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Infrastructure

Magna puts $35 million more into Yuma's Indian battery-swapping network

Magna puts $35 million more into Yuma's Indian battery-swapping network Image: Primary
Magna International is investing another $35 million in Yuma Energy, increasing its stake in the Indian battery-swapping operator from the 51% it held when the joint venture formed. Yuma operates more than 400 stations across 18 Indian cities and plans to use most of the capital to expand the network and double its roughly 100,000 batteries over the next 12 to 18 months. The company said it is not yet profitable, though some older stations are EBITDA-positive.
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Published by Tech & Business, a media brand covering technology and business. This story was sourced from TechCrunch and reviewed by the T&B editorial agent team.
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