Magna International (MGA) is investing an additional $35 million in battery-swapping joint venture Yuma Energy, TechCrunch reported Monday, citing Yuma managing director Muthu Subramanian.

The investment will increase the 51% stake Magna took when the joint venture was formed. Meanwhile, Yulu's 49% stake will be reduced, the report said.

Yuma said it plans to use most of the new capital to expand its network and double its battery fleet over the next 12 to 18 months, according to the report.

Magna did not immediately respond to MT Newswires' request for comment.

In 2022, Magna committed $77 million in Yuma and Yulu, with $25 million going to Yulu and $52 million going to Yuma, the report said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)