U POWER Announces Completion of Production of 30 Battery-Swapping Electric Heavy Trucks For Thailand; Pilot Shipment Scheduled for Late May 2026 as Part of 1,000-Vehicle Plan

Thailand Pilot Deployment to Provide Key Insights for Global Battery-Swapping Truck Commercialization

BANGKOK, March 17, 2026 /PRNewswire/ -- U Power Limited (NASDAQ:UCAR) ("U Power" or the "Company"), a provider of AI-integrated solutions for next-generation energy grids and intelligent transportation systems, today announced that production of the first batch of 30 battery-swapping electric heavy-duty trucks designated for the Thailand market has been completed. Delivery of these vehicles to Thailand is scheduled for late May 2026, where they will enter pilot deployment as part of the Company's strategic rollout in this market and Southeast Asia.

The completion of production follows the successful conclusion of comprehensive operational testing and full-stack battery-swapping system integration in early March 2026, validating the vehicles' performance, safety, and compatibility with U Power's intelligent battery-swapping ecosystem.

This milestone marks a significant step towards the full commercialization of battery-swapping heavy trucks through U Power's collaboration with its strategic partner, Whale Logistics (Thailand) Co., Ltd. ("Whale Logistics"), one of Thailand's leading integrated logistics service providers with extensive nationwide distribution and fleet operations. Under the existing agreement between the two companies, U Power and Whale Logistics plan to deploy up to 1,000 battery-swapping heavy trucks in Thailand over the next three years, establishing one of the region's largest electrified logistics fleets powered by battery-swapping technology.

The heavy-duty trucks manufactured by SAIC Hongyan Automotive Co., Ltd. ("SAIC Hongyan"), a company focused on the development, manufacture, sales and services of heavy trucks, under the brand of UNEX EV, a new energy and technology company, combine advanced vehicle engineering with U Power's proprietary battery-swapping technology and intelligent energy management systems. The collaboration aims to accelerate the transition toward clean and efficient freight transportation, initially in Thailand's rapidly growing logistics sector, and then in additional markets in the region.

By integrating battery-swapping capability into heavy commercial vehicles, the collaboration addresses one of the primary barriers to electric truck adoption, charging downtime, allowing fleet operators to replace depleted batteries with fully charged units in just minutes. This approach significantly improves vehicle utilization rates, lowers operational costs, and reduces carbon emissions across logistics networks.

Beyond the Thailand deployment, the collaboration is also designed to establish a scalable and replicable commercial model for electrified heavy-duty transportation. U Power plans to leverage the operational data and market validation from the Thailand pilot program to accelerate the adoption of its smart battery-swapping infrastructure and commercial EV platforms across additional markets in Southeast Asia and other global regions.

Johnny Lee, Founder and Chief Executive Officer of U Power Limited, stated: "Leveraging our long-standing partnerships with SAIC Hongyan, UNEX EV, and Whale Logistics, combined with our respective technological strengths, we are proud to enter the delivery phase of the first batch of battery-swapping heavy trucks for the Thailand market. The completion of production and upcoming delivery represent a critical milestone in our strategy to electrify commercial transportation using our intelligent battery-swapping ecosystem. We look forward to shipping these market-ready vehicles to our key Thailand market where our UOTTA taxi solutions are already serving local drivers. Working closely with Whale Logistics, we expect this pilot deployment to demonstrate the operational advantages of our battery-swapping technology for heavy trucks, and support the broader expansion of our commercial EV solutions across regional logistics markets."

The pilot deployment in Thailand is expected to provide valuable operational insights into fleet performance, battery-swapping efficiency, and logistics network integration, helping U Power refine its technology and accelerate the commercialization of battery-swapping heavy-duty transportation worldwide.

About U Power Limited

U Power is a provider of comprehensive AI-integrated energy solutions that connect electric vehicles (EVs) with advanced energy infrastructure, optimizing both mobility and grid performance. Originally a distributor of various battery-swapping station models built on its proprietary modular battery-swapping technology UOTTA™, U Power has evolved into a provider of AI-integrated solutions for energy grids and transportation systems.

Through investments in next-generation technologies, U Power is building intelligent ecosystems that integrate resilient AI driven solutions able to transform EVs into dynamic energy assets. By incorporating AI algorithms, U Power's comprehensive solutions for smart energy grids are designed to support autonomous EV driving, optimize energy replenishment efficiency, and seamlessly connect EV assets with advanced AI-powered transportation systems, enabling peak and off-peak energy load balancing.

For more information, please visit the Company's website: https://www.upower-limited.com/.

Safe Harbor Statements

This press release contains "forward-looking statements". Forward-looking statements reflect our current view about future events. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "could," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "propose," "potential," "continue" or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results, and encourages investors to review other factors that may affect its future results in the Company's registration statements and other filings with the U.S. Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. References and links (including QR codes) to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.

Contact

U Power Limited

Investor Relations Department

[email protected]

The Equity Group

Lena Cati, Senior Vice President

212-836-9611 / [email protected]

Alice Zhang, Associate

212-836-9610 / [email protected]  

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SOURCE U Power Limited