Third-generation member of Thailand's Charoen Pokphand Group and Fortune magazine owner reinforces commitment to U Power's innovative EV battery solutions

SHANGHAI,Dec. 9,2024 -- U Power Limited (the "Company" or "U Power"),today announced a strategic meeting between CEOJia Li and Chatchaval Jiaravanon,one of the company's largest shareholders and a third-generation member of Thailand's Charoen Pokphand Group. The meeting focused on strengthening the partnership established earlier this year through Fortune Light Assets Ltd.'s strategic investment in U Power,with discussions covering key business initiatives including battery asset management,battery-swapping stations,and compatible electric vehicles.

Mr. Jiaravanon brings extensive experience across technology,media,and finance sectors. As a third-generation member of Thailand's Charoen Pokphand Group,he serves as a board member of True Corporation,one of Thailand's largest integrated telecommunications operators. He is also the owner of Fortune magazine and co-founder of fintech company Lightnet Technologies.

During the strategic discussion,Mr. Jiaravanon expressed strong confidence in U Power's development: "As a global leader in charging and battery-swapping technology,U Power has shown remarkable potential in Thailand and neighboring regions. I am particularly interested in the battery bank business model and have made strategic investments accordingly. The success of the battery-swapping model hinges on the development of the battery ecosystem,and I remain committed to supporting its growth and development."

Jia Li,Founder and CEO of U Power,highlighted the company's commitment to Southeast Asian markets: "Thailand is central to our Southeast Asian strategy,where we have established local operations to serve the market. Aligned with Thailand's "30•30" development strategy,which aims to have electric vehicles account for 30% of the country's total annual automobile production,or 750,000 units,by 2030,we are focusing on commercial vehicle electrification. Our battery-swapping stations and compatible vehicles are currently undergoing road tests in Thailand,and we are developing close cooperation with Velo Labs for our battery bank solutions initiative."

Looking ahead to 2025,Li added,"We are preparing for the commercial launch of our battery-swapping operations in Thailand next year. Multiple Thai businesses have already expressed interest in collaborating with us,and we are confident that U Power's battery-swapping model will establish a strong presence across Thailand and Southeast Asia."