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Magna increases bet on battery swapping in India with $35M for Yuma
Magna will use the fresh capital to expand Yuma’s network and double its battery fleet as the company targets high-mileage delivery riders.
- Magna International is investing another $35 million in Yuma Energy, increasing the auto supplier's stake beyond the 51% it held when the joint venture formed, Yuma managing director Muthu Subramanian said.
- Canadian auto parts giant Magna believes the battery-swapping model can scale in India, where Yuma designs and manufactures its own battery packs and charging units to control hardware and network.
- Yuma plans to use the bulk of Magna's investment to expand its swapping infrastructure and double its fleet of about 100,000 batteries over the next 12 to 18 months.
- Yulu's 49% stake will be diluted, while Yuma now serves more than five fleets and has integrated its batteries with more than 10 vehicle platforms, easing dependence on its largest customer.
- Subramanian noted the firm targets EBITDA break-even within the next two quarters and plans to take the model overseas, though India will remain its focus for at least 12 to 18 months.
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Magna's increased investment in India's battery replacement system while the battery replacement system faced difficulties in most parts of the world, and Magna International Canada, a car parts giant, believes that this model could work on... the article showed Magna increasing its investment in India's battery replacement system first on peter robotics.
Yuma Energy raises $35 million from Magna to expand battery swapping network
Battery swapping network Yuma Energy has raised $35 million in Series A funding from Magna International, as the company looks to expand its battery swapping infrastructure across India and work towards achieving EBITDA-positive operations by FY27.
·Chennai, India
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Total News Sources13
Leaning Left0Leaning Right4Center2Last UpdatedBias Distribution67% Right
Bias Distribution
- 67% of the sources lean Right
67% Right
C 33%
R 67%
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