U Power Limited (NASDAQ:UCAR) said it has finished manufacturing 30 heavy-duty electric trucks equipped with battery-swapping technology for deployment in Thailand, with deliveries scheduled for late May 2026. The announcement comes as the company’s shares trade around $0.44, reflecting an 83% decline over the past year and a market capitalization of approximately $2.21 million.
The vehicles will be used in a pilot program in Thailand through a partnership with Whale Logistics (Thailand) Co., Ltd., a logistics service provider. According to the company, the trucks are ready for deployment following operational testing and integration of the battery-swapping system completed in early March 2026.
U Power and Whale Logistics previously signed an agreement to roll out up to 1,000 battery-swapping heavy trucks across Thailand over the next three years. The vehicles are produced by SAIC Hongyan Automotive Co., Ltd. under the UNEX EV brand and incorporate U Power’s battery-swapping technology.
The battery-swapping system allows fleet operators to replace depleted batteries with fully charged units within minutes, helping address downtime typically associated with charging electric trucks.
“The completion of production and upcoming delivery represent a critical milestone in our strategy to electrify commercial transportation using our intelligent battery-swapping ecosystem,” said Johnny Lee, founder and chief executive officer of U Power Limited.
The expansion comes amid financial challenges for the company. U Power reported revenue of $6.82 million over the past twelve months but remains unprofitable and continues to generate negative free cash flow. Data from InvestingPro indicates the company holds liquid assets exceeding its short-term obligations, with additional analytical insights available for investors.
U Power said it intends to use operational data from the Thailand pilot program to support further development of its battery-swapping infrastructure across Southeast Asia and other markets.
The company develops AI-integrated energy solutions for electric vehicles and related energy infrastructure. Its UOTTA taxi solutions are already operating in Thailand.
The pilot deployment is expected to provide operational insights related to fleet performance, battery-swapping efficiency and integration with logistics networks.
In related developments, U Power recently announced the launch of regulatory-compliant tokenized real-world assets on the BNB Chain. The initiative, developed in partnership with infrastructure platform PicWe, represents a new stage in the company’s battery-swapping business and broader expansion strategy.
The technology will initially be deployed in Southern Europe, focusing on AI-driven battery-swapping systems for commercial electric vehicle fleets, before expanding to Southeast Asia, Hong Kong SAR and South America.
U Power also recently confirmed its partnership with Whale Logistics (Thailand) Co., Ltd. to deploy battery-swapping electric trucks in Thailand. Under the agreement, U Power’s subsidiary U SWAP Company Limited secured an order for up to 1,000 battery-swapping electric vehicles, with the first batch of 30 units expected to be delivered in April 2026. These initiatives reflect the company’s efforts to integrate blockchain frameworks and expand its presence in the electric vehicle sector.