U Power Ltd. UCAR

What this company does

The company is a vehicle sourcing service provider in China, with a vision to becoming an EV market player primarily focused on its proprietary battery-swapping technology, or UOTTA technology, an intelligent modular battery-swapping technology designed to provide a comprehensive battery power solution for EVs. From the company's commencement of operations in 2013 through fiscal year 2022, it was principally engaged in the provision of vehicle sourcing services. The company brokers sales of vehicles between automobile wholesalers and buyers, including SME dealers and individual customers primarily located in the lower-tier cities in China, which are smaller and less developed than the tier-1 or tier-2 cities. As of the date of the annual report, the company's vehicle sourcing network consisted of approximately 100 wholesalers and 30 SME dealers located in lower-tier cities in China. Beginning in 2020, the company gradually shifted its focus from the vehicle sourcing business to the development of its proprietary battery-swapping technology, or UOTTA technology. As of the date of the annual report, the company had 51 issued patents and 18 pending patent applications in China. The company had 86, 80 and 77 full-time employees for the fiscal years ended December 31, 2025, 2024 and 2023, respectively.

Written from the business description in U Power Ltd's annual report to the U.S. Securities and Exchange Commission, filed 15 May 2026. Every sentence was checked against that document before publication.