U Power Signs Strategic Partnership with Whale Logistics Group for the Purchase and Deployment of Battery-swapping Electric Truck Tractors in Thailand

Rhea-AI Summary

U Power (Nasdaq: UCAR) announced a strategic partnership with Whale Logistics Group to deploy battery-swapping electric truck tractors in Thailand, supporting Whale Logistics' "Green Logistics" strategy.

The companies report an order for 1,000 battery-swapping EVs with the first batch of 30 units planned for delivery in April 2026, which will commence U Power's commercial operations in Thailand and serve as a model for broader Southeast Asia expansion.

Positive

• Order for 1,000 battery-swapping electric vehicles secured
• Initial commercial delivery of 30 units in April 2026
• Launches U Power's commercial operations in Thailand and ASEAN expansion plan
• 100% clean-energy battery-swapping solution supporting Whale Logistics' Green Logistics

Negative

• None.

Key Figures

Planned truck tractors Up to 1,000 vehicles Expected sales agreements for battery-swapping electric truck tractors in Thailand

Initial delivery batch 30 units First batch of electric truck tractors planned for April 2026 delivery

Initial delivery timing April 2026 Scheduled start of commercial operations in Thailand

Clean-energy share 100% clean-energy solution Battery-swapping system supporting Whale Logistics’ Green Logistics strategy

Market Reality Check

$1.49 Last Close

Volume Volume 3,855 vs 20-day average 11,809 suggests subdued trading ahead of this news. low

Technical Price at 1.6855 is trading below the 200-day MA of 2.52, reflecting a weak pre-news trend.

Peers on Argus 1 Up 1 Down

Peer moves were mixed, with scanner activity showing KXIN down and FRSX up, while UCAR’s setup before this partnership looked stock-specific rather than part of a broad sector rotation.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 16	JV & financing deal	Positive	-4.0%	JV in Southern Europe plus up to $10M premium private placement.
Dec 09	Peru sales agreement	Positive	-3.3%	Initial Peru order for UNEX vehicles, cabinets and batteries worth $113,000.
Dec 09	CEO business update	Positive	-3.3%	Year-end CEO letter highlighting H1 2025 growth and global expansion.
Oct 21	European van contract	Positive	+9.4%	€540,000 European van sale with potential expansion to 2,000 vans.
Oct 13	H1 2025 earnings	Neutral	-3.0%	Revenue and margin improvement but continued net loss and operating expenses.

Pattern Detected

Positive operational and partnership updates have often seen muted or negative next-day moves, with only one recent commercial sales win producing a clear upside reaction.

Recent Company History

Over the last six months, UCAR announced several international expansion and partnership milestones. These include a Southern Europe JV with up to $50M committed capital and a separate private placement of up to $10M, initial EV deployments in Peru and Europe, and H1 2025 results with net revenues of RMB17.7M and gross margin of 47.3%. Despite generally constructive business updates, four of the last five events saw negative or modest stock reactions, framing today’s Thailand-focused truck partnership within a pattern of execution news not always translating into immediate price strength.

Market Pulse Summary

This announcement details a strategic partnership to deploy up to 1,000 battery-swapping electric truck tractors in Thailand, with an initial 30-unit batch targeted for April 2026. It extends UCAR’s regional ecosystem-building strategy in Southeast Asia and supports Whale Logistics’ Green Logistics objectives with a 100% clean-energy solution. Historically, similar partnerships have not always translated into immediate price strength, so investors may watch for concrete sales contracts, delivery milestones, and utilization metrics to gauge the agreement’s commercial impact over time.

Key Terms

battery-swapping technical

"building on its proprietary UOTTATM electric vehicle (EV) battery-swapping technology"

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.

electric vehicle (EV) technical

"building on its proprietary UOTTATM electric vehicle (EV) battery-swapping technology"

An electric vehicle (EV) is a car, truck, or other road vehicle that uses one or more electric motors powered by rechargeable batteries instead of a gasoline or diesel engine. Investors care because EVs can shift revenue and cost patterns across automakers, parts suppliers, energy companies and infrastructure providers; adopting EVs is like a new smartphone platform that creates winners and losers across an industry and can drive long-term growth or disruption.

greenhouse gas emissions medical

"expected to effectively reduce greenhouse gas emissions, improve energy efficiency"

Greenhouse gas emissions are the gases a company releases into the air—like carbon dioxide or methane—that trap heat in the atmosphere and contribute to global warming. For investors, these emissions matter because they can lead to higher regulatory costs, fines, shifting consumer preferences, and physical risks (like supply-chain disruptions), or create opportunities in low-carbon products; think of emissions as a company’s climate footprint that can affect future profits and value.

AI-powered technical

"a provider of AI-powered solutions for next-generation energy grids"

"AI-powered" describes technology that uses artificial intelligence to perform tasks, make decisions, or analyze information automatically. It’s similar to having a highly skilled assistant that can learn from data, recognize patterns, and improve over time, helping to make processes faster and more accurate. For investors, this means better insights and more efficient operations, potentially leading to smarter investment choices.

AI-generated analysis. Not financial advice.

Expects to Sign Sales Agreements for Up To 1,000 Electric Truck Tractors, With Initial Delivery Scheduled for April 2026

SHANGHAI, Dec. 29, 2025 /PRNewswire/ -- U Power Limited (Nasdaq: UCAR) (the "Company" or "U Power"), a provider of AI-powered solutions for next-generation energy grids and intelligent transportation systems, building on its proprietary UOTTA^TM electric vehicle (EV) battery-swapping technology, today announced that its wholly-owned subsidiary, U SWAP Company Limited, has entered a strategic partnership agreement with Whale Logistics (Thailand) Co., Ltd. ("Whale Logistics"), to promote the deployment of commercial battery-swapping electric trucks in Thailand.

Whale Logistics (Thailand) Co., Ltd. is part of Whale Logistics Group, one of Thailand's leading integrated logistics service providers, with strong capabilities in warehousing, yard operations, and end-to-end logistics solutions. Operating across key strategic locations including Laem Chabang and the Eastern Economic Corridor (EEC), the Group is recognized for its professional standards, experienced management team, and internationally aligned operating systems, positioning Whale Logistics as a trusted long-term logistics partner for both domestic and international clients.

As part of its long-term growth strategy, U Power has secured an order for 1,000 battery-swapping electric vehicles. The delivery of the first batch is 30units and planned for April 2026, which will mark the commencement of the company's commercial operations in Thailand and lay the foundation for broader industry adoption in the future.

The signing of this strategic partnership marks the launch of U Power's long-term growth strategy for the deployment of battery-swapping commercial trucks in Southeast Asia. Through this collaboration, the Company aims to establish a replicable commercial model to accelerate the adoption of U Power's smart battery-swapping solutions in additional markets.

The partnership aims to accelerate the transition of Thailand's logistics industry toward sustainable, clean-energy transportation through the commercial deployment of battery-swapping electric vehicles. U Power will support Whale Logistics' "Green Logistics" strategy by providing a 100% clean-energy solution that can be implanted into its commercial transportation operation. With the integration of U Power's battery-swapping technologies, Whale Logistics is expected to effectively reduce greenhouse gas emissions, improve energy efficiency, optimize operating costs, and enhance long-term competitiveness across Thailand and the broader ASEAN region.

Mr. Johnny Lee, Chief Executive Officer of U Power, commented, "We are excited to be partnering with Whale Logistics, one of Thailand's leading logistics providers, to accelerate its transformation toward a green, sustainable, and smart transportation operation. We are committed to building a comprehensive battery-swapping electric vehicle ecosystem for commercial transportation, and this partnership marks a significant step forward to expanding our existence in the ASEAN market."

Mr. Teerachit Sornjang, Chief Executive Officer of Whale Logistics Group, added, "We are pleased to establish a strategic partnership with U Power, a company that shares our commitment in environmental responsibility as we continue to grow our business. We look forward to integrating battery-swapping electric truck tractors into our daily operations to advance our Green Logistics strategy, reduce environmental impact, improve operational efficiency, and support the long-term, sustainable growth of our logistics business."

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.

 

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SOURCE U Power Limited

FAQ

What did U Power (UCAR) announce about Thailand on December 29, 2025?

U Power announced a strategic partnership with Whale Logistics to deploy battery-swapping electric truck tractors in Thailand and reported an order for 1,000 vehicles.

How many U Power (UCAR) trucks will be delivered first and when?

The first batch of 30 battery-swapping truck tractors is planned for delivery in April 2026.

What is the scope of U Power's (UCAR) commercial rollout in Southeast Asia?

The partnership is intended to start commercial operations in Thailand and create a replicable model to accelerate adoption across the ASEAN region.

How does the U Power (UCAR) solution support Whale Logistics' strategy?

U Power will provide a 100% clean-energy battery-swapping ecosystem to reduce emissions, improve energy efficiency, and optimize operating costs for Whale Logistics.

Which Whale Logistics locations are referenced in the U Power (UCAR) announcement?

The announcement references operations across strategic locations including Laem Chabang and the Eastern Economic Corridor (EEC).

Does the U Power (UCAR) announcement state when commercial operations in Thailand will begin?

Commercial operations are set to commence with the delivery of the initial 30 units in April 2026.