Magna gets into electric mopeds and battery swapping
Acquires a stake in Bangalore's Yulu and plans 'millions of swaps per week'Magna International, the Canadian mobility technology company that builds sensor-based systems for cars like driver monitoring systems and advanced driver assistance systems , is entering the micromobility market.
The new battery swapping entity is currently registered as"Yulu Energy," already employs 200 staffers and is headquartered in Bangalore, according to Magna. The mobility tech giant says it will be Yulu's exclusive battery swapping partner and will build up the infrastructure required for"millions of swaps per week."
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