Magna Invests $77 Million In India's EV Startup Yulu To Enter Micromobility Market
Follow us on
Highlights
Magna International Inc is investing $77 million in India's EV startup Yulu to enter the micromobility market, the Canadian auto parts supplier said on Sunday.
Magna will own a stake and hold a seat on the board of the Bangalore, India based company, it said. The two companies have established a new battery swapping entity.
Yulu operates around 10,000 low-speed electric two-wheelers in Bangalore, Delhi, and Mumbai. It is targeting an additional 15 cities in the next 18 months.
Micromobility, which facilitates transportation over short distances through light weight vehicles such as electric scooters and bikes, has flourished globally, supported by government incentives for the use of environmentally friendly transportation.
Earlier this year, India's finance minister said that the country will introduce a new policy for battery swapping to boost sales of electric vehicles (EVs).
Great Deals on Used Cars
View All Used Cars
- 8,000 km
- Hybrid
- Automatic
- 88,000 km
- Diesel
- Automatic
- 72,000 km
- Diesel
- Automatic
- 53,763 km
- Petrol
- Manual
- 24,110 km
- Diesel
- Automatic
- 20,156 km
- Electric
- Automatic
- 64,000 km
- Petrol
- Manual
- 65,000 km
- Petrol
- Manual
- 85,000 km
- Hybrid
- Automatic
- 70,123 km
- Diesel
- Automatic
Upcoming Cars
Upcoming Bikes
Explore More
-2349 second ago
The new video shows the subcompact SUV’s redesigned tail section and confirms that it will get ADAS functions
7 minutes ago
The Mercedes-AMG CLE 53 4MATIC+ Coupe has an upgraded 3.0-litre inline six-cylinder turbo engine producing 442 bhp and 560 Nm torque.
2 hours ago
The Swift will be powered by a 1.2 litre, 3-cylinder petrol engine that puts out 81 bhp and 108 Nm of torque
2 hours ago
The Revuelto is powered by a 6.5 litre V12 engine mated to three electric motors that churn out a combined 1001 bhp
3 hours ago
Kia India takes the wraps off its new EV charging initiative, the K-Charge. It will be available to non-Kia EV owners as well.
3 hours ago
Milestone was reached about 7 years after the plant commenced operations in February 2017.
4 hours ago
Hero MotoCorp and Ather Energy come together to form a partnership for an inter-operable fast-charging network in India.
4 hours ago
Kawasaki is offering discount vouchers on the Vulcan S, Ninja 400, Ninja 650 and Versys 650 in its lineup with benefits going up to Rs. 60,000
5 hours ago
India-spec compact SUV to get a different design from the model sold in global markets.
5 hours ago
FADA reports that retail sales for automobiles in India were at an all-time high, with 28.54 lakh vehicles sold, surpassing 25.69 lakh vehicles sold in March 2020, when the industry transitioned from BS4 to BS6.
