U Power Limited (Nasdaq: UCAR) Announces Landmark Joint Venture with SUSCO, Targeting Thailand's Multi-Billion EV Infrastructure Boom
U Power (UCAR) has announced a strategic joint venture with SUSCO Public Company to deploy UOTTA battery-swapping technology across SUSCO's fueling station network in Thailand. The partnership aims to address Thailand's rapidly growing EV market, aligning with the country's '30@30' policy targeting 30% electric vehicle sales by 2030.
The joint venture has secured backing from Chatchaval Jiaravanon, a member of the CP Group family, who serves as chairman of Charoen Energy and Water Asia. The initiative will target Thailand's extensive taxi and ride-hailing fleet of over 300,000 vehicles, offering a faster alternative to traditional charging methods.
This collaboration supports Thailand's infrastructure development goals, which include deploying 12,000 charging piles and 1,450 battery-swapping stations. The partnership builds upon U Power's existing relationship with CP-MG, strengthening its position in Thailand's evolving EV ecosystem.
U Power (UCAR) ha annunciato una joint venture strategica con SUSCO Public Company per implementare la tecnologia di scambio batterie UOTTA nella rete di stazioni di rifornimento di SUSCO in Thailandia. L'obiettivo della partnership è affrontare il rapidamente crescente mercato delle auto elettriche in Thailandia, in linea con la politica '30@30' del paese, che mira a raggiungere il 30% delle vendite di veicoli elettrici entro il 2030.
La joint venture ha ottenuto il sostegno di Chatchaval Jiaravanon, un membro della famiglia CP Group, che ricopre il ruolo di presidente di Charoen Energy and Water Asia. L'iniziativa si concentrerà sulla vasta flotta di taxi e servizi di ride-hailing della Thailandia, composta da oltre 300.000 veicoli, offrendo un'alternativa più rapida rispetto ai metodi di ricarica tradizionali.
Questa collaborazione supporta gli obiettivi di sviluppo delle infrastrutture della Thailandia, che includono l'installazione di 12.000 punti di ricarica e 1.450 stazioni di scambio batterie. La partnership si basa sulla relazione esistente tra U Power e CP-MG, rafforzando la sua posizione nell'evolvente ecosistema EV della Thailandia.
U Power (UCAR) ha anunciado una joint venture estratégica con SUSCO Public Company para implementar la tecnología de intercambio de baterías UOTTA en la red de estaciones de servicio de SUSCO en Tailandia. La asociación tiene como objetivo abordar el rápidamente creciente mercado de vehículos eléctricos en Tailandia, alineándose con la política '30@30' del país, que busca alcanzar el 30% de las ventas de vehículos eléctricos para 2030.
La joint venture ha recibido el respaldo de Chatchaval Jiaravanon, un miembro de la familia CP Group, que se desempeña como presidente de Charoen Energy and Water Asia. La iniciativa se centrará en la extensa flota de taxis y servicios de transporte compartido de Tailandia, que cuenta con más de 300,000 vehículos, ofreciendo una alternativa más rápida a los métodos de carga tradicionales.
Esta colaboración apoya los objetivos de desarrollo de infraestructura de Tailandia, que incluyen la implementación de 12,000 puntos de carga y 1,450 estaciones de intercambio de baterías. La asociación se basa en la relación existente entre U Power y CP-MG, fortaleciendo su posición en el ecosistema EV en evolución de Tailandia.
U Power (UCAR)는 SUSCO Public Company와 전략적 합작 투자를 발표하여 태국의 SUSCO 주유소 네트워크에 UOTTA 배터리 교환 기술을 배포할 예정입니다. 이 파트너십은 태국의 급성장하는 전기차 시장에 대응하는 것을 목표로 하며, 2030년까지 전기차 판매의 30%를 목표로 하는 '30@30' 정책과 일치합니다.
합작 투자에는 Chatchaval Jiaravanon이 지원을 아끼지 않고 있으며, 그는 CP Group 가족의 일원으로 Charoen Energy and Water Asia의 회장을 맡고 있습니다. 이 이니셔티브는 30만 대 이상의 차량을 보유한 태국의 광범위한 택시 및 차량 호출 서비스에 초점을 맞추어 전통적인 충전 방법보다 빠른 대안을 제공합니다.
이 협력은 12,000개의 충전소와 1,450개의 배터리 교환소를 배치하는 것을 포함한 태국의 인프라 개발 목표를 지원합니다. 이 파트너십은 U Power와 CP-MG 간의 기존 관계를 기반으로 하여 태국의 발전하는 전기차 생태계에서의 입지를 강화합니다.
U Power (UCAR) a annoncé un partenariat stratégique avec SUSCO Public Company pour déployer la technologie d'échange de batteries UOTTA dans le réseau de stations-service de SUSCO en Thaïlande. Ce partenariat vise à répondre à la croissance rapide du marché des véhicules électriques en Thaïlande, en accord avec la politique '30@30' du pays, qui vise 30% de ventes de véhicules électriques d'ici 2030.
La joint venture a obtenu le soutien de Chatchaval Jiaravanon, membre de la famille CP Group, qui est président de Charoen Energy and Water Asia. L'initiative ciblera la vaste flotte de taxis et de services de transport à la demande en Thaïlande, comptant plus de 300 000 véhicules, offrant une alternative plus rapide aux méthodes de recharge traditionnelles.
Cette collaboration soutient les objectifs de développement des infrastructures de la Thaïlande, qui comprennent le déploiement de 12 000 bornes de recharge et de 1 450 stations d'échange de batteries. Ce partenariat renforce la position de U Power dans l'écosystème EV en évolution de la Thaïlande, s'appuyant sur la relation existante avec CP-MG.
U Power (UCAR) hat eine strategische Joint Venture mit SUSCO Public Company angekündigt, um die UOTTA-Batteriewechseltechnologie im Netzwerk von Tankstellen von SUSCO in Thailand einzuführen. Die Partnerschaft zielt darauf ab, den rasch wachsenden Markt für Elektrofahrzeuge in Thailand zu bedienen und steht im Einklang mit der '30@30'-Politik des Landes, die 30% Elektrofahrzeugverkäufe bis 2030 anstrebt.
Die Joint Venture hat Unterstützung von Chatchaval Jiaravanon erhalten, einem Mitglied der CP Group-Familie, der als Vorsitzender von Charoen Energy and Water Asia fungiert. Die Initiative wird sich auf die umfangreiche Flotte von über 300.000 Taxis und Fahrdiensten in Thailand konzentrieren und eine schnellere Alternative zu herkömmlichen Lademethoden bieten.
Diese Zusammenarbeit unterstützt die Infrastrukturentwicklungsziele Thailands, die den Einsatz von 12.000 Ladestationen und 1.450 Batteriewechselstationen umfassen. Die Partnerschaft baut auf der bestehenden Beziehung zwischen U Power und CP-MG auf und stärkt deren Position im sich entwickelnden EV-Ökosystem Thailands.
- Strategic partnership with SUSCO provides immediate access to extensive fueling station network in Thailand
- Backing from influential investor Chatchaval Jiaravanon (CP Group) brings strategic advantages and growth opportunities
- Direct alignment with Thailand's '30@30' policy creates regulatory tailwind
- Large addressable market of 300,000+ taxi and ride-hailing vehicles
- Significant capital investment required for infrastructure deployment
- Faces competition from traditional EV charging solutions
- Success dependent on EV adoption rates and government policy implementation
Insights
UCAR's joint venture with SUSCO represents a strategic market entry that positions the company advantageously in Thailand's emerging EV infrastructure landscape. By leveraging SUSCO's extensive fueling station network, U Power gains immediate access to prime deployment locations without the capital-intensive process of building sites from scratch—a classic infrastructure piggyback strategy that accelerates market penetration.
The partnership gains additional credibility through the personal investment from Chatchaval Jiaravanon, connected to the
What's particularly compelling is the alignment with Thailand's "30@30" policy mandating
This venture builds upon U Power's previous collaboration with CP-MG, suggesting a methodical expansion strategy rather than opportunistic market hopping. While financial terms remain undisclosed, the strategic positioning in a government-backed growth sector with established partners represents meaningful progress in commercializing U Power's technology beyond China.
Strategic Partnership to Address Rapid EV Growth Driven by Government Policy Changes in
"This joint venture represents a significant milestone in U Power's global expansion strategy, particularly in
Expanding EV Infrastructure with UOTTA Technology
SUSCO is a publicly traded energy provider listed in
Through the joint venture, U Power's UOTTA battery-swapping system will be strategically positioned at SUSCO's fueling stations nationwide. This infrastructure will serve as a rapid, efficient, and scalable energy solution tailored to the needs of commercial vehicle fleets, including taxis and ride-sharing services, significantly reducing downtime and improving operational efficiency.
Integrating U Power's innovative battery-swapping technology into SUSCO's extensive station network allows SUSCO to directly support
Leading Asian Investors Back Joint Venture with Strategic Investment
Chatchaval Jiaravanon, a member of the family controlling the Charoen Pokphand Group (CP Group)—a diversified conglomerate generating over
Mr. Jiaravanon currently serves as chairman and founder of Charoen Energy and Water Asia and independently owns Fortune magazine.
As highlighted in a recent press release, Mr. Jiaravanon expressed optimism regarding the significant potential for growth and profitability of this partnership within
Strategic Growth Aligned with
This partnership directly aligns with
The agreement builds on U Power's previous strategic collaboration with CP-MG, reinforcing the company's systematic approach to market expansion and highlighting the trust major Thai corporations have in U Power's battery-swapping technology.
Addressing Market Demand and Business Potential
Given
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About SUSCO
SUSCO Public Company Limited, a leading oil and gas retail company in
SUSCO is renowned for its strong market presence and operational expertise, particularly in serving major international airports in
Through strategic partnerships, such as its collaboration with Sinopec (
About U Power Limited
U Power Limited (Nasdaq: UCAR) is a vehicle sourcing services provider with a vision to become an EV market player primarily focused on its proprietary battery-swapping technology, UOTTA technology. UOTTA is an intelligent modular battery-swapping solution designed to provide comprehensive battery power solutions for EVs. Since its inception in 2013, U Power has established a vehicle sourcing network in
For more information, please visit: https://www.upower-limited.com/
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 events or circumstances, or changes in its expectations, except as may be required by law.
Although the company believes the expectations expressed in these forward-looking statements are reasonable, it cannot assure that such expectations will turn out to be correct, and the company cautions investors that actual results may differ materially from the anticipated results. Investors are encouraged to review other factors that may affect future results in the company's registration statement and other filings with the
For more information, please visit: https://www.upower-limited.com/
Contact:
Circadian Group IR
Xing.wang@upower-limited.com
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SOURCE U Power Limited
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