U POWER's Electric Heavy Trucks Pass Comprehensive Operational Testing and Full-Stack Integration of Battery-Swapping System; 1,000 Units Set for Thailand Rollout

Rhea-AI Summary

U Power (Nasdaq: UCAR) completed three months of full-condition road testing and full-stack integration of a battery-swapping system for heavy-duty truck prototypes and met design specifications. The company and partner Whale Logistics plan production and delivery of the first batch and aim to deploy 1,000 trucks in Thailand, with initial tractors targeted for delivery by May 2026. The UOTTA battery-swapping solution is designed to enable minute-scale swaps, reduce charging infrastructure needs, and position the project for mass production and regional expansion.

Positive

• Completed 3 months of full-condition road testing with prototypes meeting design specifications
• 1,000 battery-swapping heavy-duty trucks targeted for deployment in Thailand, first batch delivery by May 2026
• UOTTA battery-swapping enables minute-scale swaps, reducing need for grid expansion and charging stations

Negative

• None.

News Market Reaction – UCAR

-7.04%

6 alerts

-7.04% News Effect

-2.7% Trough in 1 hr 42 min

-$267K Valuation Impact

$4M Market Cap

0.6x Rel. Volume

On the day this news was published, UCAR declined 7.04%, reflecting a notable negative market reaction. Argus tracked a trough of -2.7% from its starting point during tracking. Our momentum scanner triggered 6 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $267K from the company's valuation, bringing the market cap to $4M at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Registered Units: 4,580,152 Units Potential share issuance: 18,320,608 shares Max potential shares: 21,068,696 shares +5 more

8 metrics

Registered Units 4,580,152 Units F-1 registered offering

Potential share issuance 18,320,608 shares Zero cash exercise from warrants

Max potential shares 21,068,696 shares Including representative’s over-allotment option

Net offering proceeds $5.23 million Estimated, assuming sale of all Units

Debt repayment $2,517,000 Planned repayment of 2025 Senior Secured Notes

JV funding commitment up to $50 million FTT Holding JV for Southern Europe

Private placement size up to $10 million Class A share subscription with 39-month lock-up

Peru order value $113,000 Initial Treep Mobility agreement for UNEX vehicles and cabinets

Market Reality Check

Price: $0.6604 Vol: Volume 744,292 is 8.42x t...

high vol

$0.6604 Last Close

Volume Volume 744,292 is 8.42x the 20-day average of 88,379, indicating unusually heavy trading ahead of this news. high

Technical Shares at 0.7104 are trading below the 200-day MA of 2.21 and sit close to the 52-week low of 0.70, far from the 4.98 52-week high.

Peers on Argus

UCAR fell 46.59% with elevated volume while 2 peers (JZXN, KXIN) also appeared i...

2 Down

UCAR fell 46.59% with elevated volume while 2 peers (JZXN, KXIN) also appeared in the momentum scanner moving down (median move about -3.9%). This indicates pressure across the Auto & Truck Dealerships group, though UCAR’s decline is significantly larger than peers.

Historical Context

5 past events · Latest: Feb 13 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 13	Investor conference	Positive	+9.6%	Announcement of AI & Technology investor conference presentation and meetings.
Jan 26	Tokenization initiative	Positive	+10.2%	Launch of tokenized real-world assets on BNB Chain for energy expansion.
Dec 29	Logistics partnership	Positive	+1.4%	Strategic partnership with Whale Logistics for 1,000 battery-swapping trucks.
Dec 16	JV and financing	Positive	-4.0%	Southern Europe JV backed by up to $50M and up to $10M private placement.
Dec 09	Mobility contract	Positive	-3.3%	Peru taxi deployment deal for UNEX vehicles and battery-swapping cabinets.

Pattern Detected

Recent strategic and AI-related announcements often coincided with positive moves, while partnership and financing-related updates showed mixed or negative reactions, indicating inconsistent follow-through to seemingly positive news.

Recent Company History

Over the last several months, UCAR has reported multiple strategic developments. An AI conference appearance on Feb 13, 2026 and the tokenized RWA launch on Jan 26, 2026 saw shares gain 9.6% and 10.16%, respectively. Partnerships with Whale Logistics for 1,000 trucks and a Southern Europe JV backed by up to $50 million produced modest to negative moves (1.45% to -4.05%). A Peru mobility order worth $113,000 coincided with a -3.31% move, showing that operational wins have not always translated into sustained price strength.

Market Pulse Summary

The stock moved -7.0% in the session following this news. The decline reflects a pattern where seemi...

Analysis

The stock moved -7.0% in the session following this news. The decline reflects a pattern where seemingly constructive partnerships and contracts, including prior logistics and mobility deals, sometimes coincided with negative moves of -3.31% and -4.05%. Today’s operational milestone comes shortly after an F-1 filing for 4,580,152 Units with warrant features that could expand the share count, which may have weighed on sentiment. Historically, financing-related developments have introduced uncertainty despite strategic progress.

Key Terms

battery-swapping, full-stack integration, pre-funded warrant, reset, +4 more

8 terms

battery-swapping technical

"battery-swapping system of heavy-duty truck prototype vehicles designed to be deployed"

Battery-swapping is a system for electric vehicles where a depleted battery is quickly exchanged for a fully charged one at a station, instead of recharging the battery inside the car. For investors, it matters because it can change how fast vehicles return to service, who owns and maintains batteries, and whether companies earn ongoing fees from a network of swap stations — all of which affect revenue models, costs and competitive positioning.

full-stack integration technical

"successfully completed comprehensive operational testing and full-stack integration of the"

Full-stack integration is when a company designs, connects and manages every layer of its product or service — from the visible user interface and application logic to data storage, networks and underlying infrastructure — so the whole system behaves as a single, coordinated unit. For investors it signals tighter control over product performance, faster rollout of features, lower ongoing coordination costs and reduced vendor dependence, all of which can influence growth, margins and operational risk much like a contractor who builds a house from foundation to finish.

pre-funded warrant financial

"or one pre-funded warrant to purchase one Class A Ordinary Share, plus one"

A pre-funded warrant is a financial instrument that gives the holder the right to buy shares of a company's stock at a set price, with most of the purchase cost already paid upfront. It functions like a nearly fully paid option, allowing investors to secure shares quickly while minimizing the amount of additional money they need to invest later. This helps investors gain ownership rights efficiently, often used to avoid certain regulatory restrictions or to prepare for future stock purchases.

reset financial

"The Warrants include downward Reset mechanisms on the 4th and 8th trading"

A reset is a deliberate change that establishes a new baseline for a previously set number, plan, or expectation — for example, redoing a price, interest rate, earnings outlook, or timeline. It matters to investors because a reset alters future cash flows, risk or value in the same way hitting a reset button on a device changes how it behaves, so it can prompt revaluation of a stock or reassessment of investment decisions.

zero cash exercise financial

"and a zero cash exercise option that could result in issuance of up"

A zero cash exercise is a way for an option holder to convert stock options into actual shares without paying money up front, typically by surrendering some of the newly issued shares to cover the exercise cost and taxes. Think of it like trading part of a purchased item back to the seller to settle the bill; for investors it matters because it increases the number of shares outstanding, which can dilute existing ownership and affect metrics like earnings per share and potential selling pressure.

reverse share consolidations financial

"shareholders approved a series of potential reverse share consolidations that the board"

A reverse share consolidation, also called a reverse stock split, reduces the number of a company's outstanding shares by combining multiple existing shares into one new share, like merging several small slices of a pie into a single larger slice. For investors this raises the price per share without changing the company's overall value, which can affect trading liquidity, perceptions of stability, and eligibility for stock exchange listing rules—so it matters for how easily and at what price investors can buy or sell shares.

form 6-k regulatory

"filed a Form 6-K as a foreign private issuer to furnish its financial"

A Form 6-K is a report that companies listed in certain countries file to provide important updates, such as financial results, corporate changes, or other significant information, to regulators and investors. It functions like an official company update or news release, helping investors stay informed about developments that could affect their investment decisions.

prospectus supplement regulatory

"[424B5] U Power Limited Prospectus Supplement (Debt Securities)"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

AI-generated analysis. Not financial advice.

BANGKOK, March 11, 2026 /PRNewswire/ -- U Power Limited (Nasdaq: UCAR) ("U Power" or the "Company"), a provider of AI-integrated solutions for next-generation energy grids and intelligent transportation systems, today announced that it has successfully completed comprehensive operational testing and full-stack integration of the battery-swapping system of heavy-duty truck prototype vehicles designed to be deployed in Thailand.

This milestone marks a key step forward in U Power's collaboration with Whale Logistics (Thailand) Co., Ltd. ("Whale Logistics"), a strategic partner, to deploy 1,000 battery-swapping heavy-duty trucks in Thailand. The strategic partnership, formalized in December 2025, paves the way for the production and delivery of the first batch of heavy truck tractors by May 2026.

The battery-swapping heavy-duty truck project was jointly developed by U Power, SAIC Hongyan Automotive Co., Ltd., a company focused on the development, manufacture, sales and services of heavy trucks, and UNEX EV, a new energy and technology company. The prototype vehicles underwent three months of full-condition road testing, during which the key systems were thoroughly evaluated. Following full-stack integration, all technical parameters met design specifications and aligned with Whale Logistics' requirements for electrified highway logistics transportation, positioning the prototypes for immediate transition to mass production.

As Thailand's inaugural and flagship battery-swapping heavy-duty truck project, the cooperation between U Power and Whale Logistics aims to accelerate the adoption of green and sustainable battery-swapping solutions in the country's road logistics sector. Supported by U Power's UOTTA^TM battery-swapping solution that enables battery swaps within minutes, operational efficiency of electric transport vehicles can match that of conventional fuel-powered trucks. At the same time, vehicle operators can avoid substantial investments in grid expansion and charging infrastructure while eliminating concerns about battery performance degradation. This model offers a greener and more cost-efficient, and replicable transportation solution for the highway logistics industry.

Johnny Lee, Founder and Chief Executive Officer of U Power Limited, stated: "Completing full-condition road testing of our pilot vehicles confirms the reliability and efficiency of the UOTTA battery-swapping model. Via the partnership with Whale Logistics, we are set to deploy 1,000 vehicles in Thailand to meet high-frequency logistics demand and boost operational efficiency. Thailand is a strategic market in U Power's global growth plan. By pioneering battery-swapping solutions for taxis and heavy-duty trucks, we are strengthening our leadership in Southeast Asia and driving low-carbon commercial transportation, while laying the foundation for expansion across the region.

About U Power Limited

U Power is a provider of comprehensive AI-integrated energy solutions that connect electric vehicles (EVs) with advanced energy infrastructure, optimizing both mobility and grid performance. Originally a distributor of various battery-swapping station models built on its proprietary modular battery-swapping technology UOTTA™, U Power has evolved into a provider of AI-integrated solutions for energy grids and transportation systems.

Through investments in next-generation technologies, U Power is building intelligent ecosystems that integrate resilient AI driven solutions able to transform EVs into dynamic energy assets. By incorporating AI algorithms, U Power's comprehensive solutions for smart energy grids are designed to support autonomous EV driving, optimize energy replenishment efficiency, and seamlessly connect EV assets with advanced AI-powered transportation systems, enabling peak and off-peak energy load balancing.

For more information, please visit the Company's website: https://www.upower-limited.com/.

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 Department
ir@upincar.com

The Equity Group
Lena Cati, Senior Vice President
212-836-9611 / lcati@theequitygroup.com

Alice Zhang, Associate
212-836-9610 / azhang@theequitygroup.com  

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SOURCE U Power Limited

FAQ

What did UCAR announce about the battery-swapping heavy truck rollout in Thailand?

UCAR announced successful full-stack integration and testing of battery-swapping heavy-truck prototypes. According to the company, the prototypes completed three months of road testing, met technical specs, and are slated for mass production to support a planned 1,000-unit Thailand deployment.

When will UCAR deliver the first batch of battery-swapping heavy trucks to Whale Logistics (UCAR)?

The first batch of heavy truck tractors is targeted for delivery by May 2026. According to the company, production and delivery preparations follow successful prototype testing and full-stack integration with Whale Logistics.

How fast are battery swaps with UCAR's UOTTA solution and what benefit does that provide?

Battery swaps are designed to be completed within minutes to match diesel truck uptime. According to the company, minute-scale swaps reduce downtime, lower charging-infrastructure needs, and enable high-frequency logistics operations without heavy grid upgrades.

How many trucks does UCAR plan to deploy in Thailand and who are the partners on the project?

UCAR and Whale Logistics plan to deploy 1,000 battery-swapping heavy-duty trucks in Thailand. According to the company, the project was jointly developed with SAIC Hongyan Automotive and UNEX EV to support mass production and operations.

What operational testing did UCAR perform on its heavy-duty battery-swapping prototypes?

UCAR completed three months of full-condition road testing and full-stack system integration. According to the company, all technical parameters met design specifications and aligned with Whale Logistics' electrified highway logistics requirements.