U Power Expands Global Footprint with Strategic Move into Thai Market

Rhea-AI Summary

U Power (Nasdaq: UCAR), a vehicle sourcing services provider aiming to become a comprehensive electric vehicle (EV) battery power solution provider in China, announced a strategic partnership with Pattaya AI Terminal to enter the Thai market.

The Memorandum of Understanding (MoU) focuses on developing green logistics and EV infrastructure in Thailand. U Power will combine its proprietary battery-swapping technology with Pattaya AI's logistical solutions to enhance the commercial logistics and dedicated passenger transportation sectors.

Key initiatives include deploying battery swapping and charging stations in key cities and logistics nodes, and producing battery-swapping commercial vehicles locally, such as pickup trucks and light-duty vans. This partnership aims to revolutionize green logistics in Thailand and position U Power for future innovations and sustainable shareholder value.

Positive

• U Power's entry into the Thai market expands its global footprint.
• The partnership with Pattaya AI leverages both companies' expertise to enhance green logistics and EV infrastructure.
• Deployment of battery swapping and charging stations in key Thai cities.
• Plan to locally manufacture commercial EVs in Thailand, including pickup trucks and light-duty vans.

Negative

• None.

SHANGHAI, July 3, 2024 /PRNewswire/ -- U Power Limited (Nasdaq: UCAR) (the "Company" or "U Power"), a vehicle sourcing services provider with a vision to becoming a comprehensive electric EV battery power solution provider in China, today announced that it had signed a Memorandum of Understanding ("MoU") with Pattaya AI Terminal Co., Ltd. ("Pattaya AI") to jointly drive the strategic development of green logistics and electric vehicle ("EV") infrastructure in Thailand.

Combining Pattaya AI's advantages in logistical solutions with U Power's proprietary battery-swapping technology, the joint venture will provide electrified solutions for Thailand's commercial logistics and dedicated passenger transportation markets. U Power will also leverage its expertise to provide commercial EVs compatible with its UOTTA technology and deploy battery swapping and charging stations for commercial EVs in key cities and logistics nodes across Thailand, enhancing logistics chain efficiency. Furthermore, the Parties intend to jointly develop automatic and semi-automatic charging stations compatible with U Power's vehicles and tailored to the specific needs of the Thai market. During the initial phase of the partnership, U Power will introduce battery swapping technology and compatible EVs. As the partnership matures, U Power intends to locally manufacture battery-swapping commercial vehicles in Thailand. These vehicles will include pickup trucks and light-duty vans for dedicated transportation routes.  

Jia Li, Chairman and CEO of U Power, commented, "We are proud to enter into a strategic partnership with Pattaya AI. This collaboration leverages our expertise in EV battery solutions and Pattaya AI's capabilities and resources to address emerging opportunities in Thailand's evolving EV market. By partnering with Pattaya AI, we aim to revolutionize green logistics, enhance Thailand's electric vehicle infrastructure, and build a solid foundation upon which we can pursue future innovations and deliver sustainable shareholder value."

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/.

About Pattaya AI Terminal Co., Ltd.

Pattaya AI, a subsidiary of Pattaya Group, specializes in airport solutions. It provides innovative services using modern information technology to enhance airport development and efficiency. Pattaya AI's current operations at U-Tapao International Airport in Thailand include the implementation of a Common Use Passenger Processing System (CUPPS) and IPax NG (Local Departure Control System: LDCS). These systems facilitate efficient passenger processing, improve safety, and support domestic and international airlines operating at the airport.

Safe Harbor 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.

Contacts

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 to download multimedia:https://www.prnewswire.com/news-releases/u-power-expands-global-footprint-with-strategic-move-into-thai-market-302188771.html

SOURCE U Power Limited

FAQ

What is the significance of U Power's partnership with Pattaya AI?

The partnership allows U Power to expand into the Thai market, focusing on green logistics and EV infrastructure using its proprietary battery-swapping technology.

When was the Memorandum of Understanding signed between U Power and Pattaya AI?

The MoU was signed on July 3, 2024.

What are the main initiatives of U Power and Pattaya AI's partnership?

Key initiatives include deploying battery swapping and charging stations and producing battery-swapping commercial vehicles such as pickup trucks and light-duty vans in Thailand.

How will U Power's partnership with Pattaya AI impact Thailand's EV market?

The partnership aims to enhance green logistics and EV infrastructure, providing advanced battery-swapping technology and commercial EVs, thereby revolutionizing the Thai EV market.

What is the stock symbol for U Power?

The stock symbol for U Power is UCAR.