U Power Limited Stock Price, News & Analysis

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.

U Power (UCAR) has announced the expansion of its UOTTA battery swapping solutions with a new compact 8-slot station to be delivered to ANTRAL, Portugal's national taxi association, in H1 2025. The station features an optimized 90-square-meter footprint designed for dense urban environments, serving 30-50 vehicles daily.

The compact station's power consumption is calibrated for existing urban grid capabilities and includes a modular design for future expansion. Since UOTTA's launch in 2020, U Power has developed solutions for all vehicle types, with taxi-focused stations capable of handling up to 200 swaps daily. The system incorporates AI for station management and cloud platforms to optimize power consumption and operational efficiency.

The company emphasizes that their battery swapping solution offers better economics compared to traditional fast-charging infrastructure, requiring lower capital investment while maintaining equivalent service capacity for taxis and mileage.

U Power (UCAR) has announced a $5.0 million registered direct offering of 1,041,668 Class A ordinary shares at $4.80 per share to institutional investors. The deal includes warrants to purchase up to 1,562,502 additional shares in a concurrent private placement. The warrants are immediately exercisable at $4.80 per share and expire in five years.

The company will also amend certain existing Series A warrants from December 2023, reducing their exercise price from $120.00 to $4.80 per share. These warrants cover approximately 100,000 Class A ordinary shares. Maxim Group is serving as the sole placement agent, with the offering expected to close around January 27, 2025.