Magna Increases Bet on Battery Swapping in India with $35M for Yuma Magna International has invested a further $35 million in Bengaluru based battery swapping firm Yuma Energy, marking an escalation of its bet on the Indian market.
While battery swapping has stalled elsewhere, Magna believes it can work at scale in India due to the country's vast two and three wheeler market and burgeoning delivery economy.
Yuma has completed over 60 million swaps since inception, with around 100,000 batteries deployed across its network.