U Power Announces Signing of MOU with Beijing Foton to Jointly Promote Battery-Swapping Compatible Electric Heavy Trucks, Buses, and Vans

Agreement Targets Southeast Asia, South America, Hong Kong SAR and Macau SAR Markets

SHANGHAI, July 2, 2025 /PRNewswire/ -- U Power Limited (Nasdaq: UCAR) (the "Company" or "U Power"), a provider of comprehensive electric vehicle ("EV") battery-swapping solutions with a vision of becoming a smart energy grid solutions provider, today announced the signing of a Memorandum of Understanding (the "MOU") with Beijing Foton International Trade Co., Ltd. ("Beijing Foton"), a wholly-owned subsidiary of Beijing Foton Motor Co., Ltd. ("Foton Motor"), a leading commercial vehicle manufacturer in China.

Pursuant to the MOU, the two parties will jointly promote battery-swapping compatible electric heavy trucks, buses and vans in the Southeast Asia, South America, Hong Kong SAR, and Macau SAR markets. U Power will provide technological support to enable incorporation of battery-swapping capabilities on Beijing Foton vehicles, development and testing of battery-swapping stations to serve electric vehicle models, as well as connection of vehicles with its battery-bank ecosystem. Additionally, Beijing Foton will gather and share performance data such as battery charging, health and capacity records. Both parties could potentially expand the agreement to include additional cooperation opportunities in the future.

Johnny Lee, CEO and Chairman of U Power commented, "This partnership marks another significant step forward in our strategy of expanding OEM partner base. Through joint promotional and sales efforts, U Power expects to accelerate the establishment of a comprehensive battery-swapping and battery-bank ecosystem in several of its existing key markets. We look forward to a strong collaboration with Beijing Foton to strategically expand our global footprint and increase our market share."

About Beijing Foton International Trade Co., Ltd.

Beijing Foton is mainly responsible for the export of Foton Motor's automotive products. In 2024, FOTON exported a total of 153,000 new energy vehicles, maintaining its leading position in China's commercial vehicle exports for the 14th consecutive year. As part of Beijing Automotive Group, Foton Motors focuses on the research and development, production, sales and service of commercial vehicles, and has a comprehensive product portfolio including heavy trucks, medium trucks, light trucks, buses, pickup trucks and new energy vehicles. Foton Motors has made substantial R&D investments in core EV technologies such as electronic control technology, electric drive, and power batteries. FOTON has actively expanded into global markets, with its partnership with U Power further strengthening their presence in Southeast Asia, Hong Kong SAR and Macao SAR, and South America.

About U Power Limited

U Power is a comprehensive provider of electric vehicle (EV) battery swapping solutions using its proprietary modular battery-swapping technology, UOTTA™. U Power manufactures and sells different models of UOTTA battery-swapping stations for EVs, and sells and rents battery swap cabinets to two-wheeled vehicle drivers. U Power also provides battery-swapping services for vehicle drivers and station control system upgrading services for battery-swapping station owners.

Through investments in next-generation technologies, U Power's vision is to become a comprehensive solutions provider for smart energy grids. Expanding on its UOTTA technology platform, the Company is investing in building intelligent ecosystems that integrate resilient AI driven solutions able to transform electric vehicles (EVs) into dynamic energy assets.

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]  

SOURCE U Power Limited