U Power signs LOI with Hong Kong-based manufacturer of vehicle dashcams

U Power (UCAR) announced the signing of a Letter of Intent, or LOI, with a Hong Kong-based designer and manufacturer of vehicle dashcams to deploy battery-swapping compatible vehicles in the market. As per the terms of the LOI, the client will purchase 300 MGEP swappable-battery compatible EVs. The client has already submitted the initial deposit, and the fulfillment of the order is currently subject to further negotiations and the execution of a definitive sales agreement. Once the agreement is finalized and orders are delivered, these vehicles will be deployed into commercial operation. Participating drivers will utilize U Power’s recently inaugurated first smart battery-swapping station in Hong Kong to efficiently swap batteries. Each battery swap will earn drivers tokens, which can then be redeemed and traded for electricity tariff credits, creating a new incentive structure and promoting sustainable usage.