Magna, one of the world’s largest automotive suppliers, is expanding into the fast-growing micro-mobility market. The mobility technology company is investing $77 million in Yulu, India’s largest electrified shared mobility provider, and establishing a battery-as-a-service (BaaS) company.
Yulu deploys low-speed shareable electric two-wheelers as a shared mobility offering to enable universally accessible and sustainable urban mobility in India. Magna – as part of the agreement – will take a stake in the company and a seat on Yulu’s board. The two companies have also formed a new Battery-as-a-Service company to support rapid growth in the electrification of mobility with the necessary infrastructure.
Magna brings extensive design, development and manufacturing expertise to this new company, which is currently registered under the name “Yulu Energy”. With its proven track record in high volume manufacturing, Magna will act as the exclusive Battery-as-a-Service provider for Yulu’s customers and future infrastructure build for millions of swaps per week.
The new BaaS unit leverages Yulu’s strong market position and network in India, as well as its software expertise. The company currently has around 10,000 electric-powered two-wheelers in operation in Bangalore, Delhi and Mumbai. Yulu is targeting an additional 15 cities in the next 18 months and has the potential to expand beyond India in the future. www.magna.com; www.yulu.bike