UCAR News & Events

U Power announced that on April 7, it entered into subscription agreements with seven purchasers, for the sale of 2,900,000 Class A Ordinary Shares of the Company at $1.10 per Share. Gross proceeds to the Company from this Transaction will be $3.19M The closing of the Transaction contemplated hereby is expected to take place on or about April 7, 2026, and has been approved by the Company's board of directors. The Company intends to use the proceeds from this Transaction to support its expansion across both new and existing key markets, enhance and scale its core operations, and accelerate the deployment of its proprietary battery-swapping solutions. Additional details regarding the Transaction are set forth in the Company's Current Report on Form 6-K filed with the SEC on April 7. The Shares issued in the Transaction were offered in an offshore transaction to persons who are not U.S. persons pursuant to Regulation S under the Securities Act of 1933.

U Power announced that, following its securing an order for 1,000 battery-swapping heavy-duty trucks in Thailand and completing production of the first batch of vehicles, its Hong Kong taxi battery-swapping project is also expected to complete station deployment and commence operations in Q2. This development marks a new stage of full commercial rollout for U Power's battery-swapping business for commercial vehicles across the Asian market. In 2025, the company launched a taxi battery-swapping business in Phuket, Thailand, and introduced its UNEX heavy-duty truck battery-swapping project to the Thai market. In June 2025, the company completed Hong Kong's first demonstration battery-swapping station capable of commercial operation. In parallel with the construction of battery-swapping stations, U U Power is targeting market launch in Q2.

U Power LTD trading halted, news pending

U Power announced that production of the first batch of 30 battery-swapping electric heavy-duty trucks designated for the Thailand market has been completed. Delivery of these vehicles to Thailand is scheduled for late May 2026, where they will enter pilot deployment as part of the Company's strategic rollout in this market and Southeast Asia. Johnny Lee, Founder and Chief Executive Officer of U Power Limited, stated: "Leveraging our long-standing partnerships with SAIC Hongyan, UNEX EV, and Whale Logistics, combined with our respective technological strengths, we are proud to enter the delivery phase of the first batch of battery-swapping heavy trucks for the Thailand market. The completion of production and upcoming delivery represent a critical milestone in our strategy to electrify commercial transportation using our intelligent battery-swapping ecosystem."