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SHANGHAI - U Power Limited (NASDAQ:UCAR), a company with a market capitalization of $29.2 billion and a "GOOD" financial health rating according to InvestingPro, announced Monday it has signed a memorandum of understanding with SAIC HONGYAN Automotive and UNEX EV to deploy battery-swapping compatible electric heavy trucks in Thailand.
The collaboration aims to introduce 3,000 electric heavy-duty tractors for long-haul transportation and 1,200 electric heavy-duty port-specific short-distance trucks in Thailand, according to a company press release. The partners also plan to explore expansion opportunities in Southeast Asia, Latin America, Europe, and other regions.
Under the agreement, U Power will develop and manufacture compatible battery-swapping stations and provide operational services. UNEX EV will adapt SAIC Hongyan heavy trucks for battery swapping capability and promote sales in Thailand, while SAIC Hongyan will supply truck prototypes and technical support.
The initiative targets major highway transportation enterprises and container port operators requiring terminal tractors in Thailand.
"We are pleased to expand our strategic partnership with SAIC and UNEX EV," said Johnny Lee, CEO and Chairman of U Power. "Together, we identified a growing demand for sustainable transportation solutions within Thailand’s logistic industry."
This partnership builds on U Power’s existing presence in Thailand, where the company launched Southeast Asia’s first operational smart battery-swapping station on Phuket Island in July 2025, following the delivery of swappable electric vehicles for taxi services in April. The company’s stable financial position is reflected in its current ratio of 1.19 and notably low volatility with a beta of 0.59.
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U Power describes itself as a provider of AI-integrated energy solutions connecting electric vehicles with advanced energy infrastructure. SAIC Hongyan is a heavy truck enterprise under SAIC Group with products exported to over 40 countries, while Netherlands-based UNEX EV specializes in electric mobility innovation with regional hubs across multiple countries.
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