U Power signs MoU with Beijing Foton International Trade

U Power (UCAR) announced the signing of a Memorandum of Understanding, or MOU, with Beijing Foton International Trade, a wholly-owned subsidiary of Beijing Foton Motor, a leading commercial vehicle manufacturer in China. Pursuant to the MOU, the two parties will jointly promote battery-swapping compatible electric heavy trucks, buses and vans in the Southeast Asia, South America, Hong Kong SAR, and Macau SAR markets. U Power will provide technological support to enable incorporation of battery-swapping capabilities on Beijing Foton vehicles, development and testing of battery-swapping stations to serve electric vehicle models, as well as connection of vehicles with its battery-bank ecosystem. Additionally, Beijing Foton will gather and share performance data such as battery charging, health and capacity records. Both parties could potentially expand the agreement to include additional cooperation opportunities in the future.