U Power (UCAR) Prnewswire·2025-03-24 11:00Core Insights - U Power Limited has entered a joint venture with SUSCO Public Company Limited to deploy its UOTTA battery-swapping technology across SUSCO's fueling stations in Thailand, positioning itself as a first-mover in the commercial EV battery swapping market [1][2][4] Group 1: Strategic Partnership - The joint venture is a significant milestone in U Power's global expansion strategy, particularly in Southeast Asia, aligning with Thailand's ambitious EV targets [2][7] - The partnership aims to integrate battery-swapping capabilities into SUSCO's existing infrastructure to meet the growing demand for electric vehicle energy solutions [2][4] Group 2: Infrastructure Development - U Power's UOTTA battery-swapping system will be strategically positioned at SUSCO's fueling stations nationwide, providing a rapid and efficient energy solution for commercial vehicle fleets [3][10] - This infrastructure supports Thailand's goal of having 30% of new vehicle sales be electric by 2030, with plans for 12,000 charging piles and 1,450 battery-swapping stations [7] Group 3: Market Demand and Business Potential - The partnership addresses the practical challenges faced by Thailand's significant taxi and ride-hailing fleet, which exceeds 300,000 vehicles, by providing an alternative to lengthy charging times [10] - The collaboration is expected to enhance profitability and accelerate EV adoption in the region [10][11] Group 4: Investment and Growth Potential - Chatchaval Jiaravanon, a member of the controlling family of the Charoen Pokphand Group, has personally invested in the joint venture, indicating strong backing from leading Asian investors [5][6] - The partnership is anticipated to create meaningful growth opportunities within Thailand's rapidly expanding electric transportation sector [6]