Making an investment in Yulu and Growing Battery-Swapping Trade

Magna Enters Micromobility Marketplace: Making an investment in Yulu and Growing Battery-Swapping Trade

• $77 million funding opens door to fast-growing micromobility marketplace

• Battery-swapping provider unlocks new industry style for Magna

• Alternative to advance sustainable city mobility in India

AURORA, Ontario, Sep 11, 2022 (GLOBE NEWSWIRE) — Mobility era corporate Magna is increasing into the fast-growing micromobility marketplace through making an investment $77 million in Yulu, India’s biggest electrified shared mobility supplier, and making a battery-swapping provider corporate.

Yulu deploys shareable, low-speed, electrical two-wheelers to facilitate out there, sustainable city mobility in India. As a part of the settlement, Magna could have a stake within the corporate and can cling a seat on Yulu’s board of administrators. As well as, the 2 corporations have established a brand new battery swapping entity to reinforce the fast enlargement in electrification of mobility and required infrastructure.

“That is a surprisingly thrilling time for Magna to give a contribution to a sustainable long term in city mobility thru this funding in Yulu,” stated Matteo Del Sorbo, Govt Vice President, Magna Global and International Lead for Magna New Mobility. “Micromobility items an excellent chance for extra enlargement for Magna, and becoming a member of forces with Yulu is helping us enlarge our industry into this all of a sudden increasing sector.”

Magna brings intensive features in design, engineering and production to this new entity, lately registered as “Yulu Power”. With its confirmed observe report of running in prime quantity manufacturing globally, Magna will function the unique battery-swapping supplier for Yulu’s shoppers and set up the long run buildup of the infrastructure required for hundreds of thousands of swaps every week.

This new Battery-as-a-Carrier (BaaS) entity leverages Yulu’s robust marketplace place and community in India in addition to its tool experience. The corporate lately has roughly 10,000 electrical powered two-wheelers in provider and operations in Bangalore, Delhi, and Mumbai. Yulu is concentrated on an extra 15 towns within the subsequent 18 months, with doable to enlarge past India sooner or later.

Tale continues

Amit Gupta, Co-founder & CEO, Yulu stated, “We will be able to obviously see a vital enlargement alternative for Yulu in each the BaaS and MaaS companies within the subsequent 3 to 4 years. Because the marketplace chief in electrical mobility, with a confirmed industry style constructed on certain unit economics, our focal point now shall be to ascertain a powerful and agile provide chain and scale-up our operations. We will be able to cross deeper and denser in our current markets and discover new spaces whilst handing over a perfect buyer enjoy. We welcome Magna onboard with our shared imaginative and prescient to create a sustainable and scalable EV ecosystem in India and past.”

Yulu Power has roughly 200 staff and it’s headquartered in Bangalore, India.

Magna’s access into probably the most quickest increasing markets for an electrified two-wheel mobility platform aligns with its core competencies and Move-Ahead method to enlarge in Mobility-as-a-Carrier (MaaS) and Battery-as-a-Carrier (BaaS) companies.

TAGS
Micromobility, electrical powered two-wheelers, electrical scooters, Yulu Mobility

INVESTOR CONTACT
Louis Tonelli, Vice-President, Investor Family members
[email protected], 905.726.7035

MEDIA CONTACT
Tracy Fuerst, Vice President, Company Communications & PR
[email protected], 248.761.7004

ABOUT MAGNA
Magna is greater than probably the most global’s biggest providers within the car house. We’re a mobility era corporate with a world, entrepreneurial-minded group of 161,000 staff and an organizational construction designed to innovate like a startup. With 65+ years of experience, and a techniques way to design, engineering and production that touches just about each and every side of the automobile, we’re situated to reinforce advancing mobility in a remodeling business. Our world community contains 341 production operations and 89 product construction, engineering and gross sales centres spanning 28 nations.

For additional details about Magna [(NYSE:MGA; TSX:MG)], please talk over with www.magna.com or practice us on Twitter @MagnaInt.

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