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U Power Limited, an electric vehicle (EV) battery-swapping solutions provider, has provided a business update and outlined its key objectives for 2025 and beyond. The company aims to leverage its recent growth and expand its offerings, with the ultimate goal of becoming a smart energy grid solutions provider.
Key Highlights
- For the full year 2024, U Power reported a 124% increase in total revenue to $6.2 million compared to 2023.
- The company sold and delivered 12 proprietary UOTTA-powered battery-swapping stations in 2024.
- Global partnerships have been established in Thailand, Portugal, Hong Kong, Peru, and Mexico to promote its battery-swapping ecosystem.
- U Power has strengthened its technology portfolio, which is now supported by 46 issued patents and 18 pending applications.
- The company announced a two-fold growth strategy focused on expanding its current technology and investing in next-generation solutions like AI-based data management and “Battery Bank” solutions.
Recent Business Performance
U Power has seen significant expansion of its client base and domestic footprint. Its proprietary UOTTA-powered battery-swapping stations have gained considerable traction in the market. This technology offers fast and efficient battery swaps for a wide range of EVs, including commercial trucks, buses, and passenger vehicles. This growth is highlighted by the company’s 2024 revenue, which increased by 124% year-over-year.
In addition to domestic success, U Power has focused on building a global presence. The company has established key partnerships in markets across Asia, Europe, and the Americas to build out a battery-swapping ecosystem. These collaborations with major EV manufacturers facilitate the sale of UOTTA-powered vehicles and the delivery of battery-swapping stations, initially targeting taxi and ride-hailing services.
Strategic Plan for 2025 and Beyond
U Power has detailed a two-fold growth strategy designed to build upon its existing business and generate new revenue streams.
- Ecosystem Expansion: The first pillar of the strategy involves leveraging its current battery-swapping technology to create a comprehensive UOTTA-centered ecosystem. This includes incorporating UOTTA technology into more EVs in its local market, accelerating its international rollout through new and existing partnerships, and continuing to invest in technological innovation.
- Next-Generation Technology: The second pillar focuses on investing in advanced technologies to transform EVs into dynamic assets for smart energy grids. The company plans to enhance its AI-based data management cloud platform, which helps drivers locate compatible swapping stations. Future investments aim to introduce “Battery Bank” solutions to monetize battery assets using AI blockchain technology and “Commercial Energy Storage” for various industrial applications.
According to Johnny Lee, CEO and Chairman of U Power, the strategic decision to transform the business was made in early 2024. He stated that the development of UOTTA stations was the first step in reducing the cost and time of EV charging. The company’s next step is to scale its operations to enable new services that will support the development of smart energy grids. This strategy is intended to grow revenue, improve profitability, and create long-term shareholder value.
For more information, please visit the company’s website: https://www.upower-limited.com/.
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