U Power Announces Signing of MOU with Beijing Foton to Jointly Promote Battery-Swapping Compatible Electric Heavy Trucks, Buses, and Vans
U Power (NASDAQ:UCAR) has signed a Memorandum of Understanding (MOU) with Beijing Foton, a subsidiary of Foton Motor, to jointly promote battery-swapping compatible electric commercial vehicles in key international markets.
The collaboration focuses on Southeast Asia, South America, Hong Kong SAR, and Macau SAR markets. U Power will provide technological support for battery-swapping capabilities and develop testing stations, while Beijing Foton will share vehicle performance data. The partnership aims to expand U Power's OEM partner base and accelerate the establishment of its battery-swapping ecosystem.
U Power (NASDAQ:UCAR) ha firmato un Memorandum d'Intesa (MOU) con Beijing Foton, una controllata di Foton Motor, per promuovere congiuntamente veicoli commerciali elettrici compatibili con lo scambio rapido di batterie in mercati internazionali chiave.
La collaborazione si concentra sui mercati di Sud-est asiatico, Sud America, Hong Kong SAR e Macau SAR. U Power fornirà supporto tecnologico per le capacità di scambio batterie e svilupperà stazioni di test, mentre Beijing Foton condividerà i dati sulle prestazioni dei veicoli. L'obiettivo della partnership è ampliare la base di partner OEM di U Power e accelerare la creazione del suo ecosistema di scambio batterie.
U Power (NASDAQ:UCAR) ha firmado un Memorando de Entendimiento (MOU) con Beijing Foton, una subsidiaria de Foton Motor, para promover conjuntamente vehículos comerciales eléctricos compatibles con el intercambio de baterías en mercados internacionales clave.
La colaboración se centra en los mercados de Sudeste Asiático, Sudamérica, Hong Kong SAR y Macao SAR. U Power proporcionará soporte tecnológico para las capacidades de intercambio de baterías y desarrollará estaciones de prueba, mientras que Beijing Foton compartirá los datos de rendimiento de los vehículos. La asociación tiene como objetivo ampliar la base de socios OEM de U Power y acelerar el establecimiento de su ecosistema de intercambio de baterías.
U Power (NASDAQ:UCAR)는 Foton Motor의 자회사인 Beijing Foton과 양해각서(MOU)를 체결하여 주요 국제 시장에서 배터리 교환이 가능한 전기 상용차를 공동으로 홍보하기로 했습니다.
이번 협력은 동남아시아, 남미, 홍콩 특별행정구, 마카오 특별행정구 시장에 중점을 둡니다. U Power는 배터리 교환 기술 지원과 테스트 스테이션 개발을 담당하며, Beijing Foton은 차량 성능 데이터를 공유합니다. 이번 파트너십은 U Power의 OEM 파트너 기반을 확대하고 배터리 교환 생태계 구축을 가속화하는 것을 목표로 합니다.
U Power (NASDAQ:UCAR) a signé un protocole d'accord (MOU) avec Beijing Foton, une filiale de Foton Motor, afin de promouvoir conjointement des véhicules commerciaux électriques compatibles avec l'échange de batteries sur des marchés internationaux clés.
La collaboration se concentre sur les marchés du Southeast Asia, Amérique du Sud, Hong Kong RAS et Macao RAS. U Power fournira un soutien technologique pour les capacités d’échange de batteries et développera des stations de test, tandis que Beijing Foton partagera les données de performance des véhicules. Ce partenariat vise à étendre la base de partenaires OEM de U Power et à accélérer l’établissement de son écosystème d’échange de batteries.
U Power (NASDAQ:UCAR) hat eine Absichtserklärung (MOU) mit Beijing Foton, einer Tochtergesellschaft von Foton Motor, unterzeichnet, um gemeinsam batteriewechselkompatible elektrische Nutzfahrzeuge in wichtigen internationalen Märkten zu fördern.
Die Zusammenarbeit konzentriert sich auf die Märkte in Südostasien, Südamerika, Hongkong SAR und Macau SAR. U Power wird technologische Unterstützung für die Batteriewechsel-Fähigkeiten bereitstellen und Teststationen entwickeln, während Beijing Foton Fahrzeugleistungsdaten teilen wird. Ziel der Partnerschaft ist es, die OEM-Partnerbasis von U Power zu erweitern und den Aufbau seines Batteriewechsel-Ökosystems zu beschleunigen.
- Strategic expansion into multiple international markets including Southeast Asia and South America
- Partnership with major Chinese commercial vehicle manufacturer Foton Motor
- Potential for additional cooperation opportunities in the future
- Agreement is only a non-binding MOU, not a definitive contract
- Implementation timeline and financial terms not disclosed
Insights
U Power partners with Beijing Foton to expand battery-swapping technology internationally, potentially accelerating ecosystem development in strategic markets.
U Power's MOU with Beijing Foton represents a strategic expansion of its OEM partnerships into commercial vehicle segments. This agreement targets battery-swapping compatible electric heavy trucks, buses, and vans across Southeast Asia, South America, and the Hong Kong and Macau SARs—all markets where U Power appears to have existing operations.
The partnership structure follows U Power's technology-provider business model, with the company supplying the technical expertise for battery-swapping integration while Beijing Foton, a subsidiary of a major Chinese commercial vehicle manufacturer, contributes vehicle platforms and performance data. This arrangement could help U Power scale its battery-bank ecosystem more rapidly by leveraging Foton's established commercial vehicle presence.
What makes this partnership particularly notable is the focus on commercial vehicles rather than passenger cars. Commercial fleets often follow predictable routes and centralized charging/maintenance schedules, making them ideal candidates for battery-swapping technology. The economics of battery swapping make more sense for vehicles with high utilization rates and where downtime directly impacts revenue—precisely the case for commercial operations.
While the MOU doesn't include specific financial terms or deployment timelines, it does suggest potential for expanded cooperation in the future. For U Power, securing partnerships with established manufacturers like Foton helps validate their technology approach while potentially accelerating market penetration in regions where EV charging infrastructure remains underdeveloped.
Agreement Targets Southeast Asia,
Pursuant to the MOU, the two parties will jointly promote battery-swapping compatible electric heavy trucks, buses and vans in the
Johnny Lee, CEO and Chairman of U Power commented, "This partnership marks another significant step forward in our strategy of expanding OEM partner base. Through joint promotional and sales efforts, U Power expects to accelerate the establishment of a comprehensive battery-swapping and battery-bank ecosystem in several of its existing key markets. We look forward to a strong collaboration with Beijing Foton to strategically expand our global footprint and increase our market share."
About Beijing Foton International Trade Co., Ltd.
Beijing Foton is mainly responsible for the export of Foton Motor's automotive products. In 2024, FOTON exported a total of 153,000 new energy vehicles, maintaining its leading position in
About U Power Limited
U Power is a comprehensive provider of electric vehicle (EV) battery swapping solutions using its proprietary modular battery-swapping technology, UOTTA™. U Power manufactures and sells different models of UOTTA battery-swapping stations for EVs, and sells and rents battery swap cabinets to two-wheeled vehicle drivers. U Power also provides battery-swapping services for vehicle drivers and station control system upgrading services for battery-swapping station owners.
Through investments in next-generation technologies, U Power's vision is to become a comprehensive solutions provider for smart energy grids. Expanding on its UOTTA technology platform, the Company is investing in building intelligent ecosystems that integrate resilient AI driven solutions able to transform electric vehicles (EVs) into dynamic energy assets.
For more information, please visit the Company's website: https://www.upower-limited.com/.
Safe Harbor Statements
This press release contains "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 statements and other filings with the
Contact
U Power Limited
Investor Relations Department
ir@upincar.com
The Equity Group
Lena Cati, Senior Vice President
212-836-9611 / lcati@theequitygroup.com
Alice Zhang, Associate
212-836-9610 / azhang@theequitygroup.com
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SOURCE U Power Limited
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