Magna, Yulu‘s Joint Venture Yuma To Setup Battery Swapping And Charging Network In India
- Created to operate a network of battery charging and swapping stations for electric two-wheelers across the country.
- The venture would not only be available to Yulu’s electric fleet but also to other OEMs and mobility operators.
- Aims to establish over 500 stations across multiple cities by the end of 2023.
Yuma is a new joint venture between Magna Inc and Yulu created to operate a network of battery charging and swapping stations for electric two-wheelers across the country. Magna Inc is a Canadian supplier of automotive parts while Yulu is a player in the Indian electric micro-mobility space. Yuma is headquartered in Bangalore and currently has 250 employees in Delhi, Mumbai, and Bengaluru.
Yuma stations will feature integrated AI-powered charging units that aim to improve safety for customers. The company stated that the venture would not only be available to Yulu’s electric fleet but also to other OEMs and mobility operators.
One of Yulu's products
“The launch of Yuma’s BaaS offering in India presents an opportunity for Magna to leverage our core competencies in engineering and manufacturing to capitalize on the rapid growth in the micro-mobility market globally.” said Matteo Del Sorbo, Executive Vice President, Magna Inc.
Currently, it has established a network of more than 85 electric Stations across cities like Bangalore, Mumbai, and Delhi, and mentioned that it has plans to scale to over 500 stations across multiple cities by the end of 2023.
Talking about the venture, Amit Gupta, Co-founder & CEO, Yulu said, “This is a very special moment as Yuma Energy starts its journey with the launch of its Battery-as-a-Service network. We are excited to see Yuma Stations support Yulu Mobility’s needs and open up to more OEMs and mobility partners, offering their customers reliable and efficient access to energy.”
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