U Power Limited (NASDAQ:UCAR) Partners with Sumitomo Mitsui to Deliver Southeast Asia's First Battery-Swapping Taxi Fleet in Phuket

PHUKET, Thailand, May 5, 2025 /PRNewswire/ -- U Power Limited (Nasdaq: UCAR), a global leader in a global leader in green smart energy grid innovation, announced that its Thai subsidiary, USWAP Co., Ltd., has successfully delivered 21 battery-swapping-enabled MG EP vehicles to Auto Drive EV Public Company Limited, a leading mobility service provider in Thailand, through a strategic partnership with Sumitomo Mitsui Auto Leasing & Service (Thailand) Co., Ltd. The vehicles will be deployed to enhance sustainable taxi operations across the island of Phuket, a world-renowned tourist destination. This landmark transaction marks the deployment of Southeast Asia's first fleet of battery-swapping taxis, setting a new benchmark for sustainable transportation in the region.

Pioneering Battery-Swapping Green Mobility in Southeast Asia

The vehicles are equipped with U Power's proprietary UOTTA fully automated battery-swapping technology, showcased at the 2025 Bangkok International Motor Show. This system enables a full battery replacement in just 3 minutes, ensuring minimal downtime for taxis, maximizing operational efficiency, and uninterrupted service for passengers. The deployment aligns with Thailand's EV 3.5 Policy, which aims to subsidize EV adoption and establish a nationwide charging/swapping network by 2027.

A Model for Sustainable Tourism

Phuket, a hub for international tourism, faces growing demand for efficient and environmentally responsible transportation. The deployment of battery-swapping fleet will not only improve air quality but also position the island as a leader in adopting smart EV solutions. The battery-swapping infrastructure, supported by U Power's network, ensures operational efficiency and cost-effectiveness for Auto Drive's taxi operators.

Leadership Insights

Johnny Lee, CEO of U Power Limited: "This delivery is not just a milestone for USWAP but a leap forward for Southeast Asia's EV transition. By partnering with Sumitomo Mitsui Auto Leasing and Auto Drive, we are proving that battery-swapping technology can revolutionize urban mobility while aligning with Thailand's carbon neutrality goals." 

Representative of Sumitomo Mitsui Auto Leasing & Service (Thailand): "Our financing model bridges the gap between cutting-edge technology and market accessibility. This project exemplifies how financial innovation can drive sustainable development in the EV sector."

Dr. Akaranun Ariyasripong, Chairman of Auto Drive EV Public Company Limited, revealed, "The integration of U Power's vehicles into Auto Drive's fleet reinforces our commitment to delivering up to 2,000 electric taxis within 2025 and reducing carbon emissions in key tourist cities. The partnership includes comprehensive support for battery-swapping infrastructure, operational management, and financial services."

Market Impact and Future Plans

This initiative establishes Thailand as a leading hub for EV innovation in ASEAN. USWAP is expanding its battery-swapping network across key urban centers and major transportation routes, with a focus on commercial applications including taxis, trucks, and logistics fleets. As Thailand's EV market continues its rapid growth, U Power's technology provides solutions to critical energy replenishment and grid stability challenges.

About U Power Limited

U Power Limited (Nasdaq: UCAR) is a vehicle sourcing services provider with a vision to become an EV market player primarily focused on its proprietary battery-swapping technology, UOTTA technology. UOTTA is an intelligent modular battery-swapping solution designed to provide comprehensive battery power solutions for EVs. Since its inception in 2013, U Power has established a vehicle sourcing network in China's lower-tier cities, developed multi-types of battery-swapping stations for compatible EVs, and operates a manufacturing facility in Zibo City, Shandong Province, China.

For more information, please visit: https://www.upower-limited.com/ 

About SMAT

Sumitomo Mitsui Auto Leasing & Service (Thailand) Co., Ltd. (SMAT) is a leading provider of corporate vehicle leasing and fleet management solutions in Thailand. Established in 2003 as a subsidiary of Japan's Sumitomo Mitsui Auto Service Co., Ltd., SMAT has over two decades of experience in supporting businesses with comprehensive mobility services and currently manages a fleet of over 10,000 vehicles nationwide.

About Auto Drive

Auto Drive EV Public Company Limited is a pioneering Thai company specializing in electric vehicle (EV) solutions aimed at promoting sustainable transportation and reducing air pollution. In collaboration with Grab Thailand, Auto Drive EV launched the "Electric Taxi Rental Project," aiming to deploy up to 2,000 electric taxis by 2025 in key tourist cities across Thailand.

Forward-Looking Statements

This press release contains "forward-looking statements." Forward-looking statements reflect the company's current view about future events. These forward-looking statements involve known and unknown risks and uncertainties and are based on the company's current expectations and projections about future events that the company believes may affect its financial condition, results of operations, business strategy, and financial needs.

Investors can identify these forward-looking statements by words or phrases such as "may," "will," "could," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "propose," "potential," "continue" or similar expressions. The company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, except as may be required by law.

Although the company believes the expectations expressed in these forward-looking statements are reasonable, it cannot assure that such expectations will turn out to be correct, and the company cautions investors that actual results may differ materially from the anticipated results. Investors are encouraged to review other factors that may affect future results in the company's registration statement and other filings with the U.S. Securities and Exchange Commission (SEC).

For more information, please visit: https://www.upower-limited.com/

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