Magna will have a stake and a seat on the board of the Bangalore, India-based company, it said. The two companies have created a new battery exchange entity.
Yulu operates around 10,000 low-speed electric two-wheelers in Bangalore, Delhi and Mumbai. It is targeting 15 additional cities in the next 18 months.
Micromobility, which facilitates short-distance transport through lightweight vehicles such as scooters and e-bikes, has flourished around the world, supported by government incentives for the use of environmentally friendly means of transport.
Earlier this year, India’s finance minister said the country would introduce a new battery swapping policy to boost sales of electric vehicles (EVs).