Summary by Futu AI
On October 4, 2024, U Power Limited, a vehicle sourcing service provider in China with a focus on electric vehicle (EV) market and proprietary battery-swapping technology, reported its unaudited financial results for the six months ended June 30, 2024. The report, filed with the SEC, included comprehensive financial statements and an operating and financial review. U Power, which began operations in 2013, has shifted its focus from vehicle sourcing to developing its UOTTA technology since 2020, and has been cooperating with major automobile manufacturers to develop UOTTA-powered EVs. The company also operates a battery-swapping station factory in Zibo, China. The financial results showed a significant increase in product sales, primarily from battery swapping stations, which accounted for 93.9% of total revenues, while sourcing services...Show More