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Yahoo
3 days ago
- 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
Associated Press
07-03-2025
- Automotive
- Associated Press
How U Power Is Helping Overcome Challenges To EV Adoption With Its UOTTA Technology
DETROIT, MICHIGAN - March 7, 2025 ( NEWMEDIAWIRE) - The world is moving to a greener place, and electric vehicles are in the driver's lane - for good reason. EVs can improve fuel economy, reduce emissions and lower the costs to operate a vehicle. But in order for EVs to take off and achieve mass adoption, the charging aspects of EVs have to overcome the current limitations including concerns about drivable range, battery life and availability of charging stations. Not to mention faulty equipment, slowing charging times and long waits to get access to available charging stations which have also been reported by consumers. Those challenges and more are exactly what U Power Limited (NASDAQ: UCAR), the Chinese EV power solution company is aiming to overcome with its advanced UOTTA technology. The technology enables consumers and fleet operators to replace dead EV batteries with fully charged ones in under five minutes. U Power facilitates making this happen by offering a battery-swapping ecosystem to vehicle makers and service providers, from building the infrastructure to managing it. With EV battery swapping, the idea is to create battery bank stations around the country where drivers quickly swap out dead batteries for new ones. It's something U Power says it can help make a reality given its roots. U Power started out in 2013 as a vehicle-sourcing services company focused on lower-tier cities in China. Armed with a vehicle sourcing network of about 100 wholesalers and 30 dealers across China's lower-tier cities, in 2020 U Power began shifting its focus to its EV battery swapping business and the company reports that has taken off. In the first half of 2024 (the latest figures available), U Power reported revenue grew 595.7% year-over-year to RMB13.2 million. Of the RMB13.2 million in revenue during the first half of 2024, 93.9% came from product sales. In the year-ago first half, U Power had no product revenue, underscoring its ability to transition and grow. Navigating a Competitive EV Market with Innovation The company reports seeing strong growth despite fierce competition in the market including from Nio Inc., the Chinese EV maker, Contemporary Amperex Technology Co Ltd., the leading Chinese EV battery producer and Ample, a San Francisco battery-swapping station start-up. Nio and Contemporary Amperex Technology dwarf U Power in size in terms of market capitalization but don't seem to have been able to log similar revenue growth recently. Other players in the space include ChargePoint Holdings Inc., Tesla Inc. and Evgo Inc. - they, too, can't claim to have seen year-over-year revenue growth of nearly 600%. What's more, U Power says it's the first listed company specializing in battery-swapping and is leading in setting national battery-swapping industry standards. U Power credits its success to its technology prowess. The company has over 200 patents, covering power station structure, power swapping vehicle chassis, battery pack, battery docking and many more. It has already sold eleven battery swapping stations and is forging partnerships with Chinese automobile manufacturers and big-name players to jointly develop commercial-use UOTTA-powered EVs – such as ride-hailing passenger EVs, small logistics EVs and light electric trucks – and to build out the infrastructure needed for the industry to gain mass adoption. Build It, And They Will Come Take its deal with Velo Labs Technology Ltd., the global fintech company for starters. In August the two entered into a memorandum of understanding to establish a battery infrastructure investment ecosystem in Thailand. The idea is to create a battery bank asset and fund trading platform based on Velo's blockchain technology. Through the platform U Power and Velo Labs hope to attract external funding to promote the large-scale development of the battery bank industry. More recently, U Power inked a deal with SAIC Motor-CP, the Chinese auto manufacturer in which U Power will integrate its battery-swapping technology into MG brand vehicles in Thailand. Initially the partnership is focused on the taxi and ride-hailing markets in Thailand, with plans for future expansion. By the end of 2025, U Power expects its battery swapping stations will be put into commercial operations in Portugal, Thailand, Mexico, Hong Kong and other locations. U Power may not sport a billion-dollar market cap or be as well known as Tesla, but the company seems to be making strides in helping reinvent the EV market, one charging station at a time.
