Shares of U Power Limited (NASDAQ:UCAR), a China-based vehicle-sourcing service provider, have more than tripled at the time of writing. This comes after announcing a strategic collaboration with Quantum Solutions Co., Ltd., Japan’s first independent electric vehicle manufacturer listed on the Tokyo Stock Exchange. This partnership, formalized on May 31, 2023, aims to leverage both companies’ unique strengths to pioneer new initiatives in various areas, including marketing, R&D of new energy vehicles, financial technologies, and EV charging and battery-swapping operations in Japan.
The agreement calls for a mutual sharing of expertise: Quantum Solutions will guide U Power in choosing and developing EV models that cater to the Japanese market, while U Power will provide battery-swapping technology, products, and compatible cloud services as per Quantum Solutions’ needs.
Both companies also plan to onboard other partners specializing in new energy storage, potentially leading to a joint venture. Specifics of the collaboration will be determined in subsequent agreements. U Power’s CEO, Jia Li, expressed enthusiasm about the partnership, foreseeing it as a stepping stone to set new standards in Japan’s new energy technology and EV industry and a value creator for shareholders.
A look at the past five trading days for UCAR stock highlights the level of impact today’s news had on it. Indeed, shares jumped over 235% at the time of writing. As a result, investors are now up 201.84% during this timeframe.
