U Power Limited (Nasdaq: UCAR) ("U Power"), a vehicle sourcing services provider with a vision to becoming a comprehensive electric EV battery power solution provider in China, today announces that on May 15, 2024, the Company filed its 2023 annual report (20-F) with the U.S. Securities and Exchange Commission (the "SEC").
2023 Financial Highlights
- Total net revenues increased by 153.5% year over year to RMB19.8 million (US$2.8 million) in 2023.
- Gross margin increased to 61.6% in 2023 from 34.1% in 2022.
- Net loss narrowed by 55.8% to RMB25.5 million in 2023.
Mr. Jia Li, Chief Executive Officer and Chairman of the Board, commented, " As we transition from a vehicle sourcing business to providing comprehensive battery swapping solutions based on our proprietary UOTTA technology, we will focus on business development in the European, South American, and Southeast Asian markets. We will collaborate with our partners to promote our battery swapping stations, commercial electric vehicles, and related battery-swapping services, thereby bringing substantial value to our shareholders."
Annual Report
U Power's Form 20-F can be accessed by visiting either the SEC's website at www.sec.gov or the Company's website at https://ir.upincar.com. In addition, the Company's shareholders may receive a hard copy of the Form 20-F, which includes the Company's complete audited financial statements.
