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Magna invests $35M more in Yuma, lifting stake in Indian battery-swapping firm
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Magna's total investment in Yuma Energy reaches $87 million as it increases its majority stake in the Indian battery-swapping firm.
This investment funds expansion of Yuma's battery-swapping network for electric two- and three-wheelers, with plans to double its battery fleet and enter new cities. For engineers, it means scaling hardware manufacturing and network management, as Yuma designs its own battery packs and charging units.
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Magna is investing an additional $35 million in Yuma, increasing its stake from 51% and diluting Yulu's 49% stake.
Yuma has completed over 60 million swaps and has about 100,000 batteries deployed, with plans to double that fleet in 12-18 months.
Yuma designs and manufactures its own battery packs and charging units, and plans to expand to Chennai and Pune while considering overseas markets.
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