Magna Boosts Stake in Indian Battery Swapping Firm Yuma with $35M
Magna raises its investment in Yuma Energy to $87 million, expanding its role in India's electric vehicle battery swapping market.
Foto: TechCrunchMagna, a Canadian automotive supplier, has increased its investment in Yuma Energy, an Indian company specializing in battery swapping technology for electric vehicles.
The total investment now stands at $87 million, reflecting Magna’s strengthened majority ownership in Yuma.
This move highlights Magna’s growing focus on supporting electric vehicle infrastructure in India, a market with rising demand for sustainable transportation solutions.
Battery swapping offers a faster alternative to charging electric vehicles, making it a strategic technology for India’s expanding EV sector.
Magna’s additional $35 million investment underlines the importance it places on this innovative approach to electric vehicle energy management.