NEWS
U Power (Nasdaq: UCAR) reported financial results for the first half of 2024, showing 595.7% year-over-year revenue growth to RMB13.2 million (US$1.8 million). This growth was primarily driven by increased orders for battery-swapping stations. Product sales revenues reached RMB12.4 million, representing 93.9% of total net revenues. Despite revenue growth, the company reported a net loss of RMB26.5 million (US$3.6 million), compared to RMB7.2 million in the same period last year. Operating expenses increased by 26.8% to RMB27.7 million. The company's cash and cash equivalents stood at RMB40.5 million (US$5.6 million) as of June 30, 2024. U Power also announced strategic collaborations in Thailand and Portugal to expand its battery-swapping ecosystem.
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