Action plan 8.0 to inject more vitality into Shanghai
SunCar Technology Group Announces Share Repurchase Program
TIER IV, Nihon Kotsu launch data collection project to enhance autonomous driving AI
Silicon Motion First to Achieve ASPICE CL3 for Automotive SSD Controllers
NaaS Technology Inc. Achieves Strong Demand-side Growth in Charging Service Business, Covering Over 60% of China's NEV Owners
Applied Intuition Acquires EpiSci, Strengthening Position as Leader in All-Domain Autonomy Software for National Security
Volvo Cars reports second consecutive year of record sales, revenue and profits in 2024, anticipates challenging 2025
SunCar Technology Group Announces Pricing of $50 Million Follow-On Public Offering of Class A Ordinary Shares
SK hynix Acquires 'TISAX' Certification for the First Time in the Memory Industry
Foretellix and MathWorks Partner on Innovative Toolchain to Accelerate Mazda's Next Generation AV Development
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The Roads & Traffic Expo Thailand 2025 to highlight innovations in road infrastructure and traffic management on 26-27 February at BITEC, Bangkok
BANGKOK , Feb. 5, 2025 /PRNewswire/ -- The Roads & Traffic Expo Thailand 2025, a leading event dedicated to road infrastructure, traffic management, and smart mobility solutions, will take place on 26-27 February 2025 at Hall EH 98, BITEC, Bangkok. The event is co-located with EVCharge Live Thailand 2025 and Solar & Storage Live, offering attendees access to three key industry exhibitions with a single pass, covering transportation, energy, and mobility solutions. The event will bring together top global sponsors and exhibitors, including Greenwood Engineering and Star Systems International, who are at the forefront of innovation in road infrastructure and traffic technology. Attendees can explore cutting-edge solutions from exhibitors such as PSD Road Solution, Cleanozone, Tanattorn, Avery Dennison, Geveko Marking, and Teledyne, offering advanced technologies in road safety, traffic management, marking systems, and smart infrastructure solutions. The conference will feature thought leaders and top decision-makers, including: Pornprom Vikitsreth, Chief Sustainability Officer and Advisor to the Governor of Bangkok, Bangkok Metropolitan Administration, as the Guest of Honor. Dr. Piyapong Jiwattanakulpaisarn, Inspector General, Ministry of Transport, addressing policy advancements for Thailand's road and transport sector. Dr. Supakorn Siddhichai, Group Executive Vice President of the Digital Economy Promotion Agency (depa), provides insights on integrating digital technologies into modern road infrastructure. Tanita Sirisup, Acting Senior Executive Investment Advisor and Executive Director of the Foreign Investment Marketing Division, Board of Investment, discussing foreign investment opportunities in Thailand's infrastructure sector. From strategies for safer roads to innovations in traffic management and smart mobility, the conference sessions will provide actionable insights for all attendees. The event brings together transport authorities, city planners, EPCs, infrastructure developers, and technology providers, facilitating collaboration and business growth. Attendees will have the opportunity to participate in networking sessions, panel discussions, and product demonstrations, gaining insights into the future of road and traffic management in Thailand and beyond. This event is free to attend. Registration is still open at www.terrapinn.com/MoreRoadsTrafTH25 The Roads and Traffic Expo Thailand 2025 will take place at Hall EH 98, BITEC, Bangkok, on 26-27 February 2025. For more information on The Roads and Traffic Expo Thailand 2025, please visit: www.terrapinn.com/MoreRoadsTrafTH25 PR Newswire is the official news distribution partner of The Roads and Traffic Expo Thailand 2025. EVCharge Live Thailand 2025 Conference dates and opening hours -26 February 2025: 0900 – 170027 February 2025: 0855 – 1700 Exhibition dates and opening hours -26 February 2025: 0830 – 173027 February 2025: 0830 – 1730 Venue: Hall EH98, BITEC, Bangkok, Thailand About Terrapinn Terrapinn has been sparking ideas, innovations and relationships that transform business for over 30 years. Using our global footprint, we bring innovators, disrupters and change agents together, discussing and demonstrating the technology, strategies and personalities that are changing the way the world does business. Whether you're looking to make new connections, introduce product or inspire change in your industry, we invite you to join us as agitators of change. Terrapinn – spark something Terrapinn – spark something. www.terrapinn.com
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Tuya Smart Partners with Chery to Pioneer "Car-Home Connectivity" Ecosystem
NEW YORK, Feb. 5, 2025 /PRNewswire/ -- Tuya Smart (NYSE: TUYA, HKEX: 2391), a global cloud platform service provider, has announced a partnership with Chery, a Fortune Global 500 automaker, during Chery's second Ecosystem Partner Conference of Ruixiang Life (Ruixiang Life is an ecosystem brand under Chery). The collaboration aims to create a smart cockpit, accelerate the integration of automotive and home ecosystems, and offer consumers unparalleled convenience and comfort in both travel and living spaces. Car-Home Connectivity: Redefining the Future of Smart Spaces Chery, a pioneer in Chinese automotive technology and a trailblazer in export innovation, has consistently set benchmarks in the automotive industry. In 2024, Chery achieved over RMB 480 billion in revenue, representing a year-over-year increase exceeding 50%, and sold more than 2.6 million vehicles, securing its position as the top car exporter. As a Fortune 500 company, Chery recognizes the critical importance of embracing expansion and innovation. With the rapid rise of AIoT, the convergence of smart environments has become an inevitable trend. Recognizing the growing integration of home and vehicle spaces in modern lifestyles, Chery has expanded its focus from the automotive domain to smart home ecosystems, aiming to establish a seamless car-home connectivity system that enriches the smart living experience for users. In this context, Chery has chosen to collaborate with Tuya. Tuya is a global leading cloud platform service provider with a mission to build a smart solutions developer ecosystem and enable everything to be smart. Its extensive expertise and proven track record in the smart home sector make it the ideal collaborator to help Chery elevate the ecosystem connecting human, automotive and home. Partnership Drives Smart Ecosystem Innovation During the conference, Chery and Tuya held an on-site signing ceremony to formalize the partnership. Leveraging Tuya's cutting-edge smart space solutions for passenger vehicles, the collaboration aims to establish an interoperable smart home system across brands, ecosystems, and devices enabling seamless communication between cars, in-car devices, and smart home systems. Tuya's comprehensive product integration capabilities span all categories of hardware devices and flexibly support OEM/ODM allowing Chery to adapt to diverse lifestyle scenarios. For example, drivers can use a Tuya-enabled App on their car's infotainment system to control home devices in real-time. Before arriving home, users can activate pre-set scenes—adjusting lighting, air conditioning, and curtains—delivering an immersive and personalized lifestyle experience. In addition to car-home connectivity, the partnership will expand to include smart living scenarios in real estate, communities, and hospitality. This comprehensive approach creates more comfortable and integrated smart spaces, helping Chery drive growth in the competitive automotive market. Bingfeng Zheng, Assistant to the President and General Manager of the Spare Parts Boutique Business Unit at Chery, said, "The integration of smart cars and smart homes is a key focus for today's consumers. This collaboration between Chery and Tuya reflects our commitment to staying ahead of market trends. With Tuya's leading-edge cloud platform, networking modules, and robust development tools, Chery is poised to strengthen its leadership in the automotive sector while exploring diversified development opportunities." Parvana Yu, Deputy General Manager of Travel Business Unit of Tuya Smart, said, "We are honored to collaborate with Chery, a company renowned for its deep industry expertise and global market influence. Chery's precision in identifying market trends and leveraging its robust channel system will enable Tuya to rapidly deliver high-quality solutions to a broader audience. Together, we aim to redefine the car-home connectivity landscape and drive the intelligent transformation of everyday scenarios." Car-home connectivity is more than a technological advancement; it represents an exploration into future lifestyles. The partnership between Chery and Tuya accelerates the integration of human, automotive, and home ecosystems, setting new standards for smart living. Looking ahead, both companies will deepen collaboration, explore innovative scenarios, and enhance user experiences to lead the evolution of the smart living ecosystem.
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1964 Ferrari 250 LM Wins Prestigious The Peninsula Classics Best of The Best Award
PARIS, Feb. 5, 2025 /PRNewswire/ -- A stunning 1964 Ferrari 250 LM has been named winner of the 10th annual The Peninsula Classics Best of the Best Award 2024. Presented during an awards ceremony at The Peninsula Paris, the distinction recognises the pinnacle of classic automotive design and engineering. The Ferrari, chosen from a select group of nine vehicles that won awards at the past year's major concours events, became eligible for consideration after winning the Best in Show honour at the Cavallino Classic in January 2024. 1964 Ferrari 250 LM Wins The Peninsula Classics Best of The Best Award 2024 "I am truly humbled to receive this distinguished award," said Mr. Chris Cox, owner of the 1964 Ferrari 250 LM. "It brings me tremendous joy to show a vehicle with such a rich history at the world's biggest concours, and being selected for The Peninsula Classics Best of the Best Award is the highest honour a car collector can achieve." Originally unveiled in Paris in November 1963, the Ferrari 250 LM (for "Le Mans") is a Grand Touring version of the mid-engined Ferrari 250 P. Featuring a body designed by Pininfarina and built by Scaglietti, it was intended to replace the 250 GTO, one of Ferrari's most successful race cars. Although Ferrari was unable to obtain LM approval in the GT class, the model achieved significant success when a 250 LM won the 1965 Le Mans 24 Hours and the 1965 International Trophy for GT Prototypes. One of only 32 produced, this particular 250 LM enjoyed an accomplished racing career from 1965 to 1967, with notable victories at Brands Hatch, Snetterton, and Silverstone in 1966. The car later participated in two of motorsport's most iconic endurance races - the 24 Hours of Daytona in 1966 and the 24 Hours of Le Mans in 1968. Acquired by its current owner in 2018, the 1964 Ferrari 250 LM is a celebrated piece of Ferrari history. It was showcased at the Enzo Ferrari Museum in Modena, Italy, as part of the "Ferrari Forever" 75th anniversary exhibition in 2022; it has also been displayed at major concours, including the 2022 Pebble Beach Concours d'Elegance – and most recently, at Casa Ferrari at Pebble Beach in 2024 to celebrate Ferrari's 70th anniversary in the United States. "The winning 1964 Ferrari 250 LM is much more than just a stunning vehicle," said Christian Philippsen, co-founder of The Peninsula Classics Best of the Best Award. "This is one of Ferrari's most revolutionary models, with a rich competitive history and incredible provenance. We are thrilled to honour a motorsport legend of this calibre as this year's Best of the Best." Also competing for the award were eight other exquisite classic cars: a 1932 Alfa Romeo 8C 2300 Spider, a 1957 Ferrari 335 S, a 1937/1946 Delahaye 145 Cabriolet, a 1947 Delahaye 135MS Narval Cabriolet, a 1934 Bugatti Type 59 Sports, a 1937 Bugatti Type 57S Roadster, a 1928 Bugatti Type 35C Grand Prix, and a 1937 Rolls-Royce Phantom III Convertible. The judges for The Peninsula Classics Best of the Best Award 2024 comprised a distinguished selection of automotive designers, enthusiasts, and executives – including renowned designers Peter Brock and Fabio Filippini, former General Motors Vice President of Design Ed Welburn, and Henry Ford III. Notable royalty and celebrity motorsport collectors also took part in judging, including HRH Prince Michael of Kent, HH Rana Manvendra Singh of Barwani, Peter Marino, Ralph Lauren, and Jay Leno. Launched by the Hon. Sir Michael Kadoorie in 2015, The Peninsula Classics Best of the Best Award is dedicated to the appreciation, preservation and restoration of fine motorcars. Sponsored by The Peninsula Hotels, a global luxury hospitality company with a 158-year history, the awards ceremony brings together the concours circuits' elite Best of Show winners from around the globe, enabling modern-day enthusiasts to see, learn about and cherish these magnificent examples of automotive history. # # # About The Peninsula Classics Best of the Best Award Through a shared desire to celebrate the best of what defines the automotive world, The Hon. Sir Michael Kadoorie, chairman of The Hongkong and Shanghai Hotels, Limited, launched The Peninsula Classics Best of the Best Award in 2015 with co-founders William E. (Chip) Connor, Bruce Meyer and Christian Philippsen. Each founder shares a common passion and appreciation of fine motorcars, the preservation of their heritage, and immaculate restoration projects. The award, sponsored by The Peninsula Hotels, brings together the concours circuits' elite Best of Show winners from around the globe, enabling modern-day enthusiasts to encounter, learn about and cherish these magnificent examples of automotive history. Michelle Yeoh Celebrates The Peninsula Classics Best of the Best Award 1964 Ferrari 250 LM The Peninsula Classics Best of the Best Award in The Peninsula Paris The 1964 Ferrari 250 LM at The Peninsula Paris
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SunCar Technology Group Announces Follow-On Public Offering
NEW YORK, Feb. 5, 2025 /PRNewswire/ -- SunCar Technology Group Inc. ("SunCar") (Nasdaq: SDA), an innovative leader in cloud-based B2B auto services and auto e-insurance in China, today announced a firm commitment underwritten follow-on public offering of an aggregate of up to $50 million of Class A Ordinary Shares, par value $0.0001 per share (the "Class A Ordinary Shares"). In connection with the offering, SunCar intends to grant the underwriters a 30-day option to purchase an aggregate of up to $7.5 million additional Class A Ordinary Shares at the public offering price less the underwriting discount. The net proceeds from this offering will be used for working capital and general corporate purposes. BTIG, LLC is acting as lead book-running manager for the offering, and Macquarie Capital Limited and Oppenheimer & Co. Inc. are acting as joint bookrunners. The closing of the proposed offering is subject to market and other conditions and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the proposed offering. The securities described are being offered by SunCar pursuant to an effective shelf registration statement on Form F-3 (No. 333-279916) that was previously filed with the Securities and Exchange Commission (the "SEC") on June 3, 2024 and declared effective by the SEC on June 14, 2024. A preliminary prospectus supplement and accompanying prospectus relating to and describing the terms of the proposed offering will be filed with the SEC. Before you invest, you should read the preliminary prospectus supplement and the accompanying prospectus in that registration statement and other documents filed with the SEC for more information about SunCar and this offering. You may obtain these documents free of charge by visiting the SEC's website at www.sec.gov. When available, copies of the preliminary prospectus and the accompanying prospectus relating to the securities being offered may also be obtained from BTIG, LLC, Attention: ECM, General Counsel, 65 East 55th Street, New York, New York 10022, by email at IBLegal@btig.com or by email at btig-ibd-equitycapitalmarkets@btig.com; or Macquarie Capital Limited, Attention: MacCap US-Asia ECM Execution, Level 22, One International Finance Centre 1 Harbour View Street, Central Hong Kong, by email at: maccap.usasiaecmexecution@macquarie.com; or Oppenheimer & Co. Inc. Attention: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New York, NY 10004, by email at EquityProspectus@opco.com. This press release does not and shall not constitute an offer to sell or a solicitation of an offer to buy any of SunCar's Class A Ordinary Shares, nor shall there be any offer, solicitation or sale of such shares, in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About SunCar Technology Group Inc. Founded in 2007, SunCar is transforming the customer journey for auto services and auto insurance in China, the largest passenger vehicle market in the world. SunCar develops and operates cloud-based platforms that seamlessly connect drivers with a wide range of auto services and insurance coverage options through a nationwide network of sales partners. As a result, SunCar has established itself as the leader in China in the B2B auto services market and the auto eInsurance market for electric vehicles. SunCar's intelligent cloud platform empowers its enterprise clients to access and manage their customer database and offerings optimally, and drivers gain access to hundreds of services from tens of thousands of independent providers in a single application. For more information, please visit: https://suncartech.com. Cautionary Language Concerning Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this press release, including statements regarding the offering and the anticipated use of the net proceeds from the offering, are forward-looking statements. These forward-looking statements are made as of the date they were first issued and are based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond SunCar's control. SunCar's actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including, but not limited to, the risks related to the offering of the shares and uncertainties related to market conditions. These and other potential risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed in SunCar's filings and reports with the SEC, including the Annual Report on Form 20-F for the fiscal year ended December 31, 2023, as well as other filings and reports that are filed by SunCar from time to time with the SEC. SunCar anticipates that subsequent events and developments will cause its views to change and you should consider these factors in evaluating the forward-looking statements and not place undue reliance on such statements. SunCar undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing SunCar's views as of any date subsequent to the date of this press release. Contact Information: SunCar: Investor Relations: Ms. Hui JiangEmail: IR@suncartech.com Legal: Ms. Li ChenEmail: chenli@suncartech.com U.S. Investor Relations: Matthew Abenante, IRCPresidentStrategic Investor Relations, LLCTel: 347-947-2093Email: matthew@strategic-ir.com
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2025 Altair Enlighten Award Open for Submissions
Award spotlights the automotive industry's finest innovations in sustainable, lightweight design TROY, Mich., Feb. 4, 2025 /PRNewswire/ -- Altair (Nasdaq: ALTR), a global leader in computational intelligence, announced that the 2025 Altair Enlighten Award is now open for submissions. Presented annually in conjunction with the Center for Automotive Research (CAR), the award honors the greatest sustainability and lightweighting advancements in the automotive industry that reduce carbon footprint, mitigate water and energy consumption, and leverage material reuse and recycling efforts. Submissions are now open for the 2025 Altair Enlighten Award, which honors the greatest sustainability and lightweighting advancements in the automotive industry. "Without advanced technology – like Altair's – we would not see the innovation that characterizes the modern automotive industry. The Enlighten Award honors the innovations, technologies, and organizations that are creating a better, more sustainable industry," said James R. Scapa, founder and chief executive officer, Altair. "Altair is proud to recognize those at the forefront of electrification, sustainable material usage, and lightweighting – and to once again showcase the amazing ways organizations are meeting global sustainability targets through this award." The Enlighten Award categories are: Sustainable Product – Recognizes a production vehicle (or major system module) embracing emissions reduction, lightweighting, material circularity, and safety advances. Sustainable Process – Recognizes processes that enable emissions reductions, material reuse and/or recycling, and water conservation during manufacturing or engineering phases. Module Lightweighting – Recognizes mass reduction of a vehicle module, subsystem, or component. Enabling Technology – Recognizes technology advancements that enable vehicle lightweighting, including a material, production process, design method, or joining technology. Future of Lightweighting – Recognizes a process, material, or technology not in production, but has significant potential to advance vehicle lightweighting. Responsible AI – Recognizes responsible AI deployment throughout the automotive value chain – from design, engineering, and operation to production and in-service use. Sustainable Computing – Recognizes implementing practices and technologies that prioritize energy efficiency, renewable energy use, reducing environmental impact, and contributing to more sustainable and eco-friendly computing. "Every year it is an honor to present the Altair Enlighten Award at CAR's Management Briefing Seminars (MBS)," said Andrew Brown Jr., chairman of the Board of Directors, CAR. "The Enlighten Award is truly one of a kind – regardless of how large or small your company is, how established you are, or what you specialize in, all that matters is how you are advancing automotive sustainability. Join us in Detroit for the 60th anniversary of MBS to see this year's exciting submissions." An award that garners interest from industry, engineering, policymakers, educators, students, and the public worldwide, past winners include GM, Ford, Stellantis, Harley-Davidson, Toyota, Nissan, Mazda, Ferrari, JLR, Mercedes, BMW, SAIC-GM-Wuling (SGMW), and many more. Enlighten Award submissions must be received by June 16, 2025. Winners will be announced during an award ceremony on September 16, 2025, at the annual CAR MBS event. This year, MBS returns to the heart of the American automotive industry – Detroit, Michigan – at the historic Michigan Central Station. Media partners for the 2025 Altair Enlighten Award include SAE, Automotive Engineering, Tech Briefs, Automobil Industrie, Autocar Professional, KSAE, AutoBild Japan, Auto Messe Web, and Auto Messe Web Worldwide. To learn more about the Enlighten Award or to submit an entry, visit https://altair.com/enlighten-award. About Altair Altair is a global leader in computational intelligence that provides software and cloud solutions in simulation, high-performance computing (HPC), data analytics, and AI. Altair enables organizations across all industries to compete more effectively and drive smarter decisions in an increasingly connected world – all while creating a greener, more sustainable future. To learn more, please visit www.altair.com. Media contacts Altair Corporate Altair Investor Relations Bridget Hagan Stephen Palmtag +1.216.769.2658 +1.669.328.9111 corp-newsroom@altair.com ir@altair.com Altair Europe/The Middle East/Africa Altair Asia-Pacific Louise Wilce Man Wang +44 (0)7392 437 635 86-21-5016635,,825 emea-newsroom@altair.com apac-newsroom@altair.com
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Lisen Launched the NO.1 Retractable Car Chargers Series on Amazon
NEW YORK, Feb. 3, 2025 /PRNewswire/ -- As one of the leading global market leaders in mobile accessories, Lisen is constantly at the forefront of the market and product innovation. Whether you're relying on your phone for navigation or music, a good car mount can keep it safe and within reach. But don't stop there—keeping your devices fully charged and ready for anything is crucial, especially during long trips. This is the inspiration behind Lisen's series of car chargers and accessories. Now, Lisen has launched a series of innovative retractable car chargers on Amazon, products that redefine the standard for technologically convenient life, allowing people to enjoy their journeys with happiness and peace of mind! Lisen Car Charger Series Lisen's CEO, Hu Weimin, said: "The core of our product development and research is to address customer pain points." The car charger with retractable cables will ensure your devices remain charged and ready for use, which is crucial, especially during long trips, effectively preventing the possibility of missing one of your car charger or cable. The retractable cable also helps keep the interior of your car tidy. At the same time, Lisen offers competitive pricing on Amazon for this series. Lisen 69W 4-in-1 Square Retractable Car Charger Compact, efficient, and incredibly practical, the LISEN 4-in-1 69W Square Retractable Car Charger is perfect for keeping your devices charged on the go. With 69W of power, this charger provides fast charging for multiple devices, including iPhones, Android phones, and more. The retractable cables keep your car organized and your charging needs simple—No more tangled cords or clutter. It's an ideal solution for anyone looking for a compact and reliable charging solution for their daily drives. Key Features: Compact & Space-Saving Design: Square-shaped model with a sleek, modern look, perfect for seamless integration into any car interior. 69W High-Speed Charging: Delivers up to 69W total power, supporting fast charging for multiple devices simultaneously. Efficient Dual USB Charging Ports: Equipped with USB-C ports (up to 15W) and USB-A ports (up to 12W), compatible with smartphones, tablets, and other devices. Retractable Cable System: Built-in retractable cables for USB-C and USB-A, eliminating cable clutter and ensuring easy storage. Universal Compatibility: Works with all major devices, including iPhone, Samsung, iPad, and more. Lisen 96W 4-in-1 Retractable Car Charger with Voltage Display and Ambient Light Take your charging experience to the next level with the LISEN 4-in-1 96W Retractable Car Charger. This premium charger features an advanced voltage display, so you can monitor your car's charging performance at a glance. The added ambient light creates a soft glow that adds a touch of style to your car interior. With 96W of power, this charger ensures quick and efficient charging for all your devices, whether you're on a short commute or a long road trip. Key Features: Powerful 96W Output: Provides up to 96W total power, ideal for charging multiple high-power devices like laptops, tablets, and smartphones at once. Efficient Dual USB Charging Ports: Equipped with USB-C ports (up to 15W) and USB-A ports (up to 12W), ensuring fast and efficient charging for all your devices. Retractable Cables for Convenience: Integrated retractable cables for USB-C and USB-A, offering a tidy and organized charging solution. Wide Compatibility: Supports fast charging protocols like PD and QC, compatible with iPhone, Android, MacBook, and other devices. Durable & Safe: Built with advanced safety features, including over-current, over-voltage, and short-circuit protection. Lisen 69W 4 in1 69W Round Retractable Car Charger The LISEN 4-in-1 69W Round Retractable Car Charger combines sleek design with practicality. The round shape fits seamlessly into your car's interior while providing the same great performance as the square model. With 69W of power and multiple charging options, this charger is perfect for those who need a reliable and compact solution to keep their devices fully powered while driving. The retractable cables ensure your car stays clutter-free, making this charger both functional and aesthetically pleasing. Key Features: Sleek & Ergonomic Design: Rounded shape with a compact and stylish look, blending seamlessly into any car interior. Efficient Dual USB Charging Ports: Equipped with USB-C ports (up to 15W) and USB-A ports (up to 12W), it supports fast charging for multiple devices simultaneously. Retractable Cable System: Built-in retractable cables for USB-C and USB-A, offering a neat and organized charging experience. Universal Compatibility: Compatible with a wide range of devices, including iPhone, Samsung, iPad, and more. Portable & User-Friendly: Lightweight and easy to use, making it perfect for daily commutes and road trips. LISEN 141W Square Dual Retractable Car Charger For those who need extra power on the go, the LISEN Dual Cigarette Lighter Splitter Car Charger is the ultimate accessory. With two points of connection, this charger allows you to power multiple devices simultaneously. The retractable cables ensure there's no mess, and the 69W power output ensures a quick charge for all your devices. Plus, with the 20% coupon, it's a steal for anyone looking to upgrade their car charging setup. Key Features: Ultra-High 141W Power Output: Delivers up to 141W total power, making it perfect for charging multiple high-demand devices simultaneously, including laptops, tablets, smartphones, GPS devices, dash cams, and other digital accessories. 5-in-1 Versatile Charging: Features 2 cigarette lighter ports (12V/7.5A, up to 90W each), 1 USB-C port (up to 15W), 1 USB-A port (up to 12W), and 1 retractable USB-C cable (up to 30W), supporting additional accessories like GPS units, dash cams, and portable coolers. Retractable Cable System: Includes retractable USB-C and USB-A cables, providing a clutter-free and portable charging solution for your devices on the go. All-in-One Design: Combines a cigarette lighter splitter and retractable charger, maximizing functionality and saving space in your vehicle. Advanced Safety Protection: Equipped with multiple safety features, including over-current, over-voltage, and temperature control, ensuring safe and reliable charging for all your devices, from smartphones to dash cams. About Lisen Lisen is a leading provider of high-quality consumer electronics, specializing in car chargers, phone accessories, and other innovative products designed to improve the mobile experience. With a focus on advanced technology, durability, and customer satisfaction, LISEN continues to deliver cutting-edge solutions to users worldwide. For more products, visit Lisen Amazon Store. Contact: LisenMedia, LisenTech@gmail.com
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GM Korea Reports January Sales of 31,618 Units
Seoul – GM Korea sold 31,618 units in January, with 1,229 units sold domestically and 30,389 units exported. GM Korea's overseas sales totaled 30,389 units. The Chevrolet Trax Crossover, including its derivative models, were a major contributor to this performance by selling 20,867 units in January. Additionally, the Chevrolet Trailblazer (including derivative models) recorded total global sales of 9,522 units last month. The Trax Crossover is Chevrolet’s entry-level model that redefines crossover vehicles, offering a spacious interior, new features, and a contemporary, stylish design. The Trailblazer has consistently proven its popularity globally, thanks to its sophisticated design and outstanding value for money. GM Korea’s sales in Korea in January reached 1,229 units, with the Chevrolet Trax Crossover leading sales at 953 units. Furthermore, the Chevrolet Tahoe saw a year-over-year sales increase of 100% in January, reflecting a positive market response. The Tahoe is Chevrolet’s flagship SUV, embodying the brand’s heritage and expertise in SUV development while delivering an authentic Chevrolet SUV experience. “Despite the conditions during off-season and fewer business days due to the Lunar New Year holiday, our strategic models have continued to receive steady support from both domestic and overseas customers,” said GM Korea Vehicle Sales and Service Vice President Gustavo Colossi. “In February, we will actively carry out marketing initiatives through various purchase benefits, such as zero-interest installments, to expand our extensive engagement with consumers.” GM is running a special promotion throughout February, offering various benefits to Korean customers. GM is providing a range of installment programs, including interest-free installment plans, as well as lump-sum purchase benefits and cash incentives, for customers purchasing the Chevrolet Trax Crossover, Trailblazer, and Colorado, and GMC Sierra. *Cadillac performance is excluded from the monthly performance of GM Korea.
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Giti Tire Powers the Return of Singapore Touring Car Challenge 2025 as the Official Tire Supplier
SINGAPORE, Feb. 3, 2025 /PRNewswire/ -- Singaporean Global Tire Company, Giti Tire, proudly announces its role as the official race tire for the highly anticipated 2025 Singapore Touring Car Challenge (STCC), organised by Motor Sports Singapore (MSS). This adrenaline-fueled event marks the return of circuit racing for Singapore race license holders after nearly a decade. Singapore Tire Company, Giti Tire, is Official Race Tire provider for the Singapore Touring Car Challenge 2025. Photo Credit: Motor Sports Singapore (MSS) Scheduled to take place from March 13 to 15, 2025, at the Sepang International Circuit, the STCC 2025 will be a support race for the Motul Sepang 12 Hours Endurance Race. All participating vehicles in the Touring and Production Classes will race exclusively on GitiCompete GTR2 Pro UHP tires, ensuring a competitive and dynamic racing experience driven by Giti's commitment to performance and motorsport excellence. This initiative aligns with Giti's mission to develop its products and technologies through extreme real-life testing during these exhilarating motorsport events. "Proudly calling Singapore home to our global headquarters, Giti Tire is honoured to have the chance to support the development of local talent in the field of motorsport," commented Mr Nik Goh, Sales and Marketing Manager for ASEAN, Oceania and Sri Lanka at Giti Tire. "It is truly exciting to be a part of making motorsports more accessible to Singaporeans and bringing performance and safety on the tracks to the region." Giti reinforces its commitment to developing cutting-edge tire technology that enhances both safety and performance on the track, continually developing better high-performance racing tires to races around the world like the STCC grid. Spectators can look forward to an exciting lineup of race-ready vehicles, including circuit legends like the Honda Civic Type R, modern sports cars such as the Toyota GT86 and Subaru BRZ, and finely tuned family favourites like the Honda Jazz/Fit and Suzuki Swift. Through its involvement in STCC 2025 and similar events, Giti looks to fuel the passion for motorsport while inspiring the next generation of racers in Singapore and beyond. About Giti Tire Giti Tire is a Singaporean global tire manufacturer with a strong presence in motorsports, Original Equipment Manufacturing, and consumer markets all around the world. With an unwavering focus on innovation, safety, and performance, delivering high-quality products designed for both everyday drivers and professional racers. Founded in 1993 and headquartered in Singapore, the company has grown to around 27,000 global employees and distributes to more than 130 countries. Giti Tire has R&D facilities in Germany, China, Indonesia, and the USA, that work together to accelerate the development of technology for better performance and safety on track and streets. For more information on Giti Tire, visit www.giti.com.
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ZEEKR Announces January 2025 Delivery Update
HANGZHOU, China, Feb. 1, 2025 /PRNewswire/ -- ZEEKR Intelligent Technology Holding Limited ("ZEEKR" or the "Company") (NYSE: ZK), a global premium electric mobility technology company, today announced its delivery results for January 2025. ZEEKR delivered 11,942 vehicles in January 2025. As of the end of January 2025, ZEEKR's cumulative deliveries reached 430,698. At CES 2025 in Las Vegas, ZEEKR announced various key advancements spanning strategy, technology, and product offerings. Highlights included a collaboration with Qualcomm Technologies, Inc. to spearhead innovation in intelligent cockpit development. This partnership underscores ZEEKR's dedication to providing cutting-edge driving experiences. ZEEKR also introduced the world's first OEM-produced, self-developed intelligent driving domain controller based on NVIDIA DRIVE AGX Thor, a testament to the Company's commitment to autonomous driving technology. Further solidifying its position in the EV charging infrastructure, ZEEKR announced the rollout of ZEEKR Energy's overseas 800V ultra-fast charging network. Finally, ZEEKR generated excitement for the future mobility with the announcement of ZEEKR RT, the world-first mass-produced purpose-built vehicle for autonomous mobility with deliveries slated to begin in 2025. About ZEEKR ZEEKR (NYSE: ZK) is a global premium electric mobility technology brand from Geely Holding Group. ZEEKR aims to create a fully integrated user ecosystem with innovation as a standard. ZEEKR utilizes Sustainable Experience Architecture (SEA) and develops its own battery technologies, battery management systems, electric motor technologies, and electric vehicle supply chains. ZEEKR's value is equality, diversity, and sustainability. Its ambition is to become a true mobility solution provider. ZEEKR operates its R&D centers and design studios in Ningbo, Hangzhou, Gothenburg, and Shanghai and boasts state-of-the-art facilities and world-class expertise. Since ZEEKR began delivering vehicles in October 2021, the brand has developed a diversified product portfolio that primarily includes the ZEEKR 001, a luxury shooting brake; the ZEEKR 001 FR, a hyper-performing electric shooting brake; the ZEEKR 009, a pure electric luxury MPV; the ZEEKR 009 Grand, a four-seat ultra-luxury flagship MPV; the ZEEKR X, a compact SUV; the ZEEKR 7X, a premium electric five-seater SUV; the ZEEKR MIX; and an upscale sedan model. ZEEKR has announced plans to sell vehicles in global markets, and has an ambitious roll-out plan over the next 5 years to satisfy the rapidly expanding global EV demand. For more information, please visit https://ir.zeekrlife.com/. Safe Harbor Statement This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "future," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to," or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law. Investor Relations Contact In China: ZEEKR Intelligent Technology Holding LimitedInvestor RelationsE-mail: ir@zeekrlife.com Piacente Financial CommunicationsTel: +86-10-6508-0677E-mail: zeekr@thepiacentegroup.com In the United States: Piacente Financial CommunicationsBrandi PiacenteTel: +1-212-481-2050E-mail: zeekr@thepiacentegroup.com
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Fifth Porsche Charging Lounge opens in Hamburg
Another Porsche Charging Lounge started operations today right next to the "Porsche Approved Service Center" (PASZ) in Hamburg-Rahlstedt. The location is close to the A1 motorway, so it not only opens up northern Germany, but is also conveniently located for holidaymakers on their way to and from the Baltic Sea. All of the sports car manufacturer's electric models can be supplied with electricity from renewable energy sources around the clock. A total of four DC fast-charging stations with up to 400 kW charging capacity are available on site. Fully electric Porsche vehicles can therefore exploit their fast-charging potential there: a current generation Taycan, for example, can be charged from ten to 80 percent state of charge (SoC) in 18 minutes. The fast-charging station in the northeast of the Hanseatic city is the fifth exclusive location. The other charging lounges are located in Bingen am Rhein, Estenfeld near Würzburg, Koblach (Austria) and Ingolstadt. Outside, seating with recessed speakers underline the comfort requirement. In addition to coffee, the new lounge also offers a well-stocked selection of soft drinks and snacks, a water dispenser and a modern sanitary room. There is also a high-performance WiFi connection available. New concept takes sustainability requirements into account In collaboration with Studio F.A. Porsche, Porsche has developed a modular concept for the exclusive fast-charging stations, which was implemented for the first time in Hamburg. This approach combines the uniform design language of all Porsche Charging Lounges with a design adapted to the respective property shape, and flexible extensions are also possible. The foundation is made of concrete. However, this material is largely avoided in the modules. They are mostly made of steel, stainless steel, wood and stone with a partner of Porsche based in Baden-Württemberg using electricity from renewable energies. A heat pump heats and air-conditions the Porsche Charging Lounge. It´s partly supplied by the photovoltaic system on the roof. The digital building management optimizes power consumption and, for example, automatically dims the lighting when there are no guests on site. Easy to reach, convenient processing The Porsche Charging Lounges are easy to reach because they are displayed in Porsche Communication Management (PCM) and in the My Porsche app. A Porsche ID is required to gain access to the charging stations and the lounge area. If the license plate is also linked to the Porsche ID, the barrier opens automatically using license plate recognition. The vehicle license plate can be conveniently saved in the My Porsche app. Alternatively, the customer can easily access the location and the lounge using the Porsche Charging Card or a QR code from the My Porsche app. Billing after a charging stop is done centrally via the Porsche Charging Service, but payment is also possible ad hoc.
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Naas Technology Inc. Completes China's First Carbon Emission Reduction Credit Transaction in EV Charging Space, Pioneering Opportunities in Susta
BEIJING, Jan. 30, 2025 /PRNewswire/ -- NaaS Technology Inc. (Nasdaq: NAAS) ("NaaS" or the "Company"), the first U.S.-listed EV charging service company in China, recently announced successful completion of China's first-ever carbon emission reduction credit transaction in the electric vehicle (EV) charging arena. In partnership with Hubei Zhongtan Asset Management Co., Ltd. ("Zhongtan Asset Management"), NaaS facilitated the sale of 1,962 tons of carbon emission reductions generated from EV charging adoption. This milestone transaction establishes a new benchmark in deploying green mobility and advancing carbon neutrality. Since 2021, NaaS has been at the forefront of integrating carbon reduction into EV charging sector. The Company launched its industry-first EV charging carbon account, enabling EV users to track and redeem carbon points earned from daily charging activities. These carbon credits, including 1,962 tons generated between September 24 and October 29, 2024, were collected via Kuaidian platform, NaaS's strategic partner. Through the Kuaidian app, mini-programs, and third-party portals, EV users can authorize their accounts to engage in green mobility initiatives. This process allows users to accumulate carbon reduction points that can be redeemed for incentives such as charging fee discounts, generating a positive closed-loop ecosystem of green mobility and carbon reduction transactions to further motivate EV users. As of June 30, 2024, over 800,000 users have selected carbon accounts, showcasing the platform's leadership in contribution to environmental sustainability. Ms. Yang Wang, Chief Executive Officer of NaaS, commented: "Our execution of this inaugural transaction proves the viability and the market potential of EV charging carbon credits for our current and potential users. By leveraging our scalable platform and partnerships, we are driving business growth while combating climate changes. Looking ahead, NaaS remains committed to expanding our carbon reduction initiatives and accelerating the adoption of green mobility solutions. With significant growth potential in EV charging carbon credits, we are poised to play a key role in leading transportation decarbonization and advancing China's carbon neutrality targets for environmental protection." About NaaS Technology Inc. NaaS Technology Inc. is the first U.S. listed EV charging service company in China. The Company is a subsidiary of Newlinks Technology Limited, a leading energy digitalization group in China. The Company provides one-stop solutions to energy asset owners comprising charging services, energy solutions and new initiatives, supporting every stage of energy assets' lifecycle and facilitating energy transition. Safe Harbor Statement This press release contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "will," "expects," "believes," "anticipates," "intends," "estimates" and similar statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. All information provided in this press release is as of the date hereof, and the Company undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: NaaS' goals and strategies; its future business development, financial conditions and results of operations; its ability to continuously develop new technology, services and products and keep up with changes in the industries in which it operates; growth of China's EV charging industry and EV charging service industry and NaaS' future business development; demand for and market acceptance of NaaS' products and services; NaaS' ability to protect and enforce its intellectual property rights; NaaS' ability to attract and retain qualified executives and personnel; the COVID-19 pandemic and the effects of government and other measures that have been or will be taken in connection therewith; U.S.-China trade war and its effect on NaaS' operation, fluctuations of the RMB exchange rate, and NaaS' ability to obtain adequate financing for its planned capital expenditure requirements; NaaS' relationships with end-users, customers, suppliers and other business partners; competition in the industry; relevant government policies and regulations related to the industry; and fluctuations in general economic and business conditions in China and globally. Further information regarding these and other risks is included in NaaS' filings with the SEC. For investor and media inquiries, please contact: Investor RelationsNaaS Technology Inc.E-mail: ir@enaas.comMedia inquiries:E-mail: pr@enaas.com
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SMMT - Vehicle production dips amid EV transformation and intense market pressure
British vehicle production slips -11.8% to 905,233 units in 2024, with cars down to 779,584, as industry continues transformation to EV production. 4.0% growth in commercial vehicle production fails to offset -13.9% decline in car output. Potential to surpass one million cars and light vans in 2028 if markets improve and model launches stay on track. Sector calls for government to fast track industrial and trade strategies for automotive manufacturing. LONDON, Jan. 30, 2025 /PRNewswire/ -- UK vehicle production dipped below one million units in 2024, according to the latest figures published today by the Society of Motor Manufacturers and Traders (SMMT). Factories turned out 779,584 cars and 125,649 commercial vehicles (CVs), a total of 905,233 units and -11.8% lower than in 2023. While CV output grew by 4.0%, its best level since 2008, multiple factors impacted car volumes, with the end of production for some long running models as factories retooled for EVs, weakness in key global markets, and a slowdown in the transition to electrification amid tough economic conditions. Top UK Car Exports 2024 Following a slew of restructuring announcements across the UK and Europe, reflecting the challenges of moving from ICE to EV production, December rounded off 10 consecutive months of decline for British car production, with output down -27.1% to 45,022 units. Over the year, car production fell -13.9%, with output for the UK market down by -8.0% to 176,019 units, while exports declined -15.5% to 603,565 units. Nearly eight-in-10 cars produced were destined for export last year, with 77.5% (467,937 units) shipped to the top three markets: the EU (54.0%), US (16.9%) and China (6.6%). Exports to the EU and China were down -24.3% and -21.8% respectively, but those to the US rose 38.5%, emphasising the need for supportive trading conditions across the Atlantic. Turkey and Japan rounded off the UK's top five global export markets, followed by Australia, Canada, South Korea, UAE and Israel. Given the wholesale transformation underway at many car factories, a decline in battery electric (BEV), plug-in hybrid (PHEV) and hybrid (HEV) vehicle output was expected. Volumes of these electrified technologies fell to 275,896 units, down -20.4% on the year before but still accounted for 35.4% of overall output and the second highest on record. With more than £20 billion worth of investment announced in 2023 and a further £3.5 billion in 2024 to drive the UK's transition to EV production, the decline will be temporary.1 Mike Hawes, SMMT Chief Executive, said, "Amid significant geopolitical and trade tensions, UK manufacturers are set on turning billions of pounds of investment into production reality, transforming factories to make new electric vehicles for sale around the world. Growing pains are inevitable, so the drop in volumes last year is not surprising. With new, exciting models and battery production on the horizon, the potential for growth is clear. Securing this future, however, requires industrial and trade strategies that deliver the competitive conditions essential for growth amidst an increasingly protectionist global environment." The latest independent production outlook expects UK car and light van production to be around 839,000 units in 2025 before rising to 930,000 units in 2027, with the potential to get above one million units in 2028, and over 1.1 million by 2030.2 This is, however, dependent on global car and van market demand improving, positive economic conditions and greater consumer confidence, and the delivery of the competitive conditions necessary to ensure zero emission model launches stay on track. Realising this ambition and unlocking future growth will require an industrial strategy with advanced automotive manufacturing at its heart, enabling innovation, attracting investment and supporting the country's highly skilled workforce. Equally important is a healthy domestic market, given manufacturers build close to where they sell, as well as strong overseas demand, notably for electrified vehicles which the sector, and government, has committed billions to making. The industry, therefore, needs market regulation that reflects the reality of natural demand and a fiscal framework that incentivises consumers to buy these new vehicles that are fundamental to the achievement of our shared net zero ambitions. This must be aligned with an ambitious trade strategy that maintains a tariff-free enhanced trade partnership with the EU, and balanced, commercially meaningful trade agreements and critical minerals agreements with existing and new trading partners. The right strategies will help secure the sector's position as a £100 billion global trade hub, with the potential to deliver £50 billion in UK growth over the coming decade, supporting government's economic, societal and environmental ambitions.3 Notes to editors 1: SMMT calculations based on publicly announced investment commitments, public and private, in UK automotive production and R&D in 2024.2: Based on independent production outlook produced by AutoAnalysis in November – cars and light vans only.3: SMMT Trade Snapshot 2024 and SMMT Vision 2035. About SMMT and the UK automotive industry The Society of Motor Manufacturers and Traders (SMMT) is one of the largest and most influential trade associations, representing the automotive industry in the UK. The automotive industry is a vital part of the UK economy, integral to growth, the delivery of net zero and the UK as a global trade hub. It contributes £93 billion turnover and £22 billion value added to the UK economy, and invests around £4 billion each year in R&D. With 198,000 people employed directly in manufacturing and some 813,000 across the wider automotive industry. The UK manufactures almost every type of vehicle, from cars, to vans, taxis, trucks, buses and coaches, as well as specialist and off-highway vehicles, supported by more than 2,500 component providers and some of the world's most skilled engineers. In addition, the sector has vibrant aftermarket and remanufacturing industries. The automotive industry also supports jobs in other key sectors – including advertising, chemicals, finance, logistics and steel. SMMT's Motor Industry Facts publication www.smmt.co.uk/reports/smmt-motor-industry-facts/ UK VEHICLE MANUFACTURING (data for December and FY 2024) Hi-res charts available via Dropbox: https://www.dropbox.com/scl/fo/a1iat513l4t5r3rkdb57o/AJw7kC6rKE9DvMm6-E_Amlo?rlkey=cy9q0ydz6sbov67itj36ki4v0&st=adloem9m&dl=0
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U Power and Ezzy Transporter Establish Joint Venture to Bring UOTTA Battery-Swapping Solutions to Thailand
Joint venture will facilitate customized production and sales of battery swapping vehicles to take advantage of Thailand's booming EV market SHANGHAI, Jan. 29, 2025 /PRNewswire/ -- U Power Limited (Nasdaq: UCAR) (the "Company" or "U Power"), a vehicle sourcing services provider with a vision to becoming a comprehensive EV battery power solution provider in China, today announced that it has signed a cooperation agreement with Ezzy Transporter (Thailand) Company Limited ("Ezzy Transporter") to establish Greendrive Tech Co. Ltd., ("Greendrive" or the "Joint Venture"), a joint venture company dedicated to the market expansion and sale of electric vehicles in Thailand. Per the agreement, Greendrive will work to integrate U Power's innovative UOTTA battery-swapping technology into a diverse fleet of custom vehicles in Thailand, including taxis, ride-sharing vehicles, and multipurpose pickup trucks. The Joint Venture will have a strategic focus on three core areas. First, it will specialize in customizing battery-swapping electric vehicles to meet specific customer requirements. Second, it will develop and implement comprehensive market strategies for the battery-swapping ecosystem within the taxi and ride-sharing sectors, including vehicle sales, battery-swapping station operations, and end-of-life vehicle recycling programs. Third, the Joint Venture will lead marketing initiatives for battery-swapping pickup trucks while establishing and expanding a robust dealer network within Thailand. These complementary business segments will position Greendrive to deliver integrated solutions across the electric vehicle value chain. Greendrive's initial production run, scheduled for completion in 2025, will deliver 2,000 custom-built taxis and multipurpose pickup trucks equipped with UOTTA technology. Going forward, U Power plans to collaborate with other strategic partners to invest in UOTTA battery swapping stations in Thailand, fully promoting the commercial operation of the UOTTA battery swapping model in the country. The Company's efforts will take advantage of the significant transition towards electric vehicles which is expected to occur in Thailand over the next several years. "As a Nasdaq-listed company, U Power has demonstrated exceptional innovation and reach with its UOTTA battery-swapping technology, offering an integrated vehicle and infrastructure solution perfectly suited for Thailand's unique market needs," said Wasan Pornpaisansak, Director of Ezzy Transporter. "With the total number of taxis and ride hailing services in Thailand exceeding 300,000 vehicles, and projections indicating that 50% of these will transition to electric vehicles in the next five years, we are looking at a huge market potential. However, the current charging infrastructure, primarily consisting of AC slow-charging stations, faces significant challenges including uneven distribution, parking space misuse, and reliability issues. These limitations severely impact the operational efficiency of commercial passenger and freight vehicles. We believe battery-swapping technology is the breakthrough solution to these challenges, and our partnership with U Power will significantly strengthen our position in Thailand's evolving electric vehicle landscape." "We believe that Thailand represents a strategic cornerstone of U Power's global expansion," said Li Jia, Chairman and CEO of U Power. "Our deep-rooted connections in the region, including our relationship with Xie Zhan of CP Group, have created a strong foundation for growth. Our partnership with Ezzy Transporter validates the increasing recognition of UOTTA's battery-swapping technology in the Thai market. Through our joint venture, we plan to deploy our universal battery-swapping stations and deliver customized electric vehicles across multiple segments, including taxis, ride-sharing services, and pickup trucks." "With Thailand's EV3.5 policy expected to drive 30-40% annual growth in electric vehicle adoption, we are perfectly positioned to address a critical market challenge," Jia continued. "The country's current infrastructure cannot adequately support the charging demands of commercial vehicles requiring multiple daily charges. Battery-swapping technology emerges as the most cost-effective and practical solution. We are confident this joint venture will generate significant interest in Thailand, and we are optimistic about the impact it will have on our business." About U Power Limited U Power Limited is a vehicle sourcing services provider, with a vision to becoming an EV market player primarily focused on its proprietary battery-swapping technology, or UOTTA technology, which is an intelligent modular battery-swapping technology designed to provide a comprehensive battery power solution for EVs. Since its operation in 2013, the Company has established a vehicle sourcing network in China's lower-tier cities. The Company has developed two types of battery-swapping stations for compatible EVs and is operating one manufacturing factory in Zibo City, Shandong Province, China. For more information, please visit the Company's website: http://ir.upincar.com/. Forward-Looking Statements This press release contains "forward-looking statements". Forward-looking statements reflect the Company's current view about future events. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "could," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "propose," "potential," "continue" or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the U.S. Securities and Exchange Commission. ContactU Power LimitedInvestor Relations DepartmentEmail: ir@upincar.com Robin Yang, PartnerICR, LLCEmail: UPower.IR@icrinc.comPhone: +1 (212) 475-0415
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Autozi Internet Technology (Global) Ltd. Announces Fiscal Year 2024 Financial Results and Files Its Annual Report on Form 20-F
BEIJING, Jan. 28, 2025 /PRNewswire/ -- Autozi Internet Technology (Global) Ltd. ("Autozi" or the "Company") (Nasdaq: AZI), one of the leading and fast-growing lifecycle automotive service providers in China, today announced its financial results for the fiscal year ended September 30, 2024. The Company also filed its annual report on Form 20-F for the fiscal year ended September 30, 2024 with the Securities and Exchange Commission (the "SEC") on January 27, 2025, U.S. Eastern Time. The annual report can be accessed on the SEC's website at www.sec.gov. Management Commentary Dr. Houqi Zhang, Founder, Chairman, and Chief Executive Officer of Autozi, commented. "As we conclude a successful fiscal year 2024, I am proud of Autozi's continued progress in advancing our supply chain digitalization platform, which is a core driver of our strategic transformation toward a more intelligent and light-asset business model. Leveraging cutting-edge technologies such as artificial intelligence, big data, cloud computing, and the Internet of Things, we have significantly enhanced our end-to-end digital integration, enabling more efficient collaboration and streamlined processes across the entire supply chain. In addition, we completed our initial public offering on the NASDAQ Global Market in August, further expanding our access to capital, heightening our brand visibility, and marking our entrance to the global stage." Dr. Zhang continued, "Looking ahead, our focus remains on empowering participants across the entire supply chain ecosystem by creating a direct-to-consumer network for auto service shops and car owners, offering seamless, convenient, and reliable one-stop lifecycle services. We are actively exploring opportunities to expand our multi-business ecosystem, pursuing strategic acquisitions in key verticals to strengthen our leadership in the industry. Meanwhile, we remain focused on maintaining stable profitability through disciplined cost management and operational efficiencies. We are also committed to continuing the optimization of our capital structure, ensuring a stronger financial position to support our long-term strategic objectives and create sustainable value for our shareholders." Fiscal Year 2024 Financial Results Revenues increased by 9.9% to $124.7 million in fiscal year 2024 from $113.5 million in the prior year. The Company's revenues were recognized in RMB and reported in U.S. dollar, and the depreciation of the RMB against the U.S. dollar during the fiscal year negatively impacted the reported year-over-year growth rate. On a constant currency basis in RMB terms, the Company's revenues grew by approximately 12.2% year over year. This growth was driven by the Company's strategic shift towards focusing on its auto parts and auto accessories sales segment, which more than offset declines in other business lines. With a continued emphasis on this high-margin, growth-oriented segments, Autozi remains well-positioned for future expansion and sustained improvement in its margin profiles. Revenues from auto parts and auto accessories sales increased significantly by 86.1% to $68.6 million in fiscal year 2024 from $36.8 million in the prior year as a result of successful market expansion and increased sales volume. The increase reflects the Company's ongoing efforts to refine its auto parts and accessories portfolio, establish new partnerships with new customers, and strengthen relationships with existing customers. Revenues from new car sales decreased by 24.3% to $55.8 million in fiscal year 2024 from $73.7 million in the prior year. During the fiscal year, the Company made a strategic decision to gradually scale back its focus on new car sales in response to increasing regulatory complexities, intensifying market competition, shrinking market demand, and decreasing margins in this segment. While the new car sales business continues to provide brand influence and market presence, supporting the broader auto parts and auto accessories operations, the Company does not expect significant future investment in this segment. This shift allows Autozi to prioritize its growth in higher-margin areas with stronger long-term potential. Revenues from automotive insurance-related services decreased to $0.4 million in fiscal year 2024 from $3.0 million in the prior year. This decrease was due to industry-wide regulatory changes that introduced new requirements, which led the Company to discontinue its insurance-related services at the end of fiscal year 2023. While automotive insurance may remain a potential component of our broader ecosystem in the future, any re-engagement in this area will be contingent upon identifying suitable strategic partnerships or acquisition opportunities that align with the Company's long-term growth objectives. Cost of revenues increased by 9.2% to $123.5 million in fiscal year 2024 from $113.0 million in the prior year. This increase reflects changes in the cost structure across various business segments, which are directly aligned with the revenue performance. Gross profit was $1.3 million for fiscal year 2024, an increase of $0.8 million from $0.5 million in fiscal year 2023. This represents a gross profit margin of 1.0% for fiscal year 2024, compared to 0.4% in the prior year. This improvement was primarily driven by stronger profitability in the auto parts and auto accessories sales segment, which reflects the Company's strategic focus on expanding this high-margin business. In fiscal year 2024, revenues from auto parts and auto accessories sales accounted for 55.0% of total revenues, up from 32.5% in fiscal year 2023. Furthermore, increased procurement efforts during the year allowed Autozi to leverage greater bargaining power with upstream suppliers, enhancing profitability in this segment. As a result, the gross profit margin for the auto parts and auto accessories sales segment improved from 1.0% in fiscal year 2023 to 1.8% in fiscal year 2024, underscoring the Company's successful execution of its strategic initiatives in this area. Operating expenses decreased by 14.3% to $6.7 million in fiscal year 2024 from $7.8 million in the prior year. This reduction was a direct result of the Company's ongoing efforts to optimize its cost structure, implement stringent expense control initiatives, and improve operational efficiencies. Sales and marketing expenses increased by 11.4% to $1.3 million in fiscal year 2024 from $1.1 million in the prior year. This increase was primarily attributable to higher market promotion expenses, as the Company strategically invested in business development initiatives to support the rapid growth of its auto parts and auto accessories sales segment. Additionally, the expansion of this segment required maintaining adequate inventory levels, leading to a corresponding rise in warehousing and logistics costs. However, these costs remained in line with revenue growth, underscoring the Company's disciplined approach to balancing investment and operational efficiency while driving long-term growth in its core business. General and administrative expenses decreased by 19.3% to $4.3 million in fiscal year 2024 from $5.4 million in the prior year. The reduction was primarily driven by a $1.6 million decrease in credit losses, which was a result of the full provision for expected losses related to amounts due from affiliated parties in fiscal year 2023. There was no such provisionin fiscal year 2024. This decrease was partially offset by a $0.6 million increase in staff costs, which were associated with bonuses paid to employees following the Company's successful Initial Public Offering during the fiscal year, and a $0.1 million increase in additional consulting and professional service fees as a public company. Research and development expenses decreased by 16.4% to $1.1 million in fiscal year 2024 from $1.3 million in the prior year. This decline was mainly the result of a $0.2 million reduction in staff costs, as the Company entered a more mature phase in the development of its service platform. With the initial R&D phase largely completed, the focus has shifted to platform maintenance and optimization, resulting in a stabilization of R&D expenses. Operating loss narrowed by 25.6% to $5.4 million in fiscal year 2024 from $7.3 million in the prior year. This improvement was a testament to the Company's continued efforts to optimize its cost structure, implement stringent expense control initiatives, improve operational efficiencies, and increase the revenue contribution from the higher-margin auto parts and auto accessories sales segment. Net loss was $11.1 million in fiscal year 2024, compared to a net loss of $10.5 million in fiscal year 2023. The increase in the net loss was primarily due to a $1.5 million increase in litigation-related costs, which primarily consisted of accrued penalties for the repurchase of mezzanine equity. While the Company has taken a prudent approach in accounting for this charge, it does not anticipate any actual cash impact. Excluding this charge, the company's net loss in fiscal year 2024 would have narrowed by 10.5% or $1.0 million to $8.1million. Full Financial Disclosure This press release provides a summary of Autozi's financial results for the fiscal year ended September 30, 2024. It is intended for informational purposes only and does not represent a complete or comprehensive overview of the Company's financial condition. For a detailed understanding of the Company's financial performance, results, and related implications, please refer to the Company's annual report on Form 20-F for fiscal year 2024, filed with the U.S. Securities and Exchange Commission. The Form 20-F contains the Company's audited financial statements, management's analysis, and other key disclosures necessary for a full evaluation of its financial position. Recent Business Developments Autozi's continued focus on digital transformation and its industry integration strategy has significantly contributed to the Company's strong performance and competitive advantage. These efforts have positioned Autozi as a leader in the automotive supply chain ecosystem, paving the way for consolidating this highly-fragmented market and long-term sustainable growth. The Company's supply chain platform has gained widespread market recognition for its advanced capabilities, including cutting-edge data analytics tools, automated processes, and intelligent inventory management. These innovations have significantly improved the efficiency and responsiveness of the supply chain, enabling the Company to better meet customer demands and streamline operations. In recent months, Autozi has forged partnerships with 12 provincial distributors, demonstrating its proactive approach to market expansion and its ability to deepen market penetration. These partnerships have broadened the Company's sales channels and increased market share across diverse regions. Additionally, the establishment of logistics partnerships in eight provinces has strengthened the Company's distribution network, enhancing its ability to provide faster and more reliable delivery services. The shared supply chain resources strategy has not only reduced operating costs but also improved service quality and customer satisfaction. As of September 30, 2024, the participants registered in our platforms included 3,410 auto parts and auto accessories manufacturers, 17,964 auto parts and auto accessories dealers and resellers, 79,351 service stores and garages owners. These achievements underscore the Company's ability to drive operational optimization and resource sharing through digitalization. The resulting expansion of its business scale and improvement in profitability reflect the success of these initiatives. With ongoing enhancements to its digital capabilities and an ever-growing network of partners, Autozi is well-positioned to continue delivering revenue and profit growth in the years to come. About Autozi Internet Technology (Global) Ltd. Autozi Internet Technology (Global) Ltd. is a leading, fast-growing provider of lifecycle automotive services in China. Founded in 2010, Autozi offers a comprehensive range of high-quality, affordable, and professional automotive products and services through both online and offline channels across the country. Leveraging its advanced online supply chain cloud platform and SaaS solutions, Autozi has built a dynamic ecosystem that connects key participants across the automotive industry. This interconnected network enables more efficient collaboration and streamlined processes throughout the entire supply chain, positioning Autozi as a key driver of innovation and growth in the automotive services sector. Forward-Looking Statements All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. These forward-looking statements speak only as of the date of this announcement, and the Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, as actual results may be impacted by a variety of factors, including without limitation, changes in macroeconomic conditions, industry dynamics, competitive landscape, regulatory requirements, the Company's ability to successfully implement its growth strategies and effectively manage costs and operations, and unforeseen business challenges. The Company encourages investors to review other factors that may affect its future results in the Company's registration statement, periodic reports, including its Annual Report on Form 20-F and Current Report on Form 6-K, and in its other filings with the SEC. Contact InformationThe Blueshirt GroupJack WangEmail: Jack@blueshirtgroup.co AUTOZI INTERNET TECHNOLOGY (GLOBAL) LTD. COMBINED AND CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS) (In U.S. dollars in thousands, except for share and per share data, or otherwise noted) For the years ended September 30, 2023 2024 Revenues 113,541 124,737 Cost of revenues (113,045) (123,484) Gross profit 496 1,253 Operating expenses Selling and marketing expenses (1,137) (1,267) General and administrative expenses (5,370) (4,335) Research and development expenses (1,314) (1,098) Total operating expenses (7,821) (6,700) Operating loss (7,325) (5,447) Other income/(expense) Litigation related expenses (1,456) (2,969) Interest expenses, net (2,060) (2,707) Other income, net 214 17 Investment income 78 - Total other expenses, net (3,224) (5,659) Loss before income tax expenses (10,549) (11,106) Income tax expenses - - Net loss (10,549) (11,106) AUTOZI INTERNET TECHNOLOGY (GLOBAL) LTD. CONSOLIDATED BALANCE SHEETS (In U.S. dollars in thousands, except for share and per share data, or otherwise noted) As of September 30, 2023 2024 ASSETS Current assets Cash and cash equivalents 2,120 $ 1,972 Restricted cash - 501 Accounts receivable, net 132 417 Advance to suppliers, net 11,553 6,513 Inventories 889 3,270 Prepayments, receivables and other assets, net 1,803 8,120 Deferred offering cost 1,555 - Amounts due from related parties, net 403 294 Total current assets 18,455 21,087 Non-current assets Property, equipment and software, net 441 427 Operating lease right-of-use assets 139 343 Total non-current assets 580 770 TOTAL ASSETS 19,035 $ 21,857 LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY Current liabilities Short-term borrowings 5,739 8,131 Convertible bonds 4,180 4,346 Accounts payable 1,389 2,868 Deferred revenues 8,913 6,545 Accrued expenses and other current liabilities 11,485 17,189 Payable to redeemable non-controlling interests 14,893 16,616 Lease liabilities, current 352 530 Amounts due to related parties 478 767 Total current liabilities 47,429 56,992 Non-current liabilities Lease liabilities, non-current 17 42 Total non-current assets 17 42 TOTAL LIABILITIES 47,446 57,034 Mezzanine equity Redeemable principal interests (US$0.000001 par value; 28,900,700 and nil shares issued andoutstanding as of September 30, 2023 and 2024, respectively)* 118,860 - Total mezzanine equity 118,860 $ - Shareholders' deficit Ordinary shares (US$0.000001 par value; 500,000,000,000 and 500,000,000,000 shares authorized as of September 30, 2023 and 2024; 73,580,500 and nil shares issued and outstandingas of September 30, 2023 and 2024, respectively)* - - Class A ordinary shares (US$0.000001 par value; 480,000,000,000 and 480,000,000,000 shares authorized as of September 30, 2023 and 2024; nil and 70,386,100 shares issued and outstanding as of September 30, 2023 and 2024, respectively)* - - Class B ordinary shares (US$0.000001 par value; 20,000,000,000 and 20,000,000,000 shares authorized as of September 30, 2023 and 2024; nil and 34,595,100 shares issued and outstanding as of September 30, 2023 and 2024, respectively)* - - Subscription receivable - - Additional paid-in capital 4,579 84,824 Accumulated deficit
U Power Announces Closing of $5.0 Million Registered Direct Offering and Concurrent Private Placement
SHANGHAI, Jan. 28, 2025 /PRNewswire/ -- U Power Limited (Nasdaq: UCAR) (the "Company" or "U Power"), a vehicle sourcing services provider with a vision to becoming a comprehensive EV battery power solution provider in China, today announced the closing of its previously announced registered direct offering and concurrent private placement with certain institutional investors for the purchase and sale of i) 648,000 Class A ordinary shares (the "Class A Ordinary Shares") of the Company, par value $0.00001 per share (the "Shares"), ii) Pre-funded Warrants to purchase up to 393,668 Class A Ordinary Shares in the registered direct offering (the "Pre-funded Warrants"), and iii) warrants to purchase up to 1,562,502 Class A Ordinary Shares in the concurrent private placement (the "Common Warrants") at a combined offering price for each Class A ordinary share and accompanying Common Warrant of $4.80. The Pre-funded Warrants are exercisable immediately and at any time until all of the Pre-funded Warrants are fully exercised, at an exercise price of $0.0001 per Class A Ordinary Share. The Common Warrants are immediately exercisable, have an exercise price of $4.80 per share, and will expire five years from the date of issuance. The gross proceeds to the Company were approximately $5.0 million before deducting the placement agent's fees and other offering expenses. Additionally, certain existing Series A warrants to purchase up to an aggregate of approximately 100,000 Class A ordinary shares of the Company that were issued to such institutional investors in December 2023, at an exercise price of $120.00 per share, have been amended to have an exercise price of $4.80 per share. Maxim Group LLC acted as the sole placement agent in connection with the offering. The Shares, the Pre-funded Warrants and the Class A Ordinary Shares issuable upon exercise of the Pre-funded Warrants described above were offered pursuant to a shelf registration statement on Form F-3 (File No. 333-282901) that was declared effective by the U.S. Securities and Exchange Commission (the "SEC") on November 8, 2024. The Common Warrants and the Class A Ordinary Shares issuable upon exercise of the Common Warrants were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933 (the "Act"), as amended, and Regulation D promulgated thereunder and have not been registered under the Act or applicable state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. A prospectus supplement relating to the sales of the Shares and the Pre-funded Warrants has been filed by the Company with the SEC and is available on the SEC's website at www.sec.gov. Electronic copies of the final prospectus supplement and the accompanying base prospectus may also be obtained from Maxim Group LLC at 300 Park Avenue, New York, NY 10022, by phone at (212) 895-3500 or e-mail at syndicate@maximgrp.com. About U Power Limited U Power Limited is a vehicle sourcing services provider, with a vision to becoming an EV market player primarily focused on its proprietary battery-swapping technology, or UOTTA technology, which is an intelligent modular battery-swapping technology designed to provide a comprehensive battery power solution for EVs. Since its operation in 2013, the Company has established a vehicle sourcing network in China's lower-tier cities. The Company has developed two types of battery-swapping stations for compatible EVs and is operating one manufacturing factory in Zibo City, Shandong Province, China. For more information, please visit the Company's website: http://ir.upincar.com/. Forward-Looking Statements This press release contains "forward-looking statements." Forward-looking statements reflect the Company's current view about future events. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "could," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "propose," "potential," "continue" or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC. Contact U Power LimitedInvestor Relations DepartmentEmail: ir@upincar.com Robin Yang, PartnerICR, LLCEmail: UPower.IR@icrinc.comPhone: +1 (212) 475-0415
TuanChe Announces Adoption of DeepSeek R1 Model in its Holographic Image Creation Processes
BEIJING, Jan. 28, 2025 /PRNewswire/ -- TuanChe Limited (NASDAQ: TC) ("TuanChe" or the "Company"), a leading automotive marketplace platform, announced today its plan to adopt DeepSeek's newly released R1 model as the foundation for its holographic AI applications. This move aims to further strengthen TuanChe's technological capabilities in holographic digital content generation and interaction, providing users with a more immersive and intelligent holographic experience. The DeepSeek R1 model has significantly enhanced the deep reasoning abilities of large-scale models through a multi-stage loop training approach and has demonstrated outstanding performance in tasks such as mathematics, coding, and natural language reasoning. Notably, its breakthrough in reinforcement learning allows DeepSeek R1 to autonomously learn complex reasoning strategies through self-play and evolution, eliminating the need for large amounts of labeled data. TuanChe is committed to optimizing digital content creation efficiency and quality through advanced algorithms. The decision to integrate DeepSeek R1 into its holographic AI systems was driven by the model's superior reasoning capabilities and autonomous learning potential. TuanChe plans to integrate DeepSeek R1 into its holographic digital content generation and interaction platform. By leveraging R1's robust inference algorithms, TuanChe aims to optimize its holographic image creation processes. The deep learning capabilities of R1 enable more precise capture and reconstruction of 3D objects' geometric and texture details, delivering lifelike, highly detailed holographic visuals. Moreover, DeepSeek R1's open-source nature creates opportunities for enhanced collaboration and innovation. TuanChe intends to conduct secondary development and customization using R1's open-source code to address diverse customer needs across various applications. TuanChe stated that adopting DeepSeek R1 as the cornerstone of its holographic AI applications represents a pivotal step in the company's technological development. Moving forward, the Company will continue to increase its investments in artificial intelligence and holographic technologies, delivering innovative, practical solutions that provide users with an intelligent and immersive holographic experience. As TuanChe advances its integration of DeepSeek R1, it is expected to unveil more realistic, dynamic, and intelligent holographic digital content in the near future. About TuanChe Limited Founded in 2010, TuanChe Limited (NASDAQ: TC) is China's leading automotive marketplace platform. TuanChe is dedicated to connecting automotive consumers with manufacturers, dealers, and service providers. By integrating its digital platforms with offline sales events, TuanChe offers comprehensive automotive marketing and transaction services. Through its integrated marketing strategies, TuanChe transforms individual and independent car purchases into large-scale group buying experiences, using an interactive many-to-many model. Safe Harbor Statement This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company's business plans and development, business outlook, which can be identified by terminology such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law. Media Enquiries: Lydia Hulydia.hu@tuanche.com
U Power Announces Pricing of $5.0 Million Registered Direct Offering
SHANGHAI, Jan. 24, 2025 /PRNewswire/ -- U Power Limited (Nasdaq: UCAR) (the "Company" or "U Power"), a vehicle sourcing services provider with a vision to becoming a comprehensive EV battery power solution provider in China, today announced that it has entered into a securities purchase agreement with certain institutional investors to sell 1,041,668 Class A ordinary shares (or pre-funded warrants in lieu thereof) of the Company in a registered direct offering. In a concurrent private placement, the Company also agreed to issue and sell to the investors warrants to purchase up to 1,562,502 Class A ordinary shares. The combined effective offering price for each Class A ordinary share and accompanying warrant is $4.80. The warrants are immediately exercisable, expire five years from issuance, and have an initial exercise price of $4.80 per share, which exercise price is subject to standard adjustments for dividends, splits and similar events and is also subject to adjustment for certain dilutive issuances (as defined in the form of warrant). The gross proceeds to the Company from the registered direct offering and concurrent private placement are estimated to be approximately $5.0 million before deducting the placement agent's fees and other estimated offering expenses payable by the Company. The offering is expected to close on or about January 27, 2025, subject to the satisfaction of customary closing conditions. U Power has also agreed that certain existing Series A warrants to purchase up to an aggregate of approximately 100,000 Class A ordinary shares of the Company that were issued to such institutional investors on or around December 2023, at an exercise price of $120.00 per share, will be amended effective upon the closing of the offering so that the amended warrants will have an exercise price of $4.80 per share. Maxim Group LLC is acting as the sole placement agent in connection with the offering. The Class A ordinary shares are being offered pursuant to a shelf registration statement on Form F-3 (File No. 333-282901), which was declared effective by the U.S. Securities and Exchange Commission (the "SEC") on November 8, 2024. The offering of Class A ordinary shares will be made only by means of a prospectus supplement that forms a part of such registration statement. The warrants to be issued in the concurrent private placement and the Class A ordinary shares issuable upon exercise of such warrants were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the "Act"), and Regulation D promulgated thereunder and have not been registered under the Act or applicable state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. A prospectus supplement relating to the sales of Class A ordinary shares will be filed by the Company with the SEC. When available, copies of the prospectus supplement relating to the registered direct offering, together with the accompanying prospectus, can be obtained at the SEC's website at www.sec.gov or from Maxim Group LLC, 300 Park Avenue, New York, NY 10022, Attention: Syndicate Department, or via email at syndicate@maximgrp.com or telephone at (212) 895-3500. About U Power Limited U Power Limited is a vehicle sourcing services provider, with a vision to becoming an EV market player primarily focused on its proprietary battery-swapping technology, or UOTTA technology, which is an intelligent modular battery-swapping technology designed to provide a comprehensive battery power solution for EVs. Since its operation in 2013, the Company has established a vehicle sourcing network in China's lower-tier cities. The Company has developed two types of battery-swapping stations for compatible EVs and is operating one manufacturing factory in Zibo City, Shandong Province, China. For more information, please visit the Company's website: http://ir.upincar.com/. Forward-Looking Statements This press release contains "forward-looking statements." Forward-looking statements reflect our current view about future events. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "could," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "propose," "potential," "continue" or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC. Contact U Power LimitedInvestor Relations DepartmentEmail: ir@upincar.com Robin Yang, PartnerICR, LLC Email: UPower.IR@icrinc.com Phone: +1 (212) 475-0415