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U Power Announces Signing of MOU with Beijing Foton to Jointly Promote Battery-Swapping Compatible Electric Heavy Trucks, Buses, and Vans
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.
About this update from U Power Limited
[{"type":"text","content":"Agreement Targets Southeast Asia, South America, Hong Kong SAR and Macau SAR Markets ","length":89,"tagName":"p"},{"type":"text","content":"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.","length":578,"tagName":"p"},{"type":"text","content":"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.","length":717,"tagName":"p"},{"type":"text","content":"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."","length":498,"tagName":"p"},{"type":"text","content":"About Beijing Foton International Trade Co., Ltd.","length":49,"tagName":"p"},{"type":"text","content":"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, mai...