Latest news with #Susco
Bangkok Post
23-07-2025
- Automotive
- Bangkok Post
Susco, Asia Green Energy bullish on EV industry
An oil retailer and a coal trading firm are expecting to rack up significant revenue from their newly-developed electric vehicle (EV) businesses, which are said to be increasingly disrupting sales of fossil fuels. Local oil retailer Susco Plc and Thai coal trader Asia Green Energy Plc believe the EV industry offers bright prospects, though the domestic automotive market has remained sluggish, attributed mainly to prospective buyers' difficulties in accessing auto loans. Susco has been a sales agent of EVs under the BYD brand since the second half of 2023 while Asia Green Energy has been leasing MG cars to taxi drivers since early this year. Asia Green Energy has also expanded its business by setting up AGE Auto Gallery as a distributor of several EV brands, including Zeekr, Omoda & Jaecoo and Mitsubishi. Chaiyrit Simaroj, managing director and chairman of the Susco board, is aware EV sales have been affected by banks' stricter criteria in granting loans amid a high level of household debt and a price war, but the market should improve in the second half of this year. "The price war is becoming less severe and I believe it will not recur," he said. Though some Chinese EV makers have resorted to cutting the prices of their vehicles in a bid to stimulate sales, this has made prospective buyers reluctant to purchase new cars because they anticipate that prices may continue to fall. This may cause manufacturers to reconsider their pricing tactic, according to business leaders in the EV industry. The household debt issue is a major cause behind banks and car financing companies' cautious approval of loans for fear of non-performing loans. According to the Bank of Thailand, household debt continues to decline, falling to 87.4% of GDP in the first quarter of 2025, attributed to weaker loan demand from borrowers and stricter lending standards from financial institutions. Household debt stood at 88.4% of GDP in the previous quarter. Mr Chaiyrit expects Susco to double its sales of EVs to 4,000 units this year, up from 2,000 units in 2024. "Domestic oil prices remain high. This is a positive factor for EV sales," he said. Last year Susco set a sales target of 3,200 units but ended up selling only 2,000 units, mainly because of the price war and fewer auto loans. Asia Green Energy also believes total revenue from EV businesses will reach 10 billion baht by 2030.
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.
