U Power & Ezzy Transporter Launch JV for UOTTA Battery-Swapping in Thailand

U Power and Ezzy Transporter have formed Greendrive Tech Co. Ltd. to deploy UOTTA battery-swapping EVs in Thailand, with 2,000 vehicles set for delivery by 2025 and plans to expand battery-swapping infrastructure.

Shanghai, China- U Power Limited., a vehicle sourcing services provider with a vision to becoming a comprehensive EV battery power solution provider in China, has announced that it has signed a cooperation agreement with Ezzy Transporter (Thailand) Company Limited ("Ezzy Transporter") to establish Greendrive Tech Co. Ltd., ("Greendrive" or the "Joint Venture"), a joint venture company dedicated to the market expansion and sale of electric vehicles in Thailand. Per the agreement, Greendrive will work to integrate U Power's innovative UOTTA battery-swapping technology into a diverse fleet of custom vehicles in Thailand, including taxis, ride-sharing vehicles, and multipurpose pickup trucks.

The Joint Venture will focus on three key areas: customizing battery-swapping EVs to meet customer needs, developing market strategies for the taxi and ride-sharing sectors, and promoting battery-swapping pickup trucks while building a strong dealer network in Thailand. These efforts will position Greendrive to offer integrated solutions across the EV value chain.

Greendrive's initial production run, scheduled for completion in 2025, will deliver 2,000 custom-built taxis and multipurpose pickup trucks equipped with UOTTA technology. Going forward, U Power plans to collaborate with other strategic partners to invest in UOTTA battery swapping stations in Thailand, fully promoting the commercial operation of the UOTTA battery swapping model in the country. The Company's efforts will take advantage of the significant transition towards electric vehicles which is expected to occur in Thailand over the next several years.

Mr. Wasan Pornpaisansak, Director of Ezzy Transporter, said, “As a Nasdaq-listed company, U Power is driving innovation with its UOTTA battery-swapping technology, offering a seamless vehicle and infrastructure solution for Thailand. With over 300,000 taxis and ride-hailing vehicles, and 50% expected to go electric in five years, the market potential is immense. However, Thailand’s charging infrastructure faces challenges like uneven distribution, parking misuse, and reliability issues, impacting EV operations. Battery-swapping presents a breakthrough solution, and our partnership with U Power will enhance our position in Thailand’s evolving EV landscape”.

Mr. Li Jia, Chairman and CEO of U Power, said, "We believe that Thailand represents a strategic cornerstone of U Power's global expansion. Our deep-rooted connections in the region, including our relationship with Xie Zhan of CP Group, have created a strong foundation for growth. Our partnership with Ezzy Transporter validates the increasing recognition of UOTTA's battery-swapping technology in the Thai market. Through our joint venture, we plan to deploy our universal battery-swapping stations and deliver customized electric vehicles across multiple segments, including taxis, ride-sharing services, and pickup trucks."

"With Thailand's EV3.5 policy expected to drive 30-40% annual growth in electric vehicle adoption, we are perfectly positioned to address a critical market challenge," Jia continued. "The country's current infrastructure cannot adequately support the charging demands of commercial vehicles requiring multiple daily charges. Battery-swapping technology emerges as the most cost-effective and practical solution. We are confident this joint venture will generate significant interest in Thailand, and we are optimistic about the impact it will have on our business."

About U Power Limited

U Power Limited, a vehicle sourcing services provider, aims to become an EV market player with its proprietary UOTTA battery-swapping technology. Since 2013, it has built a sourcing network in China’s lower-tier cities and developed two battery-swapping station types.