U Power Accelerates Thailand’s EV Revolution with New Battery-Swapping Partnerships
New ventures with Ezzy Transporter and SAIC Motor-CP propel efforts to enhance infrastructure and fast-track commercial fleet electrification.
U Power Limited (NASDAQ: UCAR), a China-based vehicle sourcing services provider, is expanding its footprint in Thailand through two high-profile alliances that aim to bring battery-swapping technology to the country’s rapidly evolving electric vehicle (EV) landscape. These collaborations, which involve Ezzy Transporter (Thailand) Company Limited and SAIC Motor-CP, promise to provide a new level of convenience for commercial fleets and everyday drivers alike while capitalizing on Thailand’s surging demand for cleaner transportation.
U Power’s partnership with Ezzy Transporter includes the formation of Greendrive Tech Co. Ltd., a joint venture that will customize, market, and sell electric taxis, ride-sharing vehicles, and multipurpose pickup trucks. This venture plans to deliver its first 2,000 battery-swapping taxis and pickup trucks by 2025 and establish the necessary infrastructure to support them. U Power intends to invest in the installation of its universal battery-swapping stations, known as UOTTA, throughout the country to ease range anxiety and speed up vehicle turnover for business operators.
Wasan Pornpaisansak, Director of Ezzy Transporter, stated:
“As a Nasdaq-listed company, U Power has demonstrated exceptional innovation and reach with its UOTTA battery-swapping technology, offering an integrated vehicle and infrastructure solution perfectly suited for Thailand’s unique market needs.”
Pornpaisansak added that Thailand’s taxi and ride-hailing fleet exceeds 300,000 vehicles, with half projected to transition to electric within five years. According to Pornpaisansak, the current reliance on slow-charging stations creates logistical issues for commercial operators, including station availability and parking constraints. He underscored his belief that battery-swapping technology can effectively solve these hurdles while positioning Ezzy Transporter and U Power at the forefront of Thailand’s EV revolution.
Greendrive Tech Co. Ltd. aims to tackle three core segments: it will produce customized electric vehicles designed specifically for different operational needs, craft strategies to integrate battery-swapping into Thailand’s ride-sharing ecosystem and promote battery-swapping pickup trucks through a robust sales and dealer network. The comprehensive scope of this joint venture suggests that U Power and Ezzy Transporter intend to oversee everything from vehicle production to recycling programs for end-of-life vehicles, ensuring that their approach to electrification remains both holistic and sustainable.
U Power Expands Presence in Thailand
In a related move, U Power formed a separate agreement with SAIC Motor-CP, a joint venture of CP Group, to incorporate U Power’s battery-swapping solutions into the Thai MG brand of vehicles. This collaboration focuses primarily on Thailand’s taxi and ride-hailing sector but has the potential to expand into other markets. Through this deal, U Power will adapt its battery-swapping stations and infrastructure for the MG lineup, while SAIC Motor-CP provides technical knowledge and warranty coverage. The two companies view this synergy as a catalyst for widespread EV adoption, especially among commercial fleets that require frequent daily charging.
Feng Zhao, President of SAIC-Motor CP, commented:
“By combining our automotive expertise with U Power’s innovative battery-swapping technology, we are creating a comprehensive solution that meets the unique operational demands of taxi fleet operators.”
Zhao noted that Thailand’s EV3.5 policy, which seeks to promote electric mobility, could drive annual growth of 30 to 40 percent in EV adoption. He emphasized the importance of minimal downtime for ride-hailing vehicles, pointing out that waiting around for a full battery charge is often inefficient and expensive. Quick battery swaps, he argued, will allow operators to maintain higher utilization rates and enhance overall profitability.
Industry analysts see these twin partnerships as a decisive entry point for U Power into Thailand’s burgeoning EV scene. The company aims to leverage local expertise while its collaborators count on U Power’s proven battery-swapping system to ease infrastructure bottlenecks. Observers note that charging stations in Thailand predominantly rely on slow AC charging, which can hinder commercial vehicles that need to stay on the road continuously.
By focusing on commercial applications first, U Power and its partners hope to demonstrate the viability of battery-swapping to a broader audience. Operators of ride-sharing platforms and delivery fleets often struggle with the downtime that comes from traditional charging methods. If battery-swapping proves successful in streamlining business operations and reducing overhead costs, private consumers may soon follow suit, further accelerating the transition to electric mobility in the country.
Both the Greendrive initiative and the SAIC Motor-CP alliance highlight a shared vision of capitalizing on Thailand’s eagerness to embrace greener technologies. Officials from both ventures point to the nation’s progressive policies, including tax incentives and supportive government measures, as key drivers for growth. They also express optimism that the shift to electric transportation will spur job creation in EV manufacturing, battery production, and charging station development.
U Power’s strategic position, aided by its established connections with major players in Thailand’s automotive and commercial sectors, places the company in a promising spot to shape the trajectory of the country’s EV movement. By marrying technological innovation with on-the-ground expertise, U Power, Ezzy Transporter, and SAIC Motor-CP intend to equip Thailand’s roads with a new generation of EVs—and a robust battery-swapping infrastructure to power them. These collaborations suggest that Thailand is well on its way to becoming a regional leader in electric mobility, setting an example for neighboring markets that may soon follow suit.
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