News Release - Magna Enters Micromobility Market: Investing in Yulu and Creating Battery-Swapping Business
$77 millioninvestment opens door to fast-growing micromobility market
- Battery-swapping service unlocks new business model for Magna
- Opportunity to advance sustainable urban mobility in
Yulu deploys shareable, low-speed, electric two-wheelers to facilitate accessible, sustainable urban mobility in
“This is an incredibly exciting time for Magna to contribute to a sustainable future in urban mobility through this investment in Yulu,” said
Magna brings extensive capabilities in design, engineering and manufacturing to this new entity, currently registered as “Yulu Energy”. With its proven track record of operating in high volume production globally, Magna will serve as the exclusive battery-swapping provider for Yulu’s customers and manage the future buildup of the infrastructure required for millions of swaps per week.
This new Battery-as-a-Service (BaaS) entity leverages Yulu’s strong market position and network in
Yulu Energy has approximately 200 employees and it is headquartered in
Magna’s entry into one of the fastest growing markets for an electrified two-wheel mobility platform aligns with its core competencies and Go-Forward strategy to expand in Mobility-as-a-Service (MaaS) and Battery-as-a-Service (BaaS) businesses.
Micromobility, electric powered two-wheelers, electric scooters, Yulu Mobility
Magna is more than one of the world’s largest suppliers in the automotive space. We are a mobility technology company with a global, entrepreneurial-minded team of 161,000 employees and an organizational structure designed to innovate like a startup. With 65+ years of expertise, and a systems approach to design, engineering and manufacturing that touches nearly every aspect of the vehicle, we are positioned to support advancing mobility in a transforming industry. Our global network includes 341 manufacturing operations and 89 product development, engineering and sales centres spanning 28 countries.
For further information about Magna [(NYSE:MGA; TSX:MG)], please visit www.magna.com or follow us on Twitter @MagnaInt.
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Source: Magna International Inc.