Magna enters micro mobility space, invests USD 77 mn in Yulu for battery swapping service unit

Mobility technology company Magna is expanding into the fast-growing micro mobility market by investing USD 77 million in Yulu, India’s largest electrified shared mobility provider, and creating a battery swapping service company. As part of the agreement, Magna will have a stake in the company and will hold a seat on Yulu’s board of directors.