Magna Boosts India's EV Future with $35M Bet on Yuma Battery Swapping
Magna is increasing its stake in battery swapping for electric vehicles in India.
The Canadian auto parts giant has committed another 35 million dollars to Yuma Energy.
India's Gig Economy Fuels EV Growth
This investment builds on earlier funding and targets the needs of delivery riders who cover high daily distances.
Yuma has completed more than 60 million battery swaps so far across its growing network.
The Bengaluru firm runs over 400 stations and holds about 100000 batteries in operation.
Swapping takes under two minutes which helps riders stay productive without long charging stops.
Yuma also makes its own battery packs and charging units to maintain quality and efficiency.
Future Outlook for Cleaner Urban Transport
More gig workers switching to electric two and three wheelers could cut emissions in busy Indian cities.
The new capital will support expansion into additional cities like Chennai and Pune soon.
Yuma aims to double its battery fleet within the next 12 to 18 months.
This approach supports broader adoption of electric vehicles by lowering costs for daily users.
Long term plans include exploring markets in Southeast Asia and parts of Africa.
