The manufacturer of vehicles and components for automobiles Magna has invested 77 million dollars (75.7 million euros at current exchange rates) in Yulu, an Indian provider of electrified and shared mobility, with the aim of entering the battery exchange business.
Thus, as reported in a joint statement, the companies have created a new battery exchange company, called Yulu Energy, to support the rapid growth of the electrification of mobility and the necessary infrastructure.
Magna will bring extensive design, engineering and manufacturing capabilities, serve as the exclusive battery swap provider for Yulu customers, and manage the future creation of the necessary battery swap infrastructure. Additionally, as part of the deal, Magna will own a stake in the company and sit on Yulu’s board of directors.
This new battery-as-a-service (BaaS) entity will leverage Yulu’s market position and network in India, as well as its software expertise. The company currently has some 10,000 electric two-wheelers in service, with operations in Bangalore, Delhi and Mumbai. Yulu aims to expand to another 15 cities in the next 18 months.
“Micromobility presents a tremendous additional growth opportunity for Magna, and joining forces with Yulu helps us expand our business in this fast-growing sector,” said Matteo, Executive Vice President of Magna International and Head of Magna New Mobility. Of the sip.
Source: Europa Press