U Power Launching EV Battery Swapping System Commercial Operation

April 8, 2024

DENVER, Colo., Apr 08, 2024 (247marketnews.com)- U Power Limited (NASDAQ:UCAR) stated that it expects to launch its battery-swapping and sharing model for two-wheeled and light four-wheeled electric vehicles, in Wuhu, Anhui Province, China, this month, following a successful round of market validations in February.

U Power plans to establish 60 power-swapping service points, for over 800 customers, as part of this expansion.

Mr. Jia Li, Chief Executive Officer and Chairman of the Board, stated, “Our battery-swapping and sharing model for two-wheeled and light four-wheeled EVs has garnered an excellent response from the market since its market validation in February. Through our collaborations with global partners leading up to this innovative launch, we have gained valuable insights into metrics including battery replacement frequency and daily vehicle mileage through our operational platform data. Notably, we have observed that the average daily mileage of a vehicle utilizing battery-swapping significantly surpasses that of vehicles which use traditional charging. This indicates that the battery-swapping model genuinely enhances the efficiency of our customers’ vehicles, allowing customers to spend less time charging and more time travelling. With market validation complete, we are now more confident than ever in our battery-swapping and sharing system. In addition to further developing our business in the Chinese market, we also aim to expand our reach into Southeast Asia, South America, and beyond, ultimately delivering quality services to our customers and superior returns to our shareholders.”

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