, EVs have grown more even after incentives were announced, said HSBC Research in its note.
“We think India will remain a multi-powertrain industry over the medium to long term,” it stated.
Hybrids, CNGs and biofuels are practical medium- to long-term solutions, while the country moves towards eventual electrification.
“We think strong hybrid electric vehicles (SHEVs) and battery electric vehicles (BEVs) are not cannibalising each other but, rather, are attracting different sets of customers. In states where incentives are offered for SHEVs, BEV sales have also seen strong growth,” said the report.
In FY25, the growth in EV sales was similar to the growth in SHEV sales, despite incentives being offered on SHEVs by Uttar Pradesh, the largest PV selling state in India.
This trend suggests that SHEV adoption is having a positive effect on BEV sales, said the report.
According to the report, 4-wheeler EV penetration has improved from 1.9 per cent in H1 FY25 to 2.5 per cent in Q4 FY25 and 3.2 per cent in the Q1 FY26 quarter-to-date period, driven by launch on MG Windsor and M&M BEVs.
The SHEV share in total PV has increased to 2.4 per cent in FY25 from 2.1 per cent in FY24.
“The perception that promoting SHEVs will hinder EV adoption is misplaced, in our view. This is not a zero-sum game, but rather an incremental opportunity where incentivizing SHEVs contributes to the broader development of the clean mobility ecosystem, benefiting BEVs and advancing overall market growth,” the report emphasised.
--IANS
New EV models, govt incentives to drive hybrid penetration growth in India: HSBC
EV penetration in India has improved with new model launches over the last six months, and new model launches and government incentives will drive hybrid penetration growth in the near term, an HSBC report said on Wednesday.
Representational Image
New Delhi, May 21: EV penetration in India has improved with new model launches over the last six months, and new model launches and government incentives will drive hybrid penetration growth in the near term, an HSBC report said on Wednesday.
Contrary to popular assumptions, hybrids are not currently competing with EVs, but rather, are complementary to them. For instance, in states with hybrid incentives, EVs have grown more even after incentives were announced, said HSBC Research in its note.
“We think India will remain a multi-powertrain industry over the medium to long term,” it stated.
Hybrids, CNGs and biofuels are practical medium- to long-term solutions, while the country moves towards eventual electrification.
“We think strong hybrid electric vehicles (SHEVs) and battery electric vehicles (BEVs) are not cannibalising each other but, rather, are attracting different sets of customers. In states where incentives are offered for SHEVs, BEV sales have also seen strong growth,” said the report.
In FY25, the growth in EV sales was similar to the growth in SHEV sales, despite incentives being offered on SHEVs by Uttar Pradesh, the largest PV selling state in India.
This trend suggests that SHEV adoption is having a positive effect on BEV sales, said the report.
According to the report, 4-wheeler EV penetration has improved from 1.9 per cent in H1 FY25 to 2.5 per cent in Q4 FY25 and 3.2 per cent in the Q1 FY26 quarter-to-date period, driven by launch on MG Windsor and M&M BEVs.
The SHEV share in total PV has increased to 2.4 per cent in FY25 from 2.1 per cent in FY24.
“The perception that promoting SHEVs will hinder EV adoption is misplaced, in our view. This is not a zero-sum game, but rather an incremental opportunity where incentivizing SHEVs contributes to the broader development of the clean mobility ecosystem, benefiting BEVs and advancing overall market growth,” the report emphasised.
--IANS