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Magna invests US$77 million in EV startup Yulu to enter micromobility market

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Magna will own a stake and hold a seat on the board of Yulu, based in Bangalore, India, the supplier said. The two companies have established a new battery swapping entity.

Canadian auto supply giant Magna International is investing US$77 million in India's electric-vehicle startup Yulu to enter the micromobility market.

Yulu operates around 10,000 low-speed electric two-wheelers in Bangalore, Delhi, and Mumbai. It is targeting an additional 15 cities in the next 18 months.

 

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