Yulu plans to invest in deployment of 1 lakh EVs, battery charging and swapping infra

Shared electric mobility player Yulu on Wednesday said it will invest Rs 1,200 crore to deploy 1 lakh electric vehicles and operationalise battery charging and swapping infrastructure in Karnataka over the next five years. The company has signed a memorandum of understanding (MoU) with the Karnataka government for the purpose and it will also cover investments made in product innovation, new technology and sustainable operations, Yulu said in a statement.

Moreover, Yulu will create about 7,000 direct jobs across its value chain activities and establish a ‘centre of excellence’ for designing and optimising cutting-edge vehicle designs, IoTs and EV charging equipment.

Yulu co-founder R K Misra said the company has worked closely with policy makers and government departments to help formulate policies that foster a vibrant EV ecosystem.