- $77 million investment opens door to fast-growing micromobility market
- Battery-swapping service unlocks new business model for Magna
- Opportunity to advance sustainable urban mobility in India
AURORA, Ontario, Sept. 11, 2022 (GLOBE NEWSWIRE) — Mobility technology company Magna is expanding into the fast-growing micromobility market by investing $77 million in Yulu, India’s largest electrified shared mobility provider, and creating a battery-swapping service company .
Yulu deploys shareable, low-speed, electric two-wheelers to facilitate accessible, sustainable urban mobility in India. As part of the agreement, Magna will have a stake in the company and will hold a seat on Yulu’s board of directors. In addition, the two companies have established a new battery swapping entity to support the rapid growth in electrification of mobility and required infrastructure.
“This is an incredibly exciting time for Magna to contribute to a sustainable future in urban mobility through this investment in Yulu,” said Matteo Del Sorbo, Executive Vice President, Magna International and Global Lead for Magna New Mobility. “Micromobility presents a great opportunity for additional growth for Magna, and joining forces with Yulu helps us expand our business into this rapidly growing sector.”
Magna brings extensive capabilities in design, engineering and manufacturing to this new entity, currently registered as “Yulu Energy”. With its proven track record of operating …