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.
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 in high volume production globally, Magna will serve as the exclusive battery-swapping provider for Yulu’s customers and manage the future buildup of the infrastructure required for millions of swaps per week.
This new Battery-as-a-Service (BaaS) entity leverages Yulu’s strong market position and network in India as well as its software expertise. The company currently has approximately 10,000 electric powered two-wheelers in service and operations in Bangalore, Delhi, and Mumbai. Yulu is targeting an additional 15 cities in the next 18 months, with potential to expand beyond India in the future.
Magna’s entry into one of the fastest growing markets for an electrified two-wheel mobility platform aligns with its core competencies and Go-Forward strategy to expand in Mobility-as-a-Service (MaaS) and Battery-as-a-Service (BaaS) businesses.