#Thailand #Bangkok #U Power #Ezzy Transporter

U Power and Ezzy Transporter Create Groundbreaking Joint Venture in Thailand

In a significant move poised to reshape Thailand's electric vehicle (EV) landscape, U Power Limited (Nasdaq: UCAR), known for its innovative vehicle sourcing services, has joined forces with Ezzy Transporter (Thailand) Company Limited. Together, they have announced the formation of Greendrive Tech Co., Ltd., a joint venture dedicated to leveraging U Power's pioneering UOTTA battery-swapping technology. This strategic partnership is designed to cater to the rapidly growing demand for EVs in Thailand, particularly in the urban transportation sector.

Greendrive's Vision and Operations

The newly established Greendrive aims to integrate sophisticated battery-swapping solutions into various custom-built vehicles. These offerings will include taxis, ride-sharing vehicles, and versatile pickup trucks. The venture’s operations will focus on three primary objectives:

1. Customization of Battery-Swapping Vehicles: Greendrive will specialize in tailoring electric vehicles equipped with UOTTA technology to meet the unique needs of its customers. This bespoke approach aims to enhance user experience and satisfaction in Thailand’s diverse transportation landscape.

2. Development of Market Strategies: The joint venture plans to formulate comprehensive strategies surrounding the battery-swapping ecosystem. Key sectors such as taxis and ride-sharing will be prioritized, encompassing aspects of vehicle distribution, battery-swapping station management, and end-of-life recycling for vehicles.

3. Robust Marketing Campaigns: Greendrive intends to actively promote its battery-swapping pickup trucks and establish a solid dealer network throughout Thailand, which will enhance its market presence significantly.

The initial production run is set to deliver 2,000 customized taxis and pickup trucks by the end of 2025, all incorporating the advanced UOTTA technology. In addition to these efforts, U Power plans to work with various strategic partners to deploy UOTTA battery-swapping stations widely across Thailand, facilitating the successful commercialization of this innovative model.

Growing Electric Vehicle Market in Thailand

Thailand's journey toward a greener future is accelerated by various governmental policies aimed at enhancing electric vehicle adoption. It is projected that within five years, 50% of the country's taxis and ride-hailing services could transition to electric vehicles, with the current fleet exceeding 300,000 vehicles. However, existing charging infrastructures pose considerable challenges, such as uneven spread and reliability issues, making battery-swapping technology a compelling alternative for commercial operators.

Wasan Pornpaisansak, Director of Ezzy Transporter, emphasizes the perfection of battery-swapping technology for addressing these operational challenges. The collaboration between both companies is a strategic response to the evident market potential poised by Thailand's rapid shift towards electric mobility.

A Strategic Initiative for Global Expansion

Li Jia, Chairman and CEO of U Power, views this joint venture as an essential pillar for the company's global growth strategy. With established ties in the region—and particularly a strong partnership with CP Group—U Power is well-positioned to execute its ambitious plans in Thailand.
"In light of Thailand's EV policy (EV3.5), which anticipates a 30-40% annual increase in EV adoption, we realize the pressing need for battery-swapping solutions tailored for commercial vehicles requiring significant daily use," mentions Jia.

The introduction of Greendrive will not only provide effective solutions to existing infrastructure gaps but is also expected to generate significant interest and acceptance from local consumers and industry stakeholders.

Conclusion

The U Power and Ezzy Transporter joint venture represents a forward-thinking approach to meeting the evolving transportation needs in Thailand. By implementing battery-swapping technology, Greendrive is set to make reliable, efficient, and sustainable transportation a reality for many, thereby playing a vital role in Thailand's electric vehicle revolution. As both companies prepare to roll out their services, the future looks promising for electric mobility in the region.