Magna International Inc Invest in Yulu To Enter the Micro-Mobility Sector

The Canadian auto parts supplier Magna International Inc. said on Sunday that it is investing $77 million in Yulu to enter the micro-mobility sector.

The Bangalore, India-based business will have Magna as an investor and with a seat on the board, according to the statement. A new battery swapping organization has been created by the two businesses.

In Bangalore, Delhi, and Mumbai, Yulu runs about 10,000 electric two-wheelers that travel at low speeds. In the following 18 months, it plans to focus on an additional 15 cities.

Government incentives for the use of ecologically friendly transportation have fueled the growth of micro-mobility, which enables short-distance transit using lightweight vehicles like electric scooters and bikes.

India’s finance minister stated earlier this year that the nation will implement a new regulation for battery swapping to increase sales of electric vehicles (EVs).