- Magna International ( NYSE: MGA ) has made an investment of $77M in India's EV startup Yulu, the Canadian auto parts supplier announced on Sunday.
- Yulu operates around 10,000 low-speed electric two-wheelers in Bangalore, Delhi, and Mumbai. The Bangalore-based firm plans to enter 15 additional cities over the next 18 months.
- Magna ( MGA ) will own a stake and occupy a seat on Yulu's board as part of the investment. The two companies have also established a new battery swapping entity.
- The investment will enable Magna ( MGA ) to enter the micromobility market.
- "Micromobility presents a great opportunity for additional growth for Magna, and joining forces with Yulu helps us expand our business into this rapidly growing sector, " said Matteo Del Sorbo, Executive Vice President, Magna International and Global Lead for Magna New Mobility.
- MGA shares were up over 3% around 12.30PM ET
For further details see:
Magna invests $77M in Indian EV startup Yulu