Latest news with #UPower
Yahoo
7 days ago
- Automotive
- Yahoo
U Power inaugurates smart battery-swapping station in Thailand
U Power (UCAR) has launched Southeast Asia's first operational smart battery-swapping station in Phuket, Thailand. The Thailand station is said to integrate U Power's UOTTA battery charging and swapping system technology to improve the transmission of data and station control logic. The inauguration of the Thailand station comes after U Power's delivery of the first battery-swapping compatible taxi fleet in Southeast Asia this May. This development is part of a joint venture (JV) with SUSCO and represents the first fully operational smart battery-swapping station in the region, specifically catering to electric taxis as well as ride-hailing fleets. The station supports multi-model compatibility and is equipped for future Level 4 autonomous vehicles. This paves the way for 'unmanned, automated battery swaps". The Thailand station, which is said to be weather-resistant, is dubbed as the region's first zero-carbon battery-swapping station and will feature the company's battery-bank system, incentivising EV drivers with battery tokens for swapping activities. U Power chairman and CEO Johnny Lee said: "The Thailand Station represents U Power's first fully automated EV energy replenishment model, integrating next-generation AI technologies into a weather-resilient and intelligent infrastructure. 'We are confident that this business model will serve as a replicable paradigm across the broader ASEAN region, as well as Southern Europe and South America.' U Power's JV with SUSCO aims to deploy smart swapping infrastructure based on UOTTA across the latter's network of around 1,000 fuelling stations in Thailand. The partnership aims to set up facilities for various vehicles, including taxis, buses, and logistics fleets, to accelerate the country's green mobility initiatives. April 2025 saw U Power, in partnership with UNEX EV and CP-MG, deliver its first batch of swappable EVs in Phuket. Building on its success in Thailand, U Power noted that it is expanding to Singapore by introducing a second hub by launching its ESP model. Along with its partners, the company is planning to deploy 50 UOTTA swapping stations, introduce 5,000 battery-swappable EVs, and retrofit 300 current taxis within three years. After its Southeast Asia and Hong Kong deployments, a JV named ELMO was formed by U Power with Portugal's National Taxi Association and is negotiating station development with European energy provider Galp. Additionally, U Power is set to introduce its first station in Peru in collaboration with local ride-hailing platform Ualabee. In February 2025, U Power partnered with SAIC Motor-CP to integrate battery-swapping technology for the latter's MG brand vehicles in Thailand. "U Power inaugurates smart battery-swapping station in Thailand" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Sun
22-07-2025
- Automotive
- The Sun
Southeast Asia's First Smart Battery Swapping Station Officially Launched: U Power Accelerates EV Ecosystem Across Three Continents
PHUKET, THAILAND - EQS Newswire - 21 July 2025 - U Power Limited (Nasdaq: UCAR) and UNEX EV B.V. (hereinafter 'UNEX EV') today co-hosted the grand inauguration ceremony of Southeast Asia's first smart battery swapping station for new energy vehicles, held in Phuket, Thailand. This station marks not only the first project launched by the joint venture between U Power and Thai energy conglomerate Susco, but also the first fully operational 24/7 smart battery swapping station in the entire Southeast Asia region. Notably, it is also the first such station globally—outside mainland China—designed specifically for electric taxis and ride-hailing fleets, signaling the scalability and global potential of this forward-looking battery swapping ecosystem for tens of millions of taxis and ride-hailing vehicles worldwide. The ceremony welcomed local government officials, executives from CP Group, SAIC-CP MG, Susco, and guests from Singapore, Indonesia, and Malaysia. Pitak Pruittisarikorn, Global CEO of UNEX EV, delivered a keynote speech on behalf of both organizers, themed 'Smart Swap: Powering Southeast Asia's EV Future'. He noted: 'This first smart swapping station in Southeast Asia is powered by U Power's proprietary UOTTA™ technology, integrating AI-based positioning and modular hardware to enable fully automated battery swaps in just minutes—bringing the vision of autonomous, intelligent mobility into reality.' Intelligent Infrastructure to Power the Robotaxi Era U Power's Smart Swapping Solution Fills the Critical Gap in Autonomous EV Energy Replenishment The new smart swapping station in Phuket features U Power's self-developed UOTTA™ battery swapping system, equipped with AI-assisted alignment, high-frequency operation capability, and standardized battery interfaces. The entire process takes only a few minutes and is fully unmanned, enabling seamless, efficient operations. The system supports multiple EV models and is pre-configured for future L4 autonomous driving vehicles, translating the concept of 'unattended, automated battery replenishment' into an operational reality—meeting the ultra-fast energy needs of tomorrow's intelligent transportation networks. This technology path aligns with global transportation transformation trends. From North America to Asia and the Middle East, leading countries and cities are accelerating the commercialization of autonomous ride-hailing (Robotaxi) services. In the U.S., cities such as Los Angeles, San Francisco, Phoenix, and Austin have launched paid Robotaxi operations, with expansion underway in New York, Atlanta, and beyond. Chinese AV companies have also scaled operations to tens of millions of service orders. Cities like Dubai plan to automate 25% of public transport by 2030. However, in high-frequency and time-sensitive mobility scenarios, traditional charging methods fall short of meeting the strict efficiency and uptime demands of Robotaxi fleets. In contrast, battery swapping—due to its speed, safety, and ability to operate autonomously—has emerged as the preferred energy solution. Thus, the main bottleneck to Robotaxi scale-up is no longer 'driverless driving' but 'driverless energy replenishment.' U Power is solving this critical challenge. By deploying its smart swapping station in Phuket, U Power provides current fleet operators with a safe, efficient, and cost-effective energy solution. Under its strategic framework—'Vehicle-Station-Cloud-Token'—U Power is building a nodal, intelligent, data-driven energy infrastructure network. This system enables deep integration between mobility energy and digital energy trading, paving the way for autonomous vehicles to scale and ushering in a fully automated and unmanned future for global smart mobility. Market Validation in Thailand: A Closed-Loop Ecosystem for Swappable Taxis High Praise from Industry and Local Operators In April 2025, U Power, together with UNEX EV and SAIC-CP MG, delivered its first batch of swappable EVs, which have since been operating as taxis and ride-hailing vehicles in Phuket. This marks the first real-world deployment of an intelligent battery swapping ecosystem in Thailand and Southeast Asia. The official launch of the Phuket station completes the ecosystem loop—from vehicle to swapping station to operational platform—and lays the foundation for a scalable, replicable business model. Among the first adopters is AUTO Drive, one of Thailand's largest taxi and ride-hailing operators. CEO Mr. Akaranan shared at the ceremony: 'The UOTTA™-enabled swappable EV fleet we deployed in Phuket has significantly improved operational efficiency. Battery swaps take just minutes, relieving power grid pressure during peak times and saving valuable time for both drivers and vehicles. This project serves as a pilot model for Thailand and ASEAN, offering a sustainable and unmanned energy solution for millions of urban mobility vehicles.' President of the Thai Taxi Association, also praised the solution after inspecting the station and test-driving the vehicles: 'This UNEX EV-MG model is the best electric taxi I've seen in Thailand to date—spacious, comfortable, and cost-effective. More importantly, it helps drivers save time and money. We're seriously considering this model when upgrading our 60,000-vehicle fleet to EVs in the future.' Regional Expansion in Southeast Asia and Beyond: U Power's Global Battery Swapping Ecosystem Takes Shape Across Three Continents Thailand serves as a strategic entry point for U Power in Southeast Asia, with implications far beyond this first station. Back in March, U Power and Susco formed a joint venture to develop a national battery swapping network leveraging Susco's nearly 1,000 gas stations across Thailand. The JV will deploy UOTTA™-based smart swapping infrastructure for taxis, ride-hailing fleets, buses, and logistics vehicles—supporting Thailand's green transportation transformation. Building on Thailand's success, U Power has launched its 'ESP Model' in Singapore. Over the next three years, the ESP program aims to deploy 5,000 swappable EVs and a corresponding number of UOTTA™ stations, while converting 300 existing MG EP taxis into swappable versions. With Thailand and Singapore as hubs, U Power is rapidly extending its network across Indonesia and Malaysia. Meanwhile, the company's global ambitions are taking shape: --> In Hong Kong, the first UOTTA™ smart swapping station opened in June in Kwai Chung, with a three-phase plan to build 55 stations to serve taxis, buses, and even ferries. --> In Europe, U Power partnered with Portugal's Taxi Association to launch the joint venture ELMO. At the ANTRAL 50th anniversary event, ELMO also revealed it is in talks with energy giant Galp to establish swapping stations. --> In South America, U Power will soon launch its first station in Peru, in partnership with local ride-hailing platform Ualabee. From Asia to Europe and South America, U Power is leveraging its intelligent, standardized, and modular UOTTA™ technology to build a global energy network—empowering the electric mobility transition worldwide. From Phuket to the World: Reshaping the Global Energy Landscape for EVs From the launch of its first station in Phuket to the rapid expansion of its regional ecosystem, U Power is transforming Southeast Asia's EV infrastructure—and redefining global energy replenishment for electric mobility. As intelligent battery swapping stations roll out across countries and continents, U Power will continue collaborating with governments and industry partners to create a smarter, greener, and more efficient energy future. In this era of autonomous, unmanned mobility, U Power is not merely building energy infrastructure—it is constructing the core network that connects clean energy with intelligent transportation. This growing network is leading the world toward a truly sustainable, zero-emissions mobility future.
Malay Mail
21-07-2025
- Automotive
- Malay Mail
Southeast Asia's First Smart Battery Swapping Station Officially Launched: U Power Accelerates EV Ecosystem Across Three Continents
Hong Kong's first station leads East Asia; Portugal and Peru mark U Power's entry into Europe and South America In Hong Kong , the first UOTTA™ smart swapping station opened in June in Kwai Chung, with a three-phase plan to build 55 stations to serve taxis, buses, and even ferries. , the first UOTTA™ smart swapping station opened in June in Kwai Chung, with a three-phase plan to build 55 stations to serve taxis, buses, and even ferries. In Europe , U Power partnered with Portugal's Taxi Association to launch the joint venture ELMO. At the ANTRAL 50th anniversary event, ELMO also revealed it is in talks with energy giant Galp to establish swapping stations. , U Power partnered with Portugal's Taxi Association to launch the joint venture ELMO. At the ANTRAL 50th anniversary event, ELMO also revealed it is in talks with energy giant Galp to establish swapping stations. In South America, U Power will soon launch its first station in Peru, in partnership with local ride-hailing platform Ualabee. From Phuket to the World: Reshaping the Global Energy Landscape for EVs PHUKET, THAILAND - EQS Newswire - 21 July 2025 - U Power Limited (Nasdaq: UCAR) and UNEX EV B.V. (hereinafter "UNEX EV") today co-hosted the grand inauguration ceremony of Southeast Asia's first smart battery swapping station for new energy vehicles, held in Phuket, Thailand. This station marks not only the first project launched by the joint venture between U Power and Thai energy conglomerate Susco, but also the first fully operational 24/7 smart battery swapping station in the entire Southeast Asia region. Notably, it is also the first such station globally—outside mainland China—designed specifically for electric taxis and ride-hailing fleets, signaling the scalability and global potential of this forward-looking battery swapping ecosystem for tens of millions of taxis and ride-hailing vehicles ceremony welcomed local government officials, executives from CP Group, SAIC-CP MG, Susco, and guests from Singapore, Indonesia, and Malaysia. Pitak Pruittisarikorn, Global CEO of UNEX EV, delivered a keynote speech on behalf of both organizers, themed. He noted: "This first smart swapping station in Southeast Asia is powered by U Power's proprietary UOTTA™ technology, integrating AI-based positioning and modular hardware to enable fully automated battery swaps in just minutes—bringing the vision of autonomous, intelligent mobility into reality."The new smart swapping station in Phuket features U Power's self-developed UOTTA™ battery swapping system, equipped with AI-assisted alignment, high-frequency operation capability, and standardized battery interfaces. The entire process takes only a few minutes and is fully unmanned, enabling seamless, efficient operations. The system supports multiple EV models and is pre-configured for future L4 autonomous driving vehicles, translating the concept of "unattended, automated battery replenishment" into an operational reality—meeting the ultra-fast energy needs of tomorrow's intelligent transportation technology path aligns with global transportation transformation trends. From North America to Asia and the Middle East, leading countries and cities are accelerating the commercialization of autonomous ride-hailing (Robotaxi) services. In the U.S., cities such as Los Angeles, San Francisco, Phoenix, and Austin have launched paid Robotaxi operations, with expansion underway in New York, Atlanta, and beyond. Chinese AV companies have also scaled operations to tens of millions of service orders. Cities like Dubai plan to automate 25% of public transport by in high-frequency and time-sensitive mobility scenarios, traditional charging methods fall short of meeting the strict efficiency and uptime demands of Robotaxi fleets. In contrast, battery swapping—due to its speed, safety, and ability to operate autonomously—has emerged as the preferred energy solution. Thus, the main bottleneck to Robotaxi scale-up is no longer "driverless driving" but "driverless energy replenishment."U Power is solving this critical challenge. By deploying its smart swapping station in Phuket, U Power provides current fleet operators with a safe, efficient, and cost-effective energy solution. Under its strategic framework—"Vehicle-Station-Cloud-Token"—U Power is building a nodal, intelligent, data-driven energy infrastructure network. This system enables deep integration between mobility energy and digital energy trading, paving the way for autonomous vehicles to scale and ushering in a fully automated and unmanned future for global smart April 2025, U Power, together with UNEX EV and SAIC-CP MG, delivered its first batch of swappable EVs, which have since been operating as taxis and ride-hailing vehicles in Phuket. This marks the first real-world deployment of an intelligent battery swapping ecosystem in Thailand and Southeast Asia. The official launch of the Phuket station completes the ecosystem loop—from vehicle to swapping station to operational platform—and lays the foundation for a scalable, replicable business the first adopters is AUTO Drive, one of Thailand's largest taxi and ride-hailing operators. CEO Mr. Akaranan shared at the ceremony:"The UOTTA™-enabled swappable EV fleet we deployed in Phuket has significantly improved operational efficiency. Battery swaps take just minutes, relieving power grid pressure during peak times and saving valuable time for both drivers and vehicles. This project serves as a pilot model for Thailand and ASEAN, offering a sustainable and unmanned energy solution for millions of urban mobility vehicles." President of the Thai Taxi Association, also praised the solution after inspecting the station and test-driving the vehicles:"This UNEX EV-MG model is the best electric taxi I've seen in Thailand to date—spacious, comfortable, and cost-effective. More importantly, it helps drivers save time and money. We're seriously considering this model when upgrading our 60,000-vehicle fleet to EVs in the future."Thailand serves as a strategic entry point for U Power in Southeast Asia, with implications far beyond this first station. Back in March, U Power and Susco formed a joint venture to develop a national battery swapping network leveraging Susco's nearly 1,000 gas stations across Thailand. The JV will deploy UOTTA™-based smart swapping infrastructure for taxis, ride-hailing fleets, buses, and logistics vehicles—supporting Thailand's green transportation on Thailand's success, U Power has launched its "ESP Model" in Singapore. Over the next three years, the ESP program aims to deploy 5,000 swappable EVs and a corresponding number of UOTTA™ stations, while converting 300 existing MG EP taxis into swappable Thailand and Singapore as hubs, U Power is rapidly extending its network across Indonesia and Malaysia. Meanwhile, the company's global ambitions are taking shape:From Asia to Europe and South America, U Power is leveraging its intelligent, standardized, and modular UOTTA™ technology to build a global energy network—empowering the electric mobility transition the launch of its first station in Phuket to the rapid expansion of its regional ecosystem, U Power is transforming Southeast Asia's EV infrastructure—and redefining global energy replenishment for electric mobility. As intelligent battery swapping stations roll out across countries and continents, U Power will continue collaborating with governments and industry partners to create a smarter, greener, and more efficient energy this era of autonomous, unmanned mobility, U Power is not merely building energy infrastructure—it is constructing the core network that connects clean energy with intelligent transportation. This growing network is leading the world toward a truly sustainable, zero-emissions mobility #UPower The issuer is solely responsible for the content of this announcement. About U Power U Power Limited (Nasdaq: UCAR), a member of the UPINCAR Group, was founded in 2013 and is a global leader in new energy technologies. Designed for the autonomous and intelligent mobility era, U Power developed the proprietary UOTTA™ smart battery swapping system, featuring high automation, rapid recognition (milliseconds), alignment (seconds), and full battery swap (minutes)—all with minimal human involvement. In 2023, U Power became the world's first and only Nasdaq-listed company focused on battery swapping technology, showcasing its maturity and full-stack capabilities in the EV charging and swapping ecosystem. Driven by its mission to "Enable a Seamless Transition to the Electric Future", U Power focuses on intelligent swapping tech, distributed energy networks, and Web3-based digital energy solutions. Its "Vehicle-Station-Cloud-Token" ecosystem, powered by proprietary tech and blockchain energy ledger infrastructure, supports multi-scenario deployment across logistics, public transit, and personal mobility. With a strategic presence in six global regions—Greater China, Southeast Asia, Europe, North and South America, and the Middle East—U Power is the world's pioneer in merging smart swapping with Web3 energy, delivering long-term value for global green transformation.
Yahoo
19-07-2025
- Automotive
- Yahoo
A small Chinese startup wants to jumpstart a global EV taxi revolution
On a recent morning in an industrial zone near Hong Kong's bustling cargo port, a white MG electric taxi glided into a narrow kiosk resembling a car wash. A hydraulic lift elevated the vehicle, allowing a guided mechanical system to slide out the taxi's depleted battery and replace it with a fully charged one. There was no plugging in, no waiting around to recharge. The taxi was ready for the road in under three minutes. That battery-swapping kiosk is the first of a network of hundreds planned for Hong Kong by U Power, a little-known startup from Shanghai that aims to electrify the beating heart of the city's notoriously antiquated taxi fleet. The opportunity is huge. In Hong Kong, electric vehicles make up just 4% of the city's 119,000 commercial vehicles, including taxis, buses, and delivery vans. For taxis, the percentage of EVs is even lower. As of December 2024, Hong Kong had only 90 electric taxis, accounting for 0.5% of the city's 18,163 licensed cabs. That's a stark contrast to the 24% penetration rate among the city's private auto fleet. Hong Kong is representative of a global phenomenon: Of the more than 400 million commercial vehicles worldwide, fewer than 1% are electric. Even in cities with high EV penetration rates—including San Francisco, Oslo, and Amsterdam—electric taxis remain a rarity. In theory, Hong Kong's taxi owners have strong financial incentives to make the switch. Electric motors, with fewer moving parts than internal combustion engines, are cheaper to run and maintain. Several recent studies suggest fuel costs for EVs are more than 70% lower than for gas-powered vehicles, translating to annual savings of about $10,000 per taxi. The Hong Kong government offers further inducements: it has waived first-time registration taxes for electric taxis and granted a 45,000 Hong Kong dollar (about $5,750) subsidy per vehicle to operators who switch from gas to electric. Still, owners and drivers are wary. For commercial vehicles, especially taxis, every minute of downtime means lost revenue. Conventional EV charging is far too slow for high-utilization fleets. Hong Kong has more than 11,000 public EV chargers, but only about 2,000 are quick or fast chargers, capable of restoring batteries to 80% in 30 to 60 minutes. The rest can take several hours to fully recharge a vehicle—time most drivers don't have. As Li points out, the average taxi driver earns 200 Hong Kong dollars (about $25) per hour: 'You ask them to sit idle for two hours? No way. That's 400 [Hong Kong] dollars gone.' On top of that, many public charging stations impose hourly parking fees, further eroding the economic case for EVs. Battery swapping stations could eliminate that downtime—but only if U Power can build enough of them across the city and persuade drivers to embrace the model. The company hopes to have four stations in operation in Hong Kong by the end of this year and ultimately envisions a citywide network of more than 200. Beyond Hong Kong Hong Kong is a high-profile testbed, but Li has global ambitions. U Power has launched pilots in Singapore and Macau and is actively rolling out swap stations in Thailand, Mexico, Portugal, and Peru. Li sees Thailand and Mexico as particularly promising due to their large taxi fleets and high vehicle turnover. Bangkok, he notes, has 80,000 taxis; Mexico City has more than 100,000. In Thailand, U Power last year signed a strategic partnership with SAIC Motor–CP Co., a joint venture between one of China's largest automakers and CP Group, Thailand's largest conglomerate. The venture aims to integrate battery-swapping technology into MG taxis and ride-hailing vehicles. (Disclosure: Fortune's owner, Chatchaval Jiaravanon, is a member of the family that controls the CP Group, and he is one of U Power's largest investors.) U Power has also formed a joint venture with SUSCO, a Thai oil and fuel retailer, to install kiosks at its network of 200 gas stations and teamed up with Japan's Sumitomo Mitsui Auto Leasing & Service to deploy a fleet of swapping-compatible MGs in the island province of Phuket. And the company now says that it plans to move its operational headquarters from Shanghai to Bangkok in order to fuel its global expansion. In Mexico, the company has partnered with fleet operator Vizeon New Energy to develop swap-compatible EV taxis, buses, and trucks, and install pilot swap stations in three major cities. Similar efforts are underway in Lisbon and Lima, where U Power is targeting midsize fleet operators and delivery platforms. Notably, though, U Power has no plans to enter the world's two largest markets: the U.S. and China. Li calls the U.S. an EV laggard, hampered by low urban density, fragmented infrastructure, and an unpredictable regulatory landscape for Chinese tech companies. He's also ruled out the Chinese mainland due to fierce competition, entrenched EV incumbents, and a power grid so advanced that ultra-fast charging is widely available—making battery swapping largely unnecessary. China's largest cities are notable exceptions to the global dominance of gas-powered taxis. Electric vehicles account for more than 95% of the taxi fleet in Beijing, Shanghai, and Guangzhou. In Shenzhen, the sprawling metropolis just across the border from Hong Kong, authorities have mandated the conversion of the city's entire taxi and bus fleets to electric vehicles as far back as 2018. A wild ride on the Nasdaq U Power's plans for global expansion sparked one of the most explosive post-IPO rallies in Nasdaq history. When the company debuted in April 2023, shares shot up over 600% on opening day, triggering multiple trading halts. Retail traders piled in, lured by the promise of a disruptive Chinese EV infrastructure play. The stock, which trades under the moniker UCAR, peaked at $901 in June before speculative fervor collapsed. By year's end shares had slumped to $18. Over the past 52 weeks, U Power's share price has oscillated between $9.05 and $2.47, with day-to-day swings often exceeding 10%. The stock currently trades below $4.00, down more than 50% year-to-date. No major Wall Street analyst currently follows UCAR. U Power's stock's slump reflects investor skepticism about the feasibility of its 'battery-as-a-service' model and frustration with its lackluster financials. Critics question whether a battery swap network—capital intensive, dependent on fleet adoption, and distributed across so many different markets—can scale profitably. The company, launched in 2013, remains unprofitable, posting a $7.7 million net loss on $6.08 million in revenue in 2024, according to documents filed with the U.S. Securities and Exchange Commission. Li insists the company will break even in 2025 and triple profits in 2026, thanks to expanding fleet contracts and growing subscription revenue in Southeast Asia and Latin America. Owners and drivers, hearts and minds To realize Li's grand visions, U Power must secure hundreds of viable swap sites in some of the world's most crowded cities. That's an especially daunting proposition in Hong Kong, where land is expensive, and each location will require zoning approvals, grid connectivity, and all-hours vehicle access. So far, U Power has identified just ten potential sites in the city. The bigger challenge may be cultural. Winning over Hong Kong's 17 major taxi fleet owners and some 46,000 fiercely independent drivers means reshaping deep-seated habits and suspicions. U Power's model requires operators to give up battery ownership, retrofit vehicles with the company's proprietary UOTTA interface, and pay monthly subscription fees tied to battery use—terms that may not sit easily with a sector long allergic to centralized control. Li insists the economics will win out. By decoupling batteries from vehicles, he argues, taxi owners can reduce up-front costs by as much as 40%. U Power, meanwhile, assumes responsibility for charging logistics, battery health monitoring, and end-of-life recycling. As batteries degrade, they're rotated into less demanding uses—like stationary energy storage—or recycled outright. To sweeten the deal, Li has floated a blockchain-based incentive system. Each battery contains a chip that logs usage, charging behavior, and wear. Drivers who follow optimal patterns—avoiding peak-hour swaps, returning batteries in good condition—can earn digital tokens redeemable for energy discounts or services. The goal: a transparent, self-regulating marketplace that reduces strain on the grid while rewarding smart usage. Whether Hong Kong's notoriously unruly taxi sector will buy in remains to be seen. The city's iconic red, green, and blue cabs—red for Hong Kong Island and Kowloon, green for the New Territories, and blue for Lantau—are instantly recognizable symbols of the city. They're also famously idiosyncratic. Most drivers still accept cash only and have long attracted complaints of rude service, overcharging, and reckless driving. Reform efforts have repeatedly hit walls: A proposed fee hike in 1984 triggered citywide riots; drivers staged mass strikes in 1991 and 2008; and just this February, the drivers' union threatened another unless the government cracked down on unlicensed ride-hailing services like Uber. At U Power's Hong Kong launch ceremony in June, the chairman of the Hong Kong Taxi Drivers & Operators Association attended and signed a memorandum of understanding pledging to promote the adoption of the UOTTA system. Notably, though, no representatives of the Hong Kong Taxi Owners Association, which represents the interests of taxi license holders—and is generally considered the more politically powerful of the two major taxi unions—attended the event. Still, the symbolism of electrifying Hong Kong's taxis is potent. In 2023, when the city's stock exchange opened offices in New York and London, it marked the milestone with a cheeky global ad campaign featuring then-CEO Nicolas Aguzin rolling through Manhattan and Mayfair—not in a black limo, but in the back of a classic red Hong Kong cab. If Li Jia has his way, the next time one of those taxis makes an international cameo, it'll be running on swappable power—a symbol not only of the city, but of the future of electric mobility. 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Yahoo
10-06-2025
- Automotive
- Yahoo
U Power Provides Business Update and Outlines Key Objectives for 2025 and Beyond
Investing in Next-Generation Technologies with a Goal of Becoming a Smart Energy Grid Solutions Provider SHANGHAI, June 10, 2025 /PRNewswire/ -- U Power Limited (Nasdaq: UCAR) (the "Company" or "U Power"), a provider of comprehensive electric vehicle ("EV") battery-swapping solutions with a vision of becoming a smart energy grid solutions provider, today provides an update of recent business developments, strategic partnerships and outlines its key growth initiatives for 2025 and beyond. Recent Business Developments - Expanded our client base and domestic footprint: Our proprietary UOTTA-powered battery-swapping stations and related solutions continued to gain traction. Our UOTTA technology offers fast, efficient battery swap for a variety of EVs including commercial trucks, buses, light trucks and passenger vehicles, including two wheeled and three wheeled. For full year 2024 we reported total revenue of $6.2 million, representing an increase of 124% as compared to full year 2023. During 2024 we sold and delivered a total of 12 battery-swapping stations. - Established global partnerships: We have established various partnerships in Thailand, Portugal, Hong Kong, Peru and Mexico to jointly promote UOTTA battery-swapping services and we are working on building a battery-swapping ecosystem in these markets. We are partnering with major EV manufacturers in these markets to facilitate the sales of UOTTA-powered EVs and have begun delivering battery-swapping stations initially for taxi and ride-hailing services. - Patents: We continued to strengthen our capabilities and introduced innovative UOTTA solutions supported by a large number of patents (46 issued patents and 18 pending patent applications). Two-Fold Growth Strategy for 2025 and Beyond Our key objective is to continue to grow our existing business, establish new business lines and generate additional revenue streams via a well-thought business plan based on two main pillars. 1. Leverage existing battery-swapping technology to build a comprehensive UOTTA-centered ecosystem. Specifically, we are: Incorporating UOTTA into more EVs in our local market by taking advantage of the widespread adoption of EVs. Accelerate international rollout via several partnerships we have established in Southeast Asia, Southern Europe and South America, and new ones we are targeting. Continue investing in technology innovation and continuous upgrades of our one-stop UOTTA solutions. 2. Invest in next-generation technologies to develop comprehensive solutions for EV manufactures and drivers, aiming to transform EVs into dynamic assets for smart energy grids. Specifically, we plan to: Continue investing in our AI-based data management cloud platform which connects UOTTA-powered EVs with stations and assists UOTTA-powered EV drivers locate the closest compatible UOTTA swapping stations on their route. Our continued investment aims to develop a comprehensive battery power solution platform which will offer advanced real-time data connections, analysis and forecasting capabilities, improve driving and re-charging experience, and serve as a complete urban road transportation solution. Introduce "Battery Bank" solutions into the platform, aiming to enhance the performance of battery life cycle and use AI blockchain technology to monetize battery assets. Introduce "Commercial Energy Storage" solutions for distributed and/or centralized energy storage stations, industrial and commercial EV charging and swapping stations, etc. Johnny Lee, CEO and Chairman of U Power commented, "In early 2024 we made the strategic decision to re-organize and transform our business into a comprehensive solution provider for EVs, with a goal of becoming a smart energy grid solutions provider. The first step towards reaching our goal was the development of UOTTA battery-swapping stations and related solutions which reduce cost and timing of EV charging. Also, our UOTTA solutions are designed to minimize the need for extensive EV charging grid upgrades and facilitate the establishment of efficient and sustainable charging networks for the growing EV fleets of passenger cars or commercial trucks, which we are offering to both domestic and international customers. Our next step is to create a mature ecosystem by scaling up our UOTTA battery swapping operations, which will eventually enable and accelerate the development and implementation of new AI-based data management offerings and services such as Battery Bank business solutions, and Commercial Energy Storage solutions, transforming EVs into dynamic assets for smart energy grids." Mr. Lee added, "We believe our two-fold strategy has well-positioned U Power to grow revenue from existing business lines, create new revenue streams, improve profitability, expand client base and geographic footprint and ultimately create value for shareholders." About U Power Limited U Power is a comprehensive provider of electric vehicle (EV) battery swapping solutions using its proprietary modular battery-swapping technology, UOTTA™. U Power manufactures and sells different models of UOTTA battery-swapping stations for EVs, and sells and rents battery swap cabinets to two-wheeled vehicle drivers. U Power also provides battery-swapping services for vehicle drivers and station control system upgrading services for battery-swapping station owners. Through investments in next-generation technologies, U Power's vision is to become a comprehensive solutions provider for smart energy grids. Expanding on its UOTTA technology platform, the Company is investing in building intelligent ecosystems that integrate resilient AI driven solutions able to transform electric vehicles (EVs) into dynamic energy assets. For more information, please visit the Company's website: Safe Harbor Statements This press release contains "forward-looking statements". Forward-looking statements reflect our current view about future events. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "could," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "propose," "potential," "continue" or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results, and encourages investors to review other factors that may affect its future results in the Company's registration statements and other filings with the U.S. Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. References and links (including QR codes) to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Contact U Power Limited Investor Relations Departmentir@ The Equity GroupLena Cati, Senior Vice President212-836-9611 / lcati@ Alice Zhang, Associate212-836-9610 / azhang@ View original content to download multimedia: SOURCE U Power Limited
