U Power Limited Stock Price, News & Analysis

U Power Limited (NASDAQ: UCAR), a provider of EV battery-swapping solutions, has received the Beyond Impact Award at the 5th BEYOND International Technology Innovation Expo in Macau. The award recognizes U Power's contributions to environmental sustainability through its UOTTA™-based battery-swapping ecosystem. The company is expanding its operations, with successful implementations in mainland China and Thailand, and plans to launch Hong Kong's first taxi-focused battery-swapping station in June 2025. CEO Johnny Lee highlighted the company's two-fold strategy: expanding into regional markets through joint ventures while developing comprehensive EV solutions aimed at transforming EVs into smart energy grid assets.

U Power Limited (UCAR) has filed its 2024 annual report with the SEC, revealing significant financial developments. The company achieved 124% year-over-year revenue growth to RMB44.29 million (US$6.16 million). Despite improvements, the company continues to operate at a loss, though its net profit margin improved from -248% to -130%. The debt-to-asset ratio decreased from 19.7% to 16.7%.

During 2024, U Power established strategic partnerships in Thailand, Portugal, Hong Kong, Peru, and Mexico to expand its UOTTA™ battery-swapping platform globally. The company, which aims to become a comprehensive EV battery power solution provider in China, maintains its focus on achieving profitability and creating long-term shareholder value through international expansion and financial discipline.

U Power Limited (NASDAQ:UCAR) has delivered 21 battery-swapping-enabled MG EP vehicles to Auto Drive EV in Thailand through a partnership with Sumitomo Mitsui Auto Leasing. This marks Southeast Asia's first battery-swapping taxi fleet deployment in Phuket. The vehicles feature U Power's UOTTA technology, enabling 3-minute battery swaps for maximum operational efficiency.

The initiative aligns with Thailand's EV 3.5 Policy for nationwide charging/swapping network development by 2027. Auto Drive EV aims to deploy 2,000 electric taxis by 2025. USWAP is expanding its battery-swapping network across Thailand's urban centers and transportation routes, focusing on commercial applications including taxis, trucks, and logistics fleets.

U Power (NASDAQ:UCAR) and its joint venture ELMO have announced a groundbreaking initiative with ANTRAL to transform Portugal's taxi sector through battery-swapping technology. The project was unveiled at ANTRAL's 50th Anniversary & XVI Taxi Day in Lisbon from April 10-13, 2025.

The initiative includes the deployment of 150-200 battery-swapping electric vehicles specifically designed for taxi operators, supported by UOTTA rapid-swap stations that can complete battery exchanges within minutes. ELMO is in advanced talks with Galp, Portugal's leading energy provider, to integrate these stations into existing service locations.

The partnership aims to address downtime challenges in commercial fleets while promoting zero-emission transport. This collaboration between U Power's technical expertise and ANTRAL's market presence is positioned as a potential model for sustainable urban mobility worldwide.

U Power (NASDAQ:UCAR) achieved a milestone in Southeast Asia by successfully demonstrating its UOTTA battery swap station at the 2025 Bangkok International Motor Show. The demonstration, which garnered attention from SUSCO and over 80 Thai media organizations, will transition to full commercial service through a partnership with SUSCO.

The showcased station is being relocated to Phuket for operational deployment, where it will initially service electric taxis and hailing vehicles. This implementation represents Southeast Asia's first operational battery swap infrastructure, leveraging SUSCO's extensive energy distribution network across Thailand's tourism zones and logistics hubs.

The initiative aligns with Thailand's EV 3.5 policy, which extends consumer subsidies for battery-swappable vehicles through 2027. The partnership with SUSCO, finalized in March 2025, focuses on developing standardized deployment protocols for coastal tourism markets, establishing a replicable island-optimized swap model.

U Power (UCAR) has announced a strategic joint venture with SUSCO Public Company to deploy UOTTA battery-swapping technology across SUSCO's fueling station network in Thailand. The partnership aims to address Thailand's rapidly growing EV market, aligning with the country's '30@30' policy targeting 30% electric vehicle sales by 2030.

The joint venture has secured backing from Chatchaval Jiaravanon, a member of the CP Group family, who serves as chairman of Charoen Energy and Water Asia. The initiative will target Thailand's extensive taxi and ride-hailing fleet of over 300,000 vehicles, offering a faster alternative to traditional charging methods.

This collaboration supports Thailand's infrastructure development goals, which include deploying 12,000 charging piles and 1,450 battery-swapping stations. The partnership builds upon U Power's existing relationship with CP-MG, strengthening its position in Thailand's evolving EV ecosystem.

U Power (NASDAQ: UCAR) has signed a cooperation agreement with SAIC Motor-CP to integrate its battery-swapping technology into MG brand vehicles in Thailand. The partnership focuses on Thailand's taxi and ride-hailing markets, with plans for future expansion.

The collaboration combines U Power's UOTTA battery-swapping technology with SAIC Motor-CP's automotive expertise to address charging infrastructure challenges in Thailand's growing EV market. U Power will adapt its technology and develop a network of swapping stations, while SAIC Motor-CP will provide technical expertise and warranty support.

Thailand's taxi and ride-sharing fleet currently exceeds 300,000 vehicles, with projections indicating 50% electrification within five years. The country's EV3.5 policy is expected to drive 30-40% annual growth in electric vehicle adoption.

U Power (UCAR) has signed a cooperation agreement with Ezzy Transporter to establish Greendrive Tech Co. , a joint venture focused on expanding EV battery-swapping solutions in Thailand. The venture will integrate U Power's UOTTA battery-swapping technology into custom vehicles, including taxis, ride-sharing vehicles, and pickup trucks.

The joint venture will focus on three core areas: customizing battery-swapping electric vehicles, developing market strategies for the battery-swapping ecosystem, and leading marketing initiatives for battery-swapping pickup trucks. An initial production run of 2,000 custom-built vehicles is scheduled for completion in 2025.

The partnership targets Thailand's growing EV market, where over 300,000 taxis and ride-hailing vehicles operate, with 50% expected to transition to electric vehicles in the next five years. The venture aims to address current charging infrastructure challenges in Thailand through battery-swapping technology.

U Power (Nasdaq: UCAR) has announced the closing of its previously announced registered direct offering and concurrent private placement, raising approximately $5.0 million in gross proceeds. The offering included:

- 648,000 Class A ordinary shares
- Pre-funded Warrants to purchase up to 393,668 Class A Ordinary Shares
- Warrants to purchase up to 1,562,502 Class A Ordinary Shares in private placement

The combined offering price was $4.80 per share and accompanying Common Warrant. The Pre-funded Warrants are exercisable immediately at $0.0001 per share, while Common Warrants have an exercise price of $4.80 and expire in five years. Additionally, existing Series A warrants for approximately 100,000 shares from December 2023 were amended from $120.00 to $4.80 per share exercise price. Maxim Group served as the sole placement agent.