U Power Limited, a developer of battery-swapping solutions for electric vehicles, and Beijing Foton International Trade Co., Ltd., a division of Foton Motor, one of the top producers of commercial vehicles in China, have inked a Memorandum of Understanding (MOU).
The two businesses will work together under the MOU to market electric heavy trucks, buses, and vans with battery swapping capabilities in important international markets, including Southeast Asia, South America, Hong Kong Special Administrative Region, and Macau Special Administrative Region. U Power will assist in the development and testing of battery-swapping stations, connect vehicles to its battery-bank ecosystem, and provide technical support for integrating battery-swapping systems into Foton vehicles. Johnny Lee, CEO and Chairman of U Power, commented, “This partnership marks another significant step forward in our strategy of expanding our OEM partner base.” “Through joint promotional and sales efforts, U Power expects to accelerate the establishment of a comprehensive battery-swapping and battery-bank ecosystem in several of its existing key markets.” “We look forward to a strong collaboration with Beijing Foton to strategically expand our global footprint and increase our market share.”
Beijing Foton will help by gathering and disseminating information about the health, capacity, and charging habits of the batteries in vehicles. Further cooperation between the two businesses in upcoming smart energy and mobility initiatives is also made possible by the MOU.