Yulu and Bajaj Auto have partnered to launch Miracle GR & DeX GR electric vehicles that are purpose built for urban mobility needs. The products are engineered for Indian consumers, climate, and road conditions, said the partners.
Yulu’s partnership with Bajaj Auto was formed in 2019, when the Pune-based two- and three-wheeler maker participated in Yulu’s funding exercise then. In September last year, Yulu, the shared electric mobility-as-a-service (MaaS) and battery-as-a-service (BaaS) provider announced the infusion of $82 million led by Magna International, which will see over 500 battery charging and swapping stations commissioned by September this year.
Powered by Yulu’s AI-led technology stack and exclusively manufactured by Bajaj Auto, the Miracle GR & DeX GR are made in India for the world, and are being rolled out by Chetak Technology, a 100% owned subsidiary of Bajaj Auto. The two partners have said they share a common vision to transform mobility through smart, shared, sustainable, and safe electric vehicles.
Yulu claims to have doubled its fleet in the last three months, and is aiming to put 100,000 vehicles on the road across major cities in India. The Bengaluru-based company is targeting more than 10X growth in revenues by the end of the year.
Yulu’s fleet operates on swappable batteries and is powered by Yuma Energy, a joint venture set-up by Yulu with its partner, Magna. A release issued by the company said there are currently around 100 Yuma stations across Bengaluru, Mumbai and Delhi, which the company plans to scale to 500 by 2024.
S Ravikumar, Chief Business Development Officer, Bajaj Auto said, “Going electric is a key strategic priority at Bajaj, and Yulu is an integral part of this strategy. Yulu’s deep expertise in EV technology and market knowledge coupled with Bajaj Auto’s strong, world-class R&D & manufacturing capabilities, is a powerful force that is shaping India’s future of mobility.”
Amit Gupta, Co-founder & CEO, Yulu said the changing mobility needs and customer expectations have enabled Yulu’s partnership with Bajaj Auto. “Together with Bajaj Auto, we are setting a new benchmark in urban mobility by ensuring affordable access to the best-in-class ride, while taking pioneering steps towards green commuting,” he said.
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