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SHANGHAI - U Power Limited (NASDAQ: UCAR), a pioneer in electric vehicle (EV) battery swapping technology with a market capitalization of $11.35 million, has announced a joint venture with SUSCO Public Company Limited (BK: SUSCO), an established energy provider in Thailand. This partnership aims to expand U Power’s UOTTA battery-swapping system across SUSCO’s network of fueling stations, addressing the growing demand for EV infrastructure in Thailand. According to InvestingPro data, U Power maintains a healthy balance sheet with more cash than debt and a current ratio of 2.19, indicating strong short-term liquidity.
The collaboration is in response to Thailand’s "30@30" policy, which targets 30% of new vehicle sales to be electric by 2030. The joint venture is expected to play a crucial role in achieving this goal by deploying 1,450 battery-swapping stations by the policy deadline. U Power’s technology is set to reduce downtime for commercial vehicle fleets, such as taxis and ride-sharing services, and improve their operational efficiency. Despite showing impressive revenue growth of 473% in the last twelve months, InvestingPro analysis indicates the company is currently trading near its Fair Value, with the stock down nearly 57% year-to-date.
Chatchaval Jiaravanon, a key investor in the joint venture, brings strategic financial and business connections to the partnership, which is anticipated to facilitate U Swap’s growth within Thailand’s electric transportation sector.
SUSCO, with its extensive experience in the energy sector and a strong presence in major Thai airports, is moving towards sustainable energy solutions. This partnership aligns with SUSCO’s commitment to innovation and aligns with the global energy transition trends.
U Power, known for its UOTTA technology, aims to leverage its battery-swapping stations to provide efficient energy solutions for EVs. The company has been expanding its presence in lower-tier cities in China and operates a manufacturing facility in Zibo City, Shandong Province, China.
The joint venture between U Power and SUSCO signifies a strategic move to capitalize on the EV growth in Thailand, driven by government policy changes. This initiative is expected to enhance Thailand’s green transportation infrastructure and establish a scalable model for other markets in Southeast Asia.
The information in this article is based on a press release statement from U Power Limited. For deeper insights into U Power’s financial health and growth potential, including 11 additional exclusive ProTips and comprehensive financial metrics, visit InvestingPro.
In other recent news, U Power Limited has announced several strategic initiatives aimed at expanding its electric vehicle (EV) battery-swapping technology across different global markets. The company has formed a joint venture with Ezzy Transporter in Thailand to introduce its UOTTA battery-swapping technology, with plans to deliver 2,000 custom-built vehicles equipped with this technology within the year. This initiative is expected to address the challenges of Thailand’s current charging infrastructure, particularly for taxis and pickup trucks. Additionally, U Power has partnered with Portugal’s national taxi association, ANTRAL, to introduce its UOTTA 8-slot compact battery-swapping stations to the European market by the first half of 2025.
The company also made strides in South America, where its UOTTA technology has been selected by Treep Mobility Group in Peru for use in two-wheeler and three-wheeler electric vehicles. Following a successful pilot, Treep Mobility plans to convert its entire fleet to electric vehicles, with anticipated orders exceeding US$1 million. U Power emphasizes the cost-effectiveness and operational efficiency of its battery-swapping model, which has been designed to reduce operating costs by 30-40% compared to traditional fuel vehicles.
The company’s expansion efforts are supported by its manufacturing operations in Zibo City, China, and its commitment to integrating AI technology for optimizing battery-swapping efficiency. U Power’s leadership has expressed confidence in the potential for sustainable business growth in these regions, citing the increasing adoption of electric vehicles in both urban and commercial sectors. These developments reflect U Power’s ongoing efforts to establish a significant presence in the global EV market.
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