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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