U Power’s loss widens as Thai truck-swap rollout awaits first station
The company says 30 battery-swapping trucks were delivered in July; first-half revenue fell 16.5% to RMB14.8 million.
U Power reported a net loss of RMB97.6 million for the first half of 2026, compared with RMB27.4 million a year earlier, as its battery-swapping truck programme in Thailand awaits completion of its first supporting station.
In its unaudited results released on 7 November, the company said revenue for the six months ended 30 June fell 16.5% to RMB14.8 million. It attributed the wider loss mainly to overseas expansion and the evaluation of potential investments, alongside credit-loss provisions and higher interest costs.
U Power said the first 30 battery-swapping heavy-duty trucks for Whale Logistics arrived in Thailand in June and were delivered in July. Their December 2025 partnership sets out a potential deployment of up to 1,000 electric truck tractors.
The first supporting battery-swapping station is still under construction. U Power expects its delivery in the second half of 2026 but has not reported it as operational. For Thai fleet operators, that separates vehicles already handed over from the infrastructure needed to support battery swapping.
