Magna increases bet on battery swapping in India with $35M for Yuma

Magna International is injecting an additional $35 million into Bengaluru-based Yuma Energy, raising its stake in the battery-swapping joint venture that serves electric two- and three-wheelers across 18 Indian cities. Yuma, which has completed over 60 million swaps and deployed about 100 000 batteries, aims to double its battery fleet and expand its 400-plus stations to reach EBITDA break-even within two quarters, leveraging the growing gig-delivery market where only 10-15% of vehicles are currently electric.