U Power LimitedNASDAQ: UCAR

Third-Party Validation Will Fast Track Implementation of Back-Up Power, EV Charging and Prime Power Solutions for Customers Third-Party Validation Will Fast Track Implementation of Back-Up Power, EV Charging and Prime Power Solutions for Customers

SHANGHAI , June 5, 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 its UOTTA technology and battery swapping station model is to be adopted in a strategic collaboration between UNEX EV B.V. ("UNEX") and Associação Nacional dos Transportes Rodoviários em Automóveis Ligeiros ("ANTRAL").

SHANGHAI , June 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 a follow-on purchase order from a major taxi operator in Jilin, China. The follow-on order is for the purchase of U Power's advanced dual-mode intelligent battery swapping stations, which feature separate robotic guided vehicles (RGVs) for battery removal and installation.

U Power Limited, a company listed on Nasdaq under the ticker UCAR, has submitted its 2023 annual report to the SEC. In 2023, the company saw a significant increase in total net revenues, reaching RMB19.8 million (US$2.8 million), representing a 153.5% year-over-year growth.

U Power (NASDAQ: UCAR ) stock is rising higher on Monday after the electric vehicle (EV) company announced plans to launch its commercial battery swap service. A press release from U Power reveals that the company is going to launch this service sometime this month.

U Power Limited is a risky investment in the Chinese automotive industry, lacking tangible evidence to justify its high valuation. The company's financial health is concerning, with net losses and negative cash flows, raising doubts about its ability to sustain growth. U Power faces intense competition and supply chain risks while also being vulnerable to changes in Chinese regulations or geopolitical fallout.

China recently extended massive tax breaks to promote the adoption of EVs. The new tax breaks are good news for U Power, but the company's overall performance outlook is unclear.

A new, and rather large, Chinese government incentive program made investors bullish on that country's automotive sector. The program takes the form of tax breaks for alt-fuel models, such as electric vehicles.

U Power has announced a new partnership with a Japanese electric vehicle company. U Power appears to be entering new markets, and investors are excited about the potential.