The Canadian auto-parts supplier said its investment in the Bangalore-based e-bike and e-scooter maker will create a new battery-swapping business. Yulu is India’s largest micromobility company. (The Logic)

Talking point: Magna said it hopes its expansion into smaller electric vehicles will be “a great opportunity for additional growth.” Its shares were up almost three per cent at Monday’s close. It will be the exclusive battery provider for 10,000 bikes and scooters in Bangalore, Delhi and Mumbai, with expansion into an additional 15 cities in the next 18 months and possibly beyond India in the future. There’s a shortage of some e-bike components, and Magna said its background in high-volume manufacturing will “manage the future buildup of the infrastructure required for millions of swaps per week.”