U Power Accelerates Southeast Asia EV Push With Game-Changing Thai Joint Venture
UOTTA battery-swapping tech lands in Thailand as UCAR and SUSCO partner to meet surging demand for commercial EV infrastructure.
U Power Limited (NASDAQ: UCAR) just hit the accelerator on its Southeast Asia expansion. The EV battery-swapping innovator signed a landmark joint venture agreement with Thailand’s SUSCO Public Company Limited (BK: SUSCO), marking a significant step toward electrifying one of the region’s most promising transportation markets.
The deal, signed through U Power’s Thai subsidiary U SWAP, brings its UOTTA battery-swapping technology to SUSCO’s vast network of fueling stations across Thailand. The goal? Build out a fast, efficient, and scalable battery-swapping infrastructure designed to serve the country’s commercial EV fleets.
Li Jia, Chairman and CEO of U Power, commented on the agreement, stating:
This joint venture represents a significant milestone in U Power’s global expansion strategy, particularly in Southeast Asia. Thailand’s ambitious EV targets make our partnership with SUSCO timely and strategically important, creating immediate opportunities for scaling our battery-swapping technology across the region.
Battery Swapping Takes Center Stage in Thailand’s EV Surge
Thailand’s EV market isn’t just warming up—it’s racing ahead. Driven by aggressive government policies and rising demand for sustainable transport, the country plans to make 30% of new vehicle sales electric by 2030. To get there, the government has rolled out infrastructure incentives, aiming to install 12,000 charging piles and 1,450 battery-swapping stations.
U Power and SUSCO’s new venture positions them squarely at the heart of that transformation. By embedding UOTTA battery-swap stations into SUSCO’s nationwide fuel station network, the partnership offers a faster, more convenient energy solution for commercial EV operators—especially taxi and ride-hailing services that rely on quick turnaround times.
With over 300,000 such vehicles already on Thai roads, the opportunity is immense. Traditional plug-in charging often takes hours. Battery swapping, on the other hand, delivers a fresh power pack in minutes. The time savings could translate into more trips, more earnings, and lower operational friction for fleet operators.
Jia added:
Thailand is entering a transformative period in electric mobility, and our partnership with SUSCO positions U Power at the forefront of this exciting transition. Together, we aim not only to enhance Thailand’s green transportation infrastructure but also to establish a profitable and scalable model for other markets in Southeast Asia and beyond.
Backed by One of Thailand’s Most Powerful Families
The joint venture also secured a powerful financial backer. Chatchaval Jiaravanon, a prominent member of the family behind the Charoen Pokphand Group (CP Group)—one of Thailand’s largest conglomerates—has personally invested in the partnership. CP Group generates over $82 billion annually across agriculture, telecom, and retail sectors.
Jiaravanon currently serves as chairman of Charoen Energy and Water Asia and owns Fortune magazine. His endorsement signals strong confidence in the business potential of U Power’s expansion—and his connections in energy, media, and finance could accelerate adoption across the region.
While the exact size of his investment wasn’t disclosed, the strategic importance is clear. U Power gains more than capital. It gains access, influence, and a trusted local ally.
Also Read: 4 Stocks Leading the Charge in the Rapidly Growing EV Parts and Components Market
SUSCO Reinvents Itself for the EV Era
For SUSCO, the move is equally transformational. The company has long dominated Thailand’s traditional fuel landscape, operating a wide network of stations and supplying major airports like Suvarnabhumi and Don Mueang. Now, it’s pivoting toward clean energy.
SUSCO has already begun exploring EV charging, hydrogen fuel, and biofuels. The U Power partnership propels that transition into overdrive. By becoming a central player in Thailand’s new EV infrastructure, SUSCO positions itself for long-term relevance in a decarbonizing world.
With previous partnerships, including a collaboration with Sinopec (Hong Kong) Limited, SUSCO has proven it can evolve. This venture cements its role as a forward-thinking energy provider with regional ambitions.
U Power’s UOTTA Tech: Smart, Scalable, and Ready to Deploy
At the heart of this deal is U Power’s UOTTA system. The modular battery-swapping technology allows electric vehicles to exchange depleted batteries for fully charged ones in minutes. It’s designed to serve a wide range of vehicle types and fleet configurations.
Founded in 2013, U Power started as a vehicle-sourcing provider in China’s smaller cities. Since then, the company has built a factory in Shandong Province, developed multiple battery-swap station models, and taken its UOTTA technology to market. With a U.S. listing on the NASDAQ (UCAR) and momentum building in Southeast Asia, U Power is no longer just a domestic story—it’s going global.
This latest agreement builds on a previous strategic tie-up with CP-MG, another heavyweight in the Thai business world. U Power’s approach to partnerships is deliberate and layered, focusing on long-term market integration rather than one-off licensing deals.
A Charged-Up Future for UCAR Investors
The joint venture offers a compelling growth narrative for investors in U Power Limited. The stock now sits at the intersection of policy, technology, and market demand in one of the world’s fastest-growing EV hubs.
U Power doesn’t just promise innovation—it delivers execution. By aligning with entrenched players like SUSCO and drawing capital from Thai business royalty, it’s building a foundation that looks both durable and scalable.
The road to electrification in Thailand just got shorter—and U Power is helping pave the way.
Read Next: Why This Electric Vehicle Market Player’s Proprietary Battery-Swapping Technology is a Game-Changer
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