U Power Expands Presence in Thailand through Collaboration with SAIC-Motor CP

Core Insights - U Power Limited has signed a cooperation agreement with SAIC Motor-CP to integrate its battery-swapping technology into the MG brand vehicles for the Thai market [1][2] - The partnership aims to develop a comprehensive network of battery-swapping stations and operating systems, initially focusing on Thailand's taxi and ride-hailing markets [2][3] - The collaboration is expected to address charging infrastructure challenges in Thailand's growing electric vehicle market, with projections indicating significant growth in EV adoption [3][4] Company Overview - U Power Limited is a vehicle sourcing services provider with a vision to become a comprehensive EV battery power solution provider, primarily focused on its proprietary UOTTA battery-swapping technology [5] - The company has established a vehicle sourcing network in China's lower-tier cities and operates a manufacturing factory in Zibo City, Shandong Province, China [5] Market Context - Thailand's taxi and ride-sharing fleet exceeds 300,000 vehicles, with projections indicating 50% electrification within five years, highlighting the potential for battery-swapping technology [4] - The partnership is positioned to capitalize on Thailand's EV3.5 policy, which is expected to drive 30-40% annual growth in electric vehicle adoption [4]