U POWER's UOTTA Battery Swapping Services is Entering the Portuguese Market

SHANGHAI, June 6, 2024 /PRNewswire/ -- In an announcement made on June 5th, U POWER stated that the company would partner with the Dutch electric vehicle company UNEX to provide battery swapping vehicles and swapping station services to Associação Nacional dos Transportes Rodoviários em Automóveis Ligeiros (ANTRAL). This marks the first entry of UOTTA's battery swapping business into the European market. The first phase of the agreement is expected to provide 2 swapping stations and 120 battery swapping taxis.

As the largest taxi operator in Portugal, ANTRAL operates more than 1,000 taxis, covering over 80 million kilometers annually, with carbon emissions reaching 1,440 tons and fuel costs close to 10 million euros. By adopting UOTTA battery swapping services, related costs are expected to be reduced by 30-50%, aligning with the Eu's goal of achieving 30 million "zero-emission" electric vehicles by 2030.

Jia L, Chairman and CEO of U Power, commented that the success of this cooperation demonstrates that our "UOTTA" battery swapping technology and services meet the needs of the European commercial road transport market. Our advocated battery swapping business ecosystem integrates vehicles, swapping stations, and spare batteries into one platform, offering various combinations for customers to choose from. This can help customers easily carry out battery swapping operations. At the same time, the battery leasing services provided through the "Battery Bank" financial model address customers' concerns about electric vehicle batteries, reducing vehicle procurement costs and saving on daily operating expenses.

Jia L also mentioned that after introducing the "UOTTA" battery swapping technology and services to the head of ANTRAL in Portugal, they were very excited. They believed that the battery swapping model solved their current major concerns. In Portugal, if taxis adopt electric vehicles, the cost and prevalence of building charging piles, as well as the power supply, cannot meet the daily charging needs of these vehicles. Additionally, they had significant concerns about the performance degradation of electric vehicle batteries after use and their environmental disposal. However, our innovative battery swapping technology and business model eliminated their previous concerns. Therefore, the business negotiations between the two parties went very smoothly, and both look forward to the early completion of the first battery swapping station in Europe serving taxis.

Finally, Jia L noted that after engaging with customers in Europe, South America, Southeast Asia, and other regions, we are very confident in promoting the "UOTTA" battery swapping business in overseas markets. This business model has been validated in the market, being mature in terms of technology, business model, and daily operations, and capable of rapid replication to various countries. Additionally, our "UOTTA" battery swapping model is an open business ecosystem. Many overseas electric vehicle manufacturers, road transport companies, and financial institutions are willing to cooperate with us to jointly promote this business. We will continuously enhance our business capabilities in this process, bringing more returns to our investors.

SOURCE U Power limited