U Power, a company specialising in green smart energy grid innovation with a market capitalisation of US$ 11.2 million and a strong liquidity position, has delivered the first fleet of battery-swapping taxis in Southeast Asia to Auto Drive EV Public Company, a mobility service provider in Thailand.

According to a market analysis firm, the company maintains more cash than debt on its balance sheet, with a current ratio of 2.19.

The transaction, completed in partnership with Sumitomo Mitsui Auto Leasing & Service Thailand, involves 21 MG EP vehicles equipped with U Power's UOTTA battery-swapping technology. These taxis will operate in Phuket, aimed at improving sustainable transportation in the region.

The UOTTA system, which can replace a vehicle's battery in three minutes, was recently showcased at the 2025 Bangkok International Motor Show. This technology is expected to improve operational efficiency for taxis, ensuring continuous service for passengers.

While the company's revenue showed growth of 473% in the last twelve months, the analysis by the market analysis firm suggests the stock is currently undervalued. The initiative aligns with Thailand's EV 3.5 Policy, which supports EV adoption and the establishment of a national charging and swapping network by 2027.

The introduction of these taxis is expected to improve Phuket's air quality and contribute to the adoption of electric vehicle (EV) solutions. U Power's network will support the battery-swapping infrastructure, which is designed to be efficient and cost-effective for Auto Drive's taxi operators.

Johnny Lee, CEO of U Power, discussed the delivery, highlighting its alignment with Thailand's carbon neutrality goals and the potential for urban mobility transformation in Southeast Asia.

A representative from Sumitomo Mitsui Auto Leasing & Service Thailand noted the role of financial innovation in promoting sustainable development within the EV sector.

Dr. Akaranun Ariyasripong, Chairman of Auto Drive EV Public Company, stated that the integration of U Power's vehicles into their fleet is part of a commitment to deploy up to 2,000 electric taxis by the end of 2025, aiming to reduce carbon emissions in key tourist cities. The partnership also includes support for battery-swapping infrastructure and operational management.

This initiative positions Thailand as a hub for EV innovation in the ASEAN region.

U Power plans to expand its battery-swapping network to major urban centres and transportation routes in Thailand, focusing on commercial applications such as taxis, trucks, and logistics fleets.

Despite recent expansion efforts, the company's financial health score from the market analysis firm stands at 1.96, rated as 'FAIR', with the stock trading at a price-to-book ratio of 0.26, below industry averages.

The information for this article is based on a press release statement.

In other recent developments, U Power has announced two partnerships aimed at expanding its electric vehicle (EV) battery-swapping technology.

In Portugal, U Power has collaborated with ANTRAL, the national road transport association, to introduce battery-swapping technology for the country's taxi industry. This initiative, part of the ELMO joint venture, plans to deploy 150 to 200 electric vehicles for taxi operations, supported by rapid-swap stations that allow drivers to exchange depleted batteries.

Meanwhile, in Thailand, U Power has entered into a joint venture with SUSCO Public Company to expand its UOTTA battery-swapping system across SUSCO's network of fuel stations.

This partnership aims to support Thailand's "30@30" policy, which seeks to make 30% of new vehicle sales electric by 2030, by deploying 1,450 battery-swapping stations.

Both collaborations aim to enhance sustainable urban mobility and reduce vehicle downtime in the EV sector. These initiatives align with global trends towards sustainable energy solutions and may serve as models for other markets.