<\/p>\n
Magna International, a Canadian mobility technology company that builds sensor-based systems for cars like driver monitoring systems and advanced driver assistance systems (ADAS), is entering the micromobility market. The company invested $77 million in Yulu, an Indian shared micromobility operator, and plans to jointly launch a battery swapping service company.<\/p>\n
Magna\u2019s investment is part of Yulu\u2019s $83 million Series B, in which Bajaj Auto also participated. Along with the funding, Magna will hold a seat on Yulu\u2019s board of directors. Yulu\u2019s latest round will help the company expand to an additional 15 cities in the next 18 months, and potentially beyond India in the future, according to Magna.<\/p>\n
\u201cMicromobility presents a great opportunity for additional growth for Magna, and joining forces with Yulu helps us expand our business into this rapidly growing sector,\u201d said Matteo Del Sorbo, Magna\u2019s executive vice president and global lead for Magna new mobility, in a statement.<\/p>\n
Earlier this year, Magna acquired the technology, IP and assets of Optimus Ride, an autonomous shuttle company, to further beef up its ADAS offerings.<\/p>\n
The new battery swapping entity is currently registered as \u201cYulu Energy,\u201d already employs 200 staffers and is headquartered in Bangalore, according to Magna. The mobility tech giant says it will be Yulu\u2019s exclusive battery swapping partner and will build up the infrastructure required for \u201cmillions of swaps per week.\u201d<\/p>\n
Magna says it intends to leverage Yulu\u2019s strong market position and network in India to grow Yulu Energy, which the company describes as a Battery-as-a-Service (BaaS) company. However, it\u2019s not clear whether Yulu Energy will be modeled after Taiwan\u2019s Gogoro, which has a growing battery swapping network that services private consumers with their own electric two-wheelers. Given that Yulu has about 10,000 electric two-wheelers throughout Bangalore, Delhi and Mumbai, it\u2019s possible Yulu Energy will service the shared mobility market.<\/p>\n
\u201cWe can clearly see a significant growth opportunity for Yulu in both the BaaS and [Mobility-as-a-Service] businesses in the next three to four years,\u201d said Yulu\u2019s co-founder and CEO Amit Gupta. \u201cAs the market leader in electric mobility, with a proven business model built on positive unit economics, our focus now will be to establish a robust and agile supply chain and scale-up our operations.\u201d<\/p>\n
Neither Magna nor Yulu responded in time to \u2019s request for more information.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
Magna International, a Canadian mobility technology company that builds sensor-based systems for cars like driver monitoring systems and advanced driver assistance systems (ADAS), is entering the micromobility market. The company invested $77 million in Yulu, an Indian shared micromobility operator, and plans to jointly launch a battery swapping service company. Magna\u2019s investment is part of […]<\/p>\n","protected":false},"author":1,"featured_media":1202979,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[],"class_list":["post-1202976","post","type-post","status-publish","format-standard","has-post-thumbnail","category-celebrity-gossip"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1202976","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1202976"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1202976\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1202976"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1202976"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1202976"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}