Electrification of commercial vehicles in China
The government of the People’s Republic of China will focus on promoting the electrification of commercial vehicles in the coming years.
Frost & Sullivan predicts the sales volume of electric commercial vehicles to grow from 218,900 units in 2022 to 431,000 units in 2026.
With a CAGR of 18.5 percent in China, and with the increasing penetration rates of electric commercial vehicles and the growing network of battery swap infrastructure, the market size by revenue of battery swap solutions for electric commercial vehicles is expected to increase from approximately RMB22,097.6 million in 2022 to RMB176,615.1 million in 2026, representing a CAGR of 68.1 percent.
Previously, starting in 2020, U Power Limited gradually shifted its focus from the vehicle supply business to the development of its proprietary battery swapping technology, or UOTTA technology.
U Power Limited is a vehicle refueling service provider with a vision to become a comprehensive provider of electric vehicle battery power solutions in China.
Electrification
To take advantage of the opportunities arising from the referred growth, U Power Limited’s plan is to develop a comprehensive battery power solution for electric vehicles based on UOTTA technology, consisting mainly of four points.
Vehicle-mounted supervisory control units that monitor the real-time status of electric vehicle battery packs.
Customized vehicle control units (VCUs), which upload real-time data from the electric vehicle, such as battery status, real-time location and safety status, to its data platform, via Bluetooth and/or Wi-Fi.
Its data management platform, which collects and synchronizes real-time information from electric vehicles charged by their respective VCUs, as well as information on the availability and location of compatible UOTTA battery swap stations that help drivers locate the nearest compatible one. UOTTA battery swap stations available when the EV battery is determined to be below a certain level.
UOTTA battery swap stations designed for precise positioning, quick disassembly, compact integration and flexible implementation of battery swapping for compatible electric vehicles.
