SHANGHAI, May 16,
2024 /PRNewswire/ -- U Power Limited (Nasdaq: UCAR)
(the "Company" or "U Power"), a vehicle sourcing services provider
with a vision to becoming a comprehensive electric EV battery power
solution provider in China, today
announces that on May 15, 2024, the
Company filed its 2023 annual report (20-F) with the U.S.
Securities and Exchange Commission (the "SEC").
2023 Financial Highlights
- Total net revenues increased by 153.5% year over year to
RMB19.8 million (US$2.8 million) in 2023.
- Gross margin increased to 61.6% in 2023 from 34.1% in
2022.
- Net loss narrowed by 55.8% to RMB25.5
million in 2023.
Mr. Jia Li, Chief Executive
Officer and Chairman of the Board, commented, " As we transition
from a vehicle sourcing business to providing comprehensive battery
swapping solutions based on our proprietary UOTTA technology, we
will focus on business development in the European, South American,
and Southeast Asian markets. We will collaborate with our partners
to promote our battery swapping stations, commercial electric
vehicles, and related battery-swapping services, thereby bringing
substantial value to our shareholders."
Annual Report
U Power's Form 20-F can be accessed by visiting either the SEC's
website at www.sec.gov or the Company's website at
https://ir.upincar.com. In addition, the Company's shareholders may
receive a hard copy of the Form 20-F, which includes the Company's
complete audited financial statements, free of charge by requesting
a copy from the Company contact below.
About U Power Limited
U Power Limited is a vehicle sourcing services provider, with a
vision to becoming an EV market player primarily focused on its
proprietary battery-swapping technology, or UOTTA technology, which
is an intelligent modular battery-swapping technology designed to
provide a comprehensive battery power solution for EVs. Since its
operation in 2013, the Company has established a vehicle sourcing
network in China's lower-tier
cities. The Company has developed two types of battery-swapping
stations for compatible EVs and is operating one manufacturing
factory in Zibo City, Shandong
Province, China. For more
information, please visit the Company's website:
http://ir.upincar.com/.
Safe Harbor Statements
This press release may contain "forward-looking statements".
Forward-looking statements reflect our current view about future
events. These forward-looking statements involve known and unknown
risks and uncertainties and are based on the Company's current
expectations and projections about future events that the Company
believes may affect its financial condition, results of operations,
business strategy and financial needs. Investors can identify these
forward-looking statements by words or phrases such as "may,"
"will," "could," "expect," "anticipate," "aim," "estimate,"
"intend," "plan," "believe," "is/are likely to," "propose,"
"potential," "continue" or similar expressions. The Company
undertakes no obligation to update or revise publicly any
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that such expectations will turn
out to be correct, and the Company cautions investors that actual
results may differ materially from the anticipated results and
encourages investors to review other factors that may affect its
future results in the Company's registration statement and other
filings with the U.S. Securities and Exchange Commission.
Contact
U Power Limited
Investor Relations Department
Email: ir@upincar.com
Robin Yang, Partner
ICR, LLC
Email: UPower.IR@icrinc.com
Phone: +1 (212) 475-0415
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SOURCE U Power Limited