U Power (NASDAQ: UCAR) is a China-based provider of new energy vehicle (NEV) power solutions, specializing in battery aggregation and services designed to alleviate range anxiety for electric vehicle owners. The company operates a mobile-enabled platform that allows users to locate, reserve, and swap power battery packs in real time, supporting both individual motorists and fleet operators. Through its network of modular swapping stations and fast-charging hubs, U Power aims to deliver seamless on-demand energy replenishment for a broad range of NEV models.
At the core of U Power’s offering is its battery-as-a-service (BaaS) model, which decouples the cost of the battery from that of the vehicle. Customers subscribe to battery usage plans and pay only for the energy they consume, while U Power retains ownership of the battery packs and handles maintenance, recycling and lifecycle management. The company has developed proprietary battery management system (BMS) technology and telematics solutions to monitor state-of-health, optimize charging cycles and extend service life across its fleet of swap-ready units.
Founded in 2018 and headquartered in Hangzhou, U Power initially piloted its swapping stations in major urban centers such as Shanghai and Guangzhou before scaling into over 40 cities across eastern and central China. Strategic partnerships with leading original equipment manufacturers (OEMs), ride-hailing platforms and local governments have accelerated network rollout and integration, enabling U Power to cater to a diverse customer base that includes ride-share drivers, logistics operators and private EV owners.
U Power is led by founder and CEO Liang Dong, a veteran of the automotive and battery technology sectors. Under his direction, the company is investing in next-generation solid-state battery modules, enhanced data analytics services and international expansion into Southeast Asian markets. With a focus on sustainability and modular infrastructure, U Power seeks to establish a scalable model for NEV energy services in fast-growing electric mobility ecosystems.
AI Generated. May Contain Errors.