Yulu, Bajaj Auto Launch Miracle GR, DeX GR Electric Vehicles

Shared electric mobility startup Yulu and Bajaj Auto on Monday announced the launch of electric two-wheelers -- Miracle GR and DeX GR -- for daily commute and last-mile delivery.

These new generation vehicles are developed on a purpose-built platform for electric 2-wheelers that is engineered for Indian consumers, climate and road conditions.

Being rolled out by Bajaj Auto's wholly-owned subsidiary Bajaj Chetak Technology Ltd, the two electric vehicles will be powered by Yulu's technology stack and exclusively manufactured by Bajaj Auto, Yulu said in a release.

"Mobility needs and customer expectations are rapidly changing & traditional ownership models are being disrupted. This launch will further solidify our position as a market leader in the shared mobility space," said Amit Gupta - Co-founder and CEO, Yulu. 

Yulu said it has doubled its fleet in the last three months and is set to deploy 1,00,000 vehicles across major cities in the country. Amid its target to deliver more than 10x revenue growth by the end of the year.

By manufacturing these vehicles at Bajaj's facility, Yulu also expects significant cost reductions and meaningful improvements in operating metrics and overall financials, owing to locally sourced parts and assembly, superior production quality and optimized economies of scale, the company said.

"Going electric is a key strategic priority at Bajaj, and Yulu is an integral part of this strategy.

"These next-generation made-for-India vehicles with their strong engineering underpinnings and sophisticated design aesthetics are a milestone not just for us, but for the entire electric mobility category," said S Ravikumar, Chief Business Development Officer at Bajaj Auto Limited.

Yulu's fleet operates on swappable batteries and is powered by Yuma Energy.

There are currently around 100 Yuma stations across Bengaluru, Mumbai and Delhi, which the company plans to scale to 500 by 2024, as per the release.