- U Power Limited (UCAR, Financial) reported a 124% increase in 2024 revenue, reaching $6.2 million.
- The company delivered 12 battery-swapping stations, reflecting its expansion efforts.
- U Power has established international partnerships and holds 46 issued patents with 18 pending applications.
U Power Limited (UCAR) has provided a business update highlighting significant growth and its strategic objectives for 2025 and beyond. In 2024, the company achieved a remarkable 124% year-over-year revenue increase, amounting to $6.2 million, and successfully delivered 12 battery-swapping stations. These achievements underline U Power's commitment to expanding its presence in the electric vehicle (EV) market.
Central to U Power's growth strategy is the expansion of its UOTTA battery-swapping technology and smart energy grid solutions. The company has forged global partnerships in countries including Thailand, Portugal, Hong Kong, Peru, and Mexico, positioning itself to promote UOTTA services in these markets. These collaborations are part of U Power's two-pronged strategy focusing on international expansion and next-generation technology investments.
The company is fortifying its intellectual property portfolio, boasting 46 issued patents and 18 pending applications for its innovative UOTTA solutions. This strong patent portfolio is expected to provide competitive advantages as U Power scales its operations.
Looking ahead, U Power aims to establish a comprehensive UOTTA-centered ecosystem by integrating its technology into more EVs, accelerating international rollout through new partnerships, and continuing technological innovations. Additionally, the company is investing in an AI-based data management platform and plans to introduce "Battery Bank" solutions and Commercial Energy Storage offerings to transform EVs into dynamic assets within smart energy grids.
CEO Johnny Lee expressed confidence in the company's direction, emphasizing the strategic transformation into a comprehensive solutions provider for EVs and its potential to enhance profitability and create value for shareholders. As U Power advances its strategic goals, it continues to position itself as a leader in the evolving smart energy grid sector.
