U Power and Ezzy Transporter Establish Joint Venture to Bring UOTTA Battery-Swapping Solutions to Thailand
U Power (UCAR) has signed a cooperation agreement with Ezzy Transporter to establish Greendrive Tech Co. , a joint venture focused on expanding EV battery-swapping solutions in Thailand. The venture will integrate U Power's UOTTA battery-swapping technology into custom vehicles, including taxis, ride-sharing vehicles, and pickup trucks.
The joint venture will focus on three core areas: customizing battery-swapping electric vehicles, developing market strategies for the battery-swapping ecosystem, and leading marketing initiatives for battery-swapping pickup trucks. An initial production run of 2,000 custom-built vehicles is scheduled for completion in 2025.
The partnership targets Thailand's growing EV market, where over 300,000 taxis and ride-hailing vehicles operate, with 50% expected to transition to electric vehicles in the next five years. The venture aims to address current charging infrastructure challenges in Thailand through battery-swapping technology.
U Power (UCAR) ha firmato un accordo di cooperazione con Ezzy Transporter per stabilire Greendrive Tech Co., una joint venture focalizzata sull'espansione delle soluzioni di sostituzione delle batterie per veicoli elettrici (EV) in Thailandia. L'impresa integrerà la tecnologia di sostituzione delle batterie UOTTA di U Power in veicoli personalizzati, tra cui taxi, veicoli di ridesharing e pickup.
La joint venture si concentrerà su tre aree principali: personalizzazione dei veicoli elettrici con sistema di sostituzione delle batterie, sviluppo di strategie di mercato per l'ecosistema della sostituzione delle batterie e leadership nelle iniziative di marketing per i pickup con sostituzione delle batterie. Una produzione iniziale di 2.000 veicoli costruiti su misura è programmata per essere completata nel 2025.
La partnership mira al crescente mercato degli EV in Thailandia, dove operano oltre 300.000 taxi e veicoli di ride-hailing, con il 50% previsto di passare ai veicoli elettrici nei prossimi cinque anni. L'iniziativa si propone di affrontare le attuali sfide dell'infrastruttura di ricarica in Thailandia attraverso la tecnologia di sostituzione delle batterie.
U Power (UCAR) ha firmado un acuerdo de cooperación con Ezzy Transporter para establecer Greendrive Tech Co., una empresa conjunta enfocada en expandir las soluciones de intercambio de baterías para vehículos eléctricos (EV) en Tailandia. La empresa integrará la tecnología de intercambio de baterías UOTTA de U Power en vehículos personalizados, incluidos taxis, vehículos de ride-sharing y camionetas.
La empresa conjunta se centrará en tres áreas clave: personalización de vehículos eléctricos con intercambio de baterías, desarrollo de estrategias de mercado para el ecosistema de intercambio de baterías y liderazgo en iniciativas de marketing para camionetas con intercambio de baterías. Se programó una producción inicial de 2,000 vehículos personalizados para completarse en 2025.
La asociación tiene como objetivo el creciente mercado de EV en Tailandia, donde operan más de 300,000 taxis y vehículos de ride-hailing, con un 50% que se espera que transicione a vehículos eléctricos en los próximos cinco años. La iniciativa busca abordar los actuales desafíos de infraestructura de carga en Tailandia a través de la tecnología de intercambio de baterías.
U Power (UCAR)는 Ezzy Transporter와 협력 계약을 체결하고 전기차(EV) 배터리 교환 솔루션을 태국에서 확장하기 위한 조인트 벤처인 Greendrive Tech Co.를 설립했습니다. 이 벤처는 U Power의 UOTTA 배터리 교환 기술을 택시, 라이드 셰어링 차량 및 픽업 트럭을 포함한 맞춤형 차량에 통합할 것입니다.
조인트 벤처는 배터리 교환 전기차의 맞춤화, 배터리 교환 생태계를 위한 시장 전략 개발, 배터리 교환 픽업 트럭을 위한 마케팅 이니셔티브 주도를 중심으로 세 가지 핵심 분야에 집중할 것입니다. 초기 생산의 2,000대 맞춤형 차량은 2025년까지 완공될 예정입니다.
파트너십은 30만 대 이상의 택시와 라이드 해일링 차량이 운영되는 태국의 성장하는 EV 시장을 겨냥하고 있으며, 향후 5년 내에 50%가 전기차로 전환될 것으로 예상됩니다. 이 벤처는 배터리 교환 기술을 통해 태국의 현재 충전 인프라 문제를 해결하는 것을 목표로 하고 있습니다.
U Power (UCAR) a signé un accord de coopération avec Ezzy Transporter pour établir Greendrive Tech Co., une coentreprise axée sur l'expansion des solutions d'échange de batteries pour véhicules électriques (EV) en Thaïlande. L'entreprise incorporera la technologie d'échange de batteries UOTTA de U Power dans des véhicules personnalisés, y compris des taxis, des véhicules de covoiturage et des camions pickup.
La coentreprise se concentrera sur trois domaines principaux : la personnalisation des véhicules électriques avec échange de batteries, le développement de stratégies de marché pour l'écosystème d'échange de batteries et la direction d'initiatives marketing pour les camions pickup avec échange de batteries. Une première production de 2 000 véhicules sur mesure est prévue pour être achevée en 2025.
Ce partenariat cible le marché croissant des véhicules électriques en Thaïlande, où plus de 300 000 taxis et véhicules de covoiturage sont en service, avec 50 % qui devraient passer aux véhicules électriques dans les cinq prochaines années. Le projet vise à relever les défis actuels liés à l'infrastructure de recharge en Thaïlande grâce à la technologie d'échange de batteries.
U Power (UCAR) hat eine Kooperationsvereinbarung mit Ezzy Transporter unterzeichnet, um Greendrive Tech Co. zu gründen, ein Joint Venture, das sich der Erweiterung von Batteriewechselsystemen für Elektrofahrzeuge (EV) in Thailand widmet. Das Unternehmen wird die Batteriewechseltechnologie UOTTA von U Power in maßgeschneiderte Fahrzeuge integrieren, einschließlich Taxis, Ride-Sharing-Fahrzeuge und Pickup-Trucks.
Das Joint Venture konzentriert sich auf drei Kernbereiche: die Anpassung von Elektrofahrzeugen mit Batteriewechselsystem, die Entwicklung von Marktstrategien für das Batteriewechsel-Ökosystem und die Führung von Marketinginitiativen für Pickup-Trucks mit Batteriewechsel. Eine erste Produktionsreihe von 2.000 maßgeschneiderten Fahrzeugen ist für die Fertigstellung im Jahr 2025 geplant.
Die Partnerschaft zielt auf den wachsenden Markt für EVs in Thailand ab, wo über 300.000 Taxis und Ride-Hailing-Fahrzeuge im Einsatz sind, von denen 50 % in den nächsten fünf Jahren auf Elektrofahrzeuge umsteigen sollen. Das Joint Venture hat das Ziel, die aktuellen Herausforderungen der Ladeinfrastruktur in Thailand durch die Batteriewechseltechnologie anzugehen.
- Initial production run of 2,000 custom vehicles scheduled for 2025
- Access to Thailand's large market of 300,000 taxis and ride-hailing vehicles
- Strategic expansion into Thailand's EV market with 30-40% annual growth potential
- Partnership addresses critical infrastructure challenges in Thai market
- None.
Insights
This strategic joint venture represents a calculated move into Thailand's rapidly evolving EV market, with several compelling aspects worth noting. The initial target of 2,000 custom-built vehicles in 2025 may seem modest, but it's strategically aligned with Thailand's infrastructure capabilities and market readiness.
The addressable market is substantial - with over 300,000 vehicles in the taxi and ride-hailing segment and a projected 50% EV conversion rate within five years, this creates a potential market of 150,000 vehicles. Thailand's EV3.5 policy, driving 30-40% annual growth in EV adoption, provides strong regulatory tailwinds.
The focus on battery-swapping technology is particularly shrewd for three reasons:
- It addresses the critical infrastructure bottleneck of slow AC charging stations that currently plagues Thailand's EV transition
- It's especially suited for commercial vehicles requiring multiple daily charges, offering superior operational efficiency
- The technology provides a recurring revenue stream through battery-swapping station operations
However, success will hinge on execution across several critical factors:
- Speed of battery-swapping station deployment and network coverage
- Cost competitiveness against traditional charging solutions
- Ability to establish and maintain strong dealer networks
- Success in customizing vehicles for local market requirements
For U Power, this venture could establish a strong foothold in Southeast Asia's EV market, with Thailand serving as a strategic launch pad. The partnership with Ezzy Transporter provides valuable local market expertise and distribution capabilities, while the connection with CP Group adds institutional credibility.
Joint venture will facilitate customized production and sales of battery swapping vehicles to take advantage of
The Joint Venture will have a strategic focus on three core areas. First, it will specialize in customizing battery-swapping electric vehicles to meet specific customer requirements. Second, it will develop and implement comprehensive market strategies for the battery-swapping ecosystem within the taxi and ride-sharing sectors, including vehicle sales, battery-swapping station operations, and end-of-life vehicle recycling programs. Third, the Joint Venture will lead marketing initiatives for battery-swapping pickup trucks while establishing and expanding a robust dealer network within
Greendrive's initial production run, scheduled for completion in 2025, will deliver 2,000 custom-built taxis and multipurpose pickup trucks equipped with UOTTA technology. Going forward, U Power plans to collaborate with other strategic partners to invest in UOTTA battery swapping stations in
"As a Nasdaq-listed company, U Power has demonstrated exceptional innovation and reach with its UOTTA battery-swapping technology, offering an integrated vehicle and infrastructure solution perfectly suited for
"We believe that
"With Thailand's EV3.5 policy expected to drive 30
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
Forward-Looking Statements
This press release contains "forward-looking statements". Forward-looking statements reflect the Company's 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
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
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SOURCE U Power Limited
FAQ
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