U Power Limited announced that it has secured a 1,000‑truck order for battery‑swapping heavy‑duty vehicles in Thailand, partnering with SUSCO and Whale Logistics. The company has completed the first production batch, positioning the trucks for delivery in the coming months.
The company also confirmed that its Hong Kong taxi battery‑swapping project is on track to finish station deployment and begin operations in the second quarter of 2026. All regulatory certifications have been obtained, and the taxi fleet is ready for on‑road testing.
These developments are expected to generate recurring service revenue and extend U Power’s limited cash runway. The Thailand order expands the company’s commercial fleet footprint into a growing logistics market, while the Hong Kong project taps a high‑density urban environment that values rapid battery swaps.
U Power’s financial backdrop shows significant revenue growth—RMB44.29 million in 2024 up 124.09% from RMB19.76 million in 2023—yet losses have also risen, with a net loss of RMB27.4 million in the first half of 2025. The company raised $6.0 million in a public offering in March 2026 to support its expansion plans.
Li Jia, founder and CEO, said, “Leveraging our AI‑driven energy management system and standardized battery‑swapping infrastructure, we are building an ecosystem for a wide range of commercial battery‑swapping vehicles and advancing the electrification of commercial transportation.”
U Power, founded in 2013 and headquartered in Wuhu, China, is the world’s first publicly traded battery‑swapping technology company. Its proprietary UOTTA technology and AI integration underpin its strategy to scale battery‑swapping infrastructure across heavy‑duty trucks and urban taxis, with partnerships in Thailand and plans for further international expansion.
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