Zoomcar Stock Jumps Over 180%

Zoomcar Stock Jumps Over 180% - What's Going On?

Nabaparna Bhattacharya

November 05, 2024

Zoomcar Holdings, Inc. (NASDAQ:ZCAR) shares are trading higher on Tuesday.

The company has announced a major expansion of its customer support team, doubling its size to provide faster, more efficient assistance for both Hosts and Guests.

Hiroshi Nishijima, CEO of Zoomcar, said, “We’ve achieved significant profitability improvement in the past few months and have reinvested in customer support expansion to continue our commitment of making Zoomcar a frictionless experience.”

According to Benzinga Pro, ZCAR stock has lost over 98% in the past year.

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Zoomcar has introduced a new “Host Success Team” to assist new Hosts with onboarding their vehicles and maximizing earnings. This dedicated team offers guidance at every stage of the Host’s journey on the platform, providing ongoing support for success.

Also, Zoomcar has moved to a multi-channel support model, which now includes inbound and outbound calls, chatbot-based ticketing support, and a Generative AI Assistant that offers 24/7 assistance.

Last month the company said it hit a major milestone in the debt restructuring process that is aimed at reducing the company’s debt obligations of approximately $31 million out of the total outstanding debt as on June 30.

The company will announce its second-quarter results on November 14.

Price Action: ZCAR shares are trading higher by 181.6% to $11.35 on Tuesday.

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