U Power signs cooperation agreement with SAIC Motor-CP Co.

U Power (UCAR) announced that it has signed a cooperation agreement with SAIC Motor-CP Co. Ltd., a joint venture company of Chinese automotive industry group CP Group and Thai industry conglomerate CP Group, to integrate U Power’s battery-swapping technology into the company’s MG brand of vehicles for sale in Thailand. Under the agreement, U Power will adapt its existing battery-swapping technology and infrastructure to support SAIC Motor-CP’s Thai MG brand vehicles, and will work to develop a comprehensive network of swapping stations and operating systems in the Thai market. SAIC Motor-CP will provide technical expertise and warranty support for the vehicles, creating an integrated solution for commercial fleet operators. The initial focus will be on Thailand’s taxi and ride-hailing markets. Both companies plan to expand their battery-swapping solution to additional markets in the future, leveraging their combined expertise and resources to accelerate the transition to sustainable commercial transportation. The partnership combines U Power’s innovative UOTTA battery-swapping technology with SAIC Motor-CP’s automotive expertise to address critical charging infrastructure challenges in Thailand’s rapidly growing electric vehicle market.