U Power shares surge 69.96% intraday after completing production of 30 battery-swapping electric trucks for Thailand in partnership with Whale Logistics.

U Power Limited (Nasdaq: UCAR) surged 69.96% intraday following the announcement of completing production of 30 battery-swapping electric heavy trucks for Thailand, with pilot shipments scheduled for late May 2026. The milestone, achieved in collaboration with Whale Logistics and SAIC Hongyan, marks a key step toward commercializing battery-swapping technology in Southeast Asia’s logistics sector. The company aims to deploy up to 1,000 such trucks in Thailand over three years, leveraging its intelligent battery-swapping ecosystem to address charging downtime and reduce operational costs. This news, coupled with forward-looking statements about market validation and global scalability, drove immediate investor optimism. While a separate 247.0% intraday gain reported in another article may reference prior momentum, the production completion and Thailand deployment were the most direct catalysts for.