U Power Enters Cooperation Agreement With SAIC Motor-CP - Quick Facts

(RTTNews) - U Power (UCAR) has signed a cooperation agreement with SAIC Motor-CP to integrate U Power's battery-swapping technology into the company's MG brand of vehicles for sale in Thailand. U Power will adapt its existing battery-swapping technology and infrastructure to support SAIC Motor-CP's Thai MG brand vehicles, and will work to develop a network of swapping stations and operating systems in the Thai market. The initial focus will be on Thailand's taxi and ride-hailing markets.

Li Jia, CEO of U Power, said: "With Thailand's taxi and ride-sharing fleet exceeding 300,000 vehicles, and projections indicating 50% electrification within five years, our battery-swapping technology offers a practical solution to the charging challenges faced by high-utilization vehicles."