Magna Enters Micromobility Marketplace: Investing in Yulu and Producing Battery-Swapping Organization
$77 million investment decision opens doorway to quick-expanding micromobility sector
Battery-swapping services unlocks new small business product for Magna
Chance to advance sustainable urban mobility in India
AURORA, Ontario, Sept. 11, 2022 (Globe NEWSWIRE) — Mobility technological know-how corporation Magna is expanding into the rapid-expanding micromobility sector by investing $77 million in Yulu, India’s biggest electrified shared mobility supplier, and building a battery-swapping services firm.
Yulu deploys shareable, minimal-pace, electric two-wheelers to aid accessible, sustainable urban mobility in India. As section of the agreement, Magna will have a stake in the corporation and will maintain a seat on Yulu’s board of administrators. In addition, the two corporations have founded a new battery swapping entity to guidance the rapid growth in electrification of mobility and expected infrastructure.
“This is an amazingly exciting time for Magna to lead to a sustainable potential in urban mobility through this investment decision in Yulu,” explained Matteo Del Sorbo, Govt Vice President, Magna Global and World Guide for Magna New Mobility. “Micromobility provides a great chance for additional expansion for Magna, and signing up for forces with Yulu helps us broaden our small business into this fast increasing sector.”
Magna brings in depth abilities in style and design, engineering and manufacturing to this new entity, presently registered as “Yulu Energy”. With its confirmed keep track of record of working in large quantity generation globally, Magna will provide as the exclusive battery-swapping supplier for Yulu’s buyers and regulate the long run buildup of the infrastructure expected for tens of millions of swaps for every 7 days.
This new Battery-as-a-Company (BaaS) entity leverages Yulu’s potent sector placement and community in India as well as its software program know-how. The organization currently has close to 10,000 electric driven two-wheelers in support and operations in Bangalore, Delhi, and Mumbai. Yulu is concentrating on an extra 15 metropolitan areas in the next 18 months, with probable to develop outside of India in the upcoming.
Amit Gupta, Co-founder & CEO, Yulu said, “We can plainly see a considerable expansion chance for Yulu in the two the BaaS and MaaS corporations in the upcoming 3 to four several years. As the marketplace leader in electrical mobility, with a verified enterprise design developed on constructive unit economics, our concentrate now will be to establish a sturdy and agile offer chain and scale-up our functions. We will go deeper and denser in our present marketplaces and examine new areas even though offering a excellent buyer working experience. We welcome Magna onboard with our shared vision to develop a sustainable and scalable EV ecosystem in India and beyond.”
Yulu Electrical power has roughly 200 personnel and it is headquartered in Bangalore, India.
Magna’s entry into a single of the quickest growing marketplaces for an electrified two-wheel mobility platform aligns with its main competencies and Go-Ahead approach to increase in Mobility-as-a-Services (MaaS) and Battery-as-a-Services (BaaS) enterprises.
Micromobility, electrical powered two-wheelers, electric powered scooters, Yulu Mobility
Investor Get hold of
Louis Tonelli, Vice-President, Investor Relations
[email protected], 905.726.7035
MEDIA Get hold of
Tracy Fuerst, Vice President, Company Communications & PR
[email protected], 248.761.7004
Magna is additional than a single of the world’s most significant suppliers in the automotive room. We are a mobility technology corporation with a global, entrepreneurial-minded crew of 161,000 staff and an organizational composition created to innovate like a startup. With 65+ a long time of abilities, and a units solution to structure, engineering and producing that touches practically each individual factor of the auto, we are positioned to support advancing mobility in a transforming business. Our world wide community contains 341 production operations and 89 products enhancement, engineering and sales centres spanning 28 countries.
For further more information and facts about Magna [(NYSE:MGA; TSX:MG)], be sure to visit www.magna.com or abide by us on Twitter @MagnaInt.
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