Curated News
By: NewsRamp Editorial Staff
October 30, 2024
U Power Reports 595.7% Revenue Growth and Inks Multiple Deals in First Half of 2024
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- U Power's revenue grew by 595.7% in the first half of 2024, showcasing its competitive edge in the EV power solution market.
- U Power's UOTTA technology enables quick replacement of dead EV batteries, with 93.9% of revenue coming from product sales.
- U Power's growth contributes to a sustainable future by promoting EV adoption and reducing greenhouse gas emissions globally.
- U Power's collaboration with Velo Labs and UNEX demonstrates innovative solutions for battery infrastructure and green logistics.
Impact - Why it Matters
The news matters because it showcases U Power's impressive revenue growth and strategic deals, indicating the company's strong position in the EV power solution market. The growth also reflects the increasing demand for UOTTA technology and the company's expansion into new geographies, potentially impacting the future of EV infrastructure and green logistics.
Summary
U Power Limited (NASDAQ: UCAR), the Chinese EV power solution company, reported a 595.7% year-over-year revenue growth to RMB13.2 million for the first half of 2024. The growth was attributed to increased usage from existing and new customers as the economy in China continues to recover from the COVID-19 pandemic. U Power’s UOTTA technology enables consumers and fleet operators to replace dead EV batteries with fully charged ones in under five minutes, and the company offers a battery-swapping ecosystem from building the infrastructure to managing it.
Of the RMB13.2 million in revenue earned, 93.9% came from product sales, marking a shift from the year-ago first half where there was no product revenue. U Power also inked deals with Velo Labs Technology Ltd., Pattaya AI Terminal Co., Ltd., and UNEX to expand its reach in other geographies, including Thailand and Portugal.
Source Statement
This curated news summary relied on this press release disributed by News Direct. Read the source press release here, U Power Reports 595.7% Revenue Growth and Inks Multiple Deals in First Half of 2024
