U Power Launches Southeast Asia's First Battery Swap Station, Stock Surges

Shares of EV battery swapping technology provider U Power Limited (NASDAQ:UCAR) are trading higher in premarket on Tuesday.

The company advanced its clean energy ambitions in Southeast Asia with a successful demonstration of its UOTTA battery swap station at the 2025 Bangkok International Motor Show.

The company presented its battery swapping technology in collaboration with partners such as Susco Public Company Limited (SUSCO).

The showcased battery-swapping station is set to enter commercial service in Phuket as part of an agreement with Susco.

This deployment represents Southeast Asia's first operational battery exchange system. By tapping into Susco's extensive fueling station network across Thailand's busiest travel and transport corridors, the initiative is strategically positioned for swift expansion in areas with high tourism and logistics demand.

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“This public demonstration marks more than a technical milestone — it’s a blueprint for scalable electrification across ASEAN’s tourism economies,” stated CEO Johnny Lee.

“As Thailand’s pioneer operational battery swap provider, we’re delivering infrastructure that grows in lockstep with market demand, supported by cross-sector partnerships and aligned with national policy frameworks.” 

This achievement also initiates a larger infrastructure expansion outlined in the partnership deal reached in March 2025.

With joint investments and aligned execution strategies, U Power intends to create uniform rollout procedures customized for Thailand's tourism-driven coastal regions, supporting the country's goals for electric vehicle integration.

Following its installation in Phuket, the station will first serve electric taxis and ride-hailing providers based on pre-established business agreements.

UOTTA's open-framework design lets regional energy collaborators adopt the system with limited initial costs, fostering a cooperative and expandable development model.

The initiative aligns with Thailand's EV 3.5 policy, which extends incentives for consumers who adopt battery-swappable electric vehicles through 2027.

Price Action: UCAR shares traded higher by 10.9% at $2.94 in premarket at last check Tuesday.

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