U-Power Limited (NASDAQ: UCAR) is witnessing a remarkable surge in its shares today, experiencing a substantial uptick of 49.47% as of the last check, reaching $7.03. This notable increase in UCAR stock price closely follows the commencement of its commercial operations.
Today, U-Power (UCAR) has announced the forthcoming formal commercial launch of its battery-swapping and sharing model designed for two-wheeled and light four-wheeled electric vehicles (EVs) in Wuhu, Anhui Province, China. This rollout, scheduled for April 2024, comes on the heels of a successful round of market validations conducted in February.
As part of this expansion initiative, U-Power intends to establish 60 power-swapping service points to cater to over 800 customers. The technology behind battery-swapping and sharing for two-wheeled and light four-wheeled EVs entails the utilization of identical battery cells and packaging methodologies. These battery packs are housed within a singular battery-swapping station (BSS).
When customers require battery replacements, they can opt for one to two battery modules for two-wheeled EVs, or four to eight modules for light four-wheeled EVs. The process of battery swapping is intuitive and user-friendly, with users verifying their identity at the BSS via their mobile phones and following a series of straightforward prompts to access and swap their batteries.
Since its market validation in February, U-Power’s battery-swapping and sharing model for two-wheeled and light four-wheeled EVs has garnered considerable traction within the market. Through collaborations with global partners leading up to this innovative launch, U-Power has gained valuable insights into metrics such as battery replacement frequency and daily vehicle mileage via its operational platform data.
Of particular note, U-Power has observed that vehicles utilizing battery-swapping exhibit significantly higher average daily mileage compared to those relying on traditional charging methods. This underscores the efficacy of the battery-swapping model in enhancing the efficiency of its customers’ vehicles, thereby enabling them to allocate less time for charging and more time for travel.
Having completed market validation, U-Power now stands more assured than ever in the effectiveness of its battery-swapping and sharing system. Alongside furthering its business endeavors in the Chinese market, U-Power is also poised to extend its presence into Southeast Asia, South America, and other regions, with the ultimate goal of delivering high-quality services to its clientele.
