SHANGHAI, May 20, 2024
/PRNewswire/ -- In the 20-F released by U POWER LIMITED last week,
key financial data showed significant growth, with a 153.5%
increase in sales revenue and a rise in gross profit margin from
34.1% to 61.6%. This indicates substantial development in the
company's new energy vehicle charging and swapping business, as
well as related vehicle sales.
Electric vehicles are poised to become the dominant force in
transportation, impacting both traditional automotive powerhouses
and emerging markets. Globally, electric vehicle sales exceeded 13
million units in 2023, representing a 35% increase from 2022, with
one-third of these vehicles utilized in commercial transportation
for passengers and freight. U Power's UOTTA battery swapping
solution specifically targets this market, providing customers with
more convenient charging experiences and improved economics through
a variety of swapping solutions that are compatible with commercial
electric vehicles.
U Power's UOTTA ecosystem achieved industry-leading full product
coverage for commercial vehicles in 2023. This coverage spans a
wide range of vehicles from long-haul buses to light passenger
vehicles, and container tractors to small trucks. U Power offers
customized solutions tailored to specific customer needs.
After achieving sales growth in the Chinese market, U Power is
now actively expanding into international markets. The Company has
engaged in negotiations regarding collaborations with major freight
companies, taxi companies, airports, and other commercial vehicle
customers in Europe, North America, and Southeast Asia. The Company will provide
customized products and services, utilizing U Power's UOTTA
facilities and compatible electric vehicles for its partners'
transportation operations. Simultaneously, U Power has successfully
commercialized its battery swapping solutions, allowing customers
to choose swapping modes without concern for performance
degradation, environmental impact, or safety issues.
Jia Li, Chairman and CEO of U
Power, commented, "I am delighted to report solid financial results
for 2023. Strong increases in our revenues and gross margin
indicate that the company's battery swapping solutions for electric
transportation hold significant promise and have the potential to
generate sustainable profits. In the commercial transportation
sector, the most crucial aspect of replacing internal combustion
engine vehicles with electric vehicles is the stability and
completeness of the supporting infrastructure. The UOTTA charging
and swapping ecosystem seamlessly integrates vehicles and charging
modes, enabling efficient network management through a cloud
platform and delivering tangible benefits to users. Following
successful market validation in 2023, I am confident in our future
prospects. I firmly believe that our UOTTA charging and swapping
ecosystem will capture a larger market share in the rapidly
expanding global electric transportation market."
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/.
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SOURCE U Power limited