Thailand, June 2024: U Power Limited, through its Thai subsidiary U SWAP, has partnered with SUSCO to implement an innovative battery swapping system for electric vehicles (EVs) across Thailand. This collaboration will involve investing in battery swapping stations at SUSCO’s 1,000 petrol stations. Each station is expected to serve between 50 and 120 EVs per day, generating up to 100 million dollars annually. This initiative addresses the challenges of EV charging efficiency, battery degradation, and operational costs.
Thailand’s EV market has been supported by the “EV 3.0” policy, which provides incentives and reduced taxes for EV owners. The government aims to have 30% of all vehicles sold in Thailand be EVs by 2030. To achieve this, they are expanding charging infrastructure and battery swapping networks.
U Power is also planning to expand into Hong Kong’s market for battery swapping, aligning with the government’s zero-emission goals. They will also introduce integrated solar power storage and battery swapping stations.