SHANGHAI, April 8,
2024 /PRNewswire/ -- U Power Limited (Nasdaq: UCAR)
(the "Company" or "U Power"), a vehicle sourcing services provider
with a vision to becoming a comprehensive EV battery power solution
provider in China, today announced
that its battery-swapping and sharing model for two-wheeled and
light four-wheeled electric vehicles (EVs) is poised for a formal
commercial rollout in Wuhu, Anhui
Province, China. The
rollout, which is expected to take place during April 2024, follows a successful round of market
validations in February. As part of this expansion, U Power plans
to establish 60 power-swapping service points which will cater to
over 800 customers.
The battery-swapping and sharing technology for two-wheeled and
light four-wheeled EVs involves the use of identical battery cells
and packaging methods. The battery packs for both types of EV are
stored in a single battery-swapping station (BSS). When customers
need to swap batteries, they can take one to two battery modules
for two-wheeled EVs, or four to eight modules for light
four-wheeled EVs. The battery-swapping process is straightforward
and user-friendly, with the user verifying their identity at the
BSS with their mobile phone and following a series of simple
prompts to access and swap their batteries.
Mr. Jia Li, Chief Executive
Officer and Chairman of the Board, commented, "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."
About U Power Limited
U Power Limited is a vehicle sourcing services provider,
with a vision to becoming an EV market player primarily focused on
its proprietary battery-swapping technology, or UOTTA technology,
which is an intelligent modular battery-swapping technology
designed to provide a comprehensive battery power solution for EVs.
Since its operation in 2013, the Company has established a vehicle
sourcing network in China's
lower-tier cities. The Company has developed two types of
battery-swapping stations for compatible EVs and is operating one
manufacturing factory in Zibo City, Shandong Province, China. For more information, please visit the
Company's website: http://ir.upincar.com/.
Forward-Looking Statements
This press release may contain "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 statement and other
filings with the U.S. Securities and Exchange Commission.
Contact
U Power Limited
Investor Relations Department
Email: ir@upincar.com
Robin Yang, Partner
ICR, LLC
Email: UPower.IR@icrinc.com
Phone: +1 (212) 475-0415
View original
content:https://www.prnewswire.com/news-releases/u-power-to-launch-commercial-operation-for-its-ev-battery-swapping-system-302110005.html
SOURCE U Power Limited