Magna International invests $35M in Indian battery-swapping firm Yuma Energy

Magna International is increasing its investment in the Indian electric vehicle sector by committing an additional $35 million to Yuma Energy. The Bengaluru-based firm operates a battery-swapping network specifically designed for electric two- and three-wheelers.

This strategic move targets India’s rapidly expanding gig economy. Managing director Muthu Subramanian noted that only 10% to 15% of delivery vehicles in India are currently electric. For high-mileage delivery riders, the battery-swapping model offers a significant advantage over traditional charging, as a swap can be completed in under two minutes, maximizing vehicle uptime.

This new capital injection increases Magna’s stake in the joint venture from its previous 51% holding, which will result in the dilution of Yulu’s 49% stake. While the new ownership structure remains undisclosed, the investment follows a previous commitment in 2022 totaling $77 million across Yulu and the battery-swapping venture.