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Magna increases bet on battery swapping in India with $35M for Yuma

Magna increases bet on battery swapping in India with $35M for Yuma. Canadian auto parts giant Magna International believes the model could work at scale in India. Magna is now investing another $35 million in Yuma, increasing the auto supplier’s stake from the 51% it took when the joint venture was formed. Yuma spun out of Indian mobility startup Yulu in early 2023. Magna's investment in Yuma Energy has reached $87 million as the Canadian auto supplier increases its majority stake in the Indian battery-swapping firm.

Why it matters. Why it matters: Magna increases bet on battery swapping in India with $35M for Yuma.

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