The joint venture will deploy U Power's UOTTA battery-swapping technology across SUSCO's extensive station network. U POwer says the JV positions it as a first-mover in Thailand's commercial EV battery swapping market.
"This joint venture represents a significant milestone in U Power's global expansion strategy, particularly in Southeast Asia," said Li Jia, chairman and CEO of U Power, which has a manufacturing base in Zibo City, Shandong Province, China. "Thailand's ambitious EV targets make our partnership with SUSCO timely and strategically important, creating immediate opportunities for scaling our battery-swapping technology across the region."
SUSCO is a publicly traded energy provider listed in Thailand, recognized for its widespread network of fueling stations. By partnering with U Power, SUSCO aims to integrate battery-swapping capabilities into its existing infrastructure to meet the growing demand for electric vehicle (EV) energy solutions.
Through the joint venture, U Power's UOTTA battery-swapping system will be strategically positioned at SUSCO's fueling stations nationwide. The partners say this infrastructure will serve as a rapid, efficient, and scalable energy solution tailored to the needs of commercial vehicle fleets, including taxis and ride-sharing services, significantly reducing downtime and improving operational efficiency.
Integrating U Power's battery-swapping technology into SUSCO's extensive station network allows SUSCO to directly support Thailand's ambitious EV adoption goals, enhance customer convenience, and position SUSCO at the forefront of the nation's evolving transportation infrastructure.
Chatchaval Jiaravanon, a member of the family controlling the Charoen Pokphand Group (CP Group) — a diversified conglomerate generating over US$82bn in annual revenue — has personally invested in the joint venture between U Swap and SUSCO.
Jiaravanon currently serves as chairman and founder of Charoen Energy and Water Asia and independently owns Fortune magazine.
Jiaravanon has expressed optimism regarding the significant potential for growth and profitability of this partnership within Thailand's rapidly expanding electric transportation sector. Leveraging his extensive financial and business relationships across the region, Jiaravanon is expected to create meaningful opportunities for U Swap's accelerated growth.
U Power and SUSCO say their partnership directly aligns with Thailand's 30@30 policy, which mandates that 30% of new vehicle sales be electric by 2030. To accelerate this transition, Thailand's National New Generation Vehicle Committee has prioritized infrastructure development through investment incentives, targeting the nationwide deployment of 12,000 charging piles and 1,450 battery-swapping stations by the policy deadline. Positioned at the intersection of government strategy and market demand, the joint venture is uniquely equipped to capitalize on these tailwinds and establish a dominant footprint in Thailand's rapidly evolving EV ecosystem.
The agreement builds on U Power's previous strategic collaboration with CP-MG, reinforcing the company's systematic approach to market expansion and highlighting the trust major Thai corporations have in U Power's battery-swapping technology.
Given Thailand's significant taxi and ride-hailing fleet, currently exceeding 300,000 vehicles, battery swapping provides an attractive alternative to lengthy charging times. By deploying this technology within SUSCO's extensive network, the partnership will directly address the practical challenges faced by high-utilization vehicles, boosting profitability and accelerating EV adoption.
"Thailand is entering a transformative period in electric mobility, and our partnership with SUSCO positions U Power at the forefront of this exciting transition," said Li Jia. "Together, we aim not only to enhance Thailand's green transportation infrastructure but also to establish a profitable and scalable model for other markets in Southeast Asia and beyond."
