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Magna increases bet on battery swapping in India with $35M for Yuma
Developing
Magna is now investing another $35 million in Yuma, increasing the auto supplier’s stake from the 51% it took when the joint venture was formed, Yuma managing director Muthu Subramanian said in an interview. Yuma is not profitable yet, though some of its older swapping stations are already EBITDA-positive, Subramanian said.
Yulu still accounts for the vast majority of Yuma’s 60 million lifetime swaps, though that dependence has started to ease as about 15% to 20% of swaps in the latest quarter came from customers other than Yulu, Subramanian told TechCrunch.
Southeast Asian markets including Vietnam and Thailand, as well as parts of Africa, could be attractive because of their large two-wheeler markets, he said, though Yuma has yet to begin discussions about entering them. A battery, Subramanian said, can be exchanged in under two minutes, while even a 20- or 30-minute fast charge takes a rider off the road and requires more space and power to serve multiple vehicles at once.
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What's still developing
- Magna is now investing another $35 million in Yuma, increasing the auto supplier’s stake from the 51% it took when the joint venture was formed, Yuma managing director Muthu Subramanian said in an interview.
- A battery, Subramanian said, can be exchanged in under two minutes, while even a 20- or 30-minute fast charge takes a rider off the road and requires more space and power to serve multiple vehicles at once.
- Yuma is not profitable yet, though some of its older swapping stations are already EBITDA-positive, Subramanian said.
- Yulu still accounts for the vast majority of Yuma’s 60 million lifetime swaps, though that dependence has started to ease as about 15% to 20% of swaps in the latest quarter came from customers other than Yulu,…
- Southeast Asian markets including Vietnam and Thailand, as well as parts of Africa, could be attractive because of their large two-wheeler markets, he said, though Yuma has yet to begin discussions about entering them.
Sources
- businesslink