Zoomcar Creates Retail Ripples After Waze Co-Founder Returns As Advisor

Shares of Zoomcar Holdings, Inc. ($ZCAR) generated significant retail buzz on Wednesday noon, a day after the self-drive car-sharing marketplace said that Waze Co-Founder Uri Levine rejoined the company as a strategic and financial advisor. 

Levine, who previously served as Zoomcar’s Chairman from 2021 to 2023, will now offer strategic guidance, and pending Board approval, he could return as Chairman.

"I am honored to rejoin Zoomcar and leverage my experience to drive its next phase of growth. Our aim is to enhance mobility solutions in emerging markets, ensuring we meet the growing demand efficiently and sustainably. I look forward to the journey ahead,” Levine said in a statement. 

Zoomcar’s Interim CEO, Hiroshi Nishijima, also praised Levine’s return, citing his expertise in solving customer challenges and scaling businesses.

On Stocktwits, ZCAR became one of the top ten trending tickers by 11:30 a.m. ET on Wednesday. 

Following the announcement, retail interest surged, with a 2% increase in Zoomcar’s following and a 375% spike in message volume.

Notably, Zoomcar’s financials remain challenged. The company’s revenue declined to $2.2 million in its latest quarter, down from $2.6 million a year earlier. Losses significantly shrank from over $28 million to $2.5 million due to aggressive cost-cutting. 

Zoomcar also reported $1.58 million in cash as of June 30, while working on restructuring its $31 million debt, aiming for resolution by June 2024.

Zoomcar’s stock is down more than 97% this year, but retail investors appear optimistic about Levine’s return, hoping it could signal a turnaround for the company.

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