Partnership Entered: U Power and Beijing Foton for Mutual Advancement of Electric Heavy Vehicles with Battery-Swapping Capability, Including Trucks, Buses, and Vans
In a significant move towards the electrification of commercial vehicles, U Power Limited and Beijing Foton International Trade Co., Ltd. have signed a Memorandum of Understanding (MoU) to jointly promote battery-swapping compatible electric heavy trucks, buses, and vans in Southeast Asia, South America, Hong Kong SAR, and Macau SAR.
The collaboration aims to accelerate the establishment of a comprehensive battery-swapping and battery-bank ecosystem in these key markets. U Power will provide technological support to integrate battery-swapping capabilities into Beijing Foton vehicles and develop and test battery-swapping stations tailored for these electric commercial vehicles.
U Power's battery swapping technology, known as UOTTA, supports fast "3-minute battery swapping" and adaptable battery swapping stations for different commercial vehicle sizes including heavy trucks, buses, and vans. This technology will be used to connect vehicles with U Power's battery-bank ecosystem, aiming to facilitate rapid battery swapping and reduce range anxiety.
Beijing Foton, China’s largest commercial vehicle manufacturer, has already gained experience in battery-swapping electric trucks such as their Auman e-truck series. As part of the agreement, they will collect and share performance data such as battery charging, health, and capacity records to optimize operations.
Both parties plan to leverage joint promotional and sales efforts to expand their market share and increase the adoption of battery-swapping technology in the targeted regions. There is potential for future expansion of the agreement to broader cooperation opportunities beyond the initial scope.
Johnny Lee, CEO and Chairman of U Power, commented on the agreement, stating, "This partnership is a significant step in U Power’s strategy to expand its OEM partnerships and global market footprint in electric vehicle battery swapping."
The current status of the collaboration is that it is in the early implementation and development phase, focusing on technological incorporation, testing, and market promotion across the specified regions. The partnership marks a milestone in U Power's efforts to expand its OEM partner base and contribute to the global transition towards sustainable transportation solutions.
The collaboration between U Power and Beijing Foton intends to combine technology from both firms, with U Power providing support for battery-swapping integration in Beijing Foton's electric commercial vehicles, while working together to develop and test battery-swapping stations. In the realm of finance and industry, this partnership aims to boost investments in transportation and automotive technology, facilitating the expansion of battery-swapping technology in Southeast Asia, South America, Hong Kong SAR, and Macau SAR.
The cooperative venture seeks to leverage mutual strengths to increase market share and adoption of battery-swapping technology, with the potential for future broadened cooperation opportunities. Simultaneously, the partnership positions the parties to leverage advanced technology in the finance sector, as they work towards encouraging the transition to sustainable transportation solutions on a global scale.
