SHANGHAI, Feb. 12,
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 their shared battery swapping solution designed for both
two- and lightweight four-wheeled electric vehicles ("EVs") has
entered the market validation phase. The first batch of over 40
battery swapping stations offering battery swapping services
for both two- and lightweight four-wheeled EVs has been set up in
Shanxi, China, catering
specifically to the needs of delivery services and the food
delivery industry.
Upon successful completion of the market validation phase, the
Company aims to extend its service by gradually deploying over 200
of their specialized battery swapping stations in additional
Chinese provinces, including Shandong, Anhui, and Shanxi. U Power's battery swapping technology
seamlessly accommodates both two- and lightweight four-wheeled EVs
by utilizing battery packs with identical specifications. This
system allows different models of EVs to swap battery modules at
the same station. For instance, two-wheeled EVs may use 2-4 sets of
battery modules, while their lightweight four-wheeled counterparts
may use 4-8 sets of battery modules. The procedure entails
initiating the swap via cell phone verification at the battery
station, followed by manual battery swapping.
Mr. Jia Li, Chief Executive
Officer and Chairman of the Board, commented, "Our shared battery
swapping solution is an exciting innovation for individuals
employed in the delivery industry. We are confident that our
solution will help delivery service providers lower their daily
operating costs, while enhancing overall vehicle efficiency. When
compared to the cost of purchasing and charging a battery, our
leasing system is projected to reduce battery operating expenses by
around 30%. Once our solution officially launches, we anticipate
the creation of significant business opportunities that will
generate long-term value for 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 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 statement and other
filings with the SEC.
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