U POWER Tech Company Profile

Background

Overview

U POWER Tech is a global innovator in smart electric vehicle (EV) solutions, specializing in the development of advanced skateboard chassis technology. Established in 2021 with offices in Shanghai, China, and Silicon Valley, USA, the company aims to revolutionize the EV industry by providing modular, scalable platforms that accelerate vehicle development and reduce costs for automakers worldwide.

Mission and Vision

U POWER Tech's mission is to empower the global automotive industry by integrating the most competitive EV supply chain, enabling local manufacturers to produce customized and localized EVs more efficiently and cost-effectively. The company's vision is to lead the transformation of the EV sector through innovative platform solutions that cater to diverse market needs.

Primary Area of Focus

The company's primary focus is on developing and providing skateboard chassis platforms, known as the UP Super Board, which serve as the foundational base for various EV models, including sedans, SUVs, and commercial vehicles. This approach allows automakers to expedite the development process by decoupling the upper and lower body design phases, thereby reducing time-to-market and development costs.

Industry Significance

U POWER Tech's innovative approach addresses key challenges in the EV industry, such as lengthy development cycles and high production costs. By offering a standardized platform, the company facilitates faster and more flexible vehicle development, contributing to the widespread adoption of electric mobility solutions.

Key Strategic Focus

Core Objectives

• Accelerate EV Development: By providing a modular chassis platform, U POWER Tech enables automakers to shorten development timelines by 6 to 12 months.

• Cost Reduction: The standardized platform reduces R&D expenses by up to 30%, making EV production more accessible for manufacturers.

• Global Expansion: The company aims to establish a strong presence in key markets, including North America, Europe, and Asia, through strategic partnerships and localized production.

Specific Areas of Specialization

• Skateboard Chassis Technology: U POWER Tech specializes in the development of skateboard chassis platforms that integrate core EV capabilities, including electric propulsion, suspension, steering, thermal management, and advanced driver assistance systems (ADAS).

• Modular Vehicle Platforms: The company offers flexible and customizable platforms that can be adapted for various vehicle types, from passenger cars to commercial vans, catering to diverse market requirements.

Key Technologies Utilized

• Chassis-By-Wire Systems: U POWER Tech employs chassis-by-wire technology, allowing for precise control and customization of vehicle dynamics, enhancing performance and safety.

• Integrated Vehicle Control Architecture: The company utilizes a ring-network-based communication and control architecture (CCCA) with a pluggable design, facilitating seamless integration and scalability of vehicle systems.

Primary Markets or Conditions Targeted

• Automotive Manufacturers: U POWER Tech targets global automakers seeking efficient and cost-effective solutions for EV development.

• Commercial Vehicle Operators: The company provides platforms tailored for urban logistics and specialty commercial vehicles, addressing the growing demand for electric commercial transportation.

Financials and Funding

Funding History

U POWER Tech has secured significant funding from various investors to support its growth and technological advancements.

Total Funds Raised

The company has raised over CNY 100 million in Series B funding as of May 2023.

Specifics of Recent Funding Rounds

• Series B Funding (May 2023): U POWER Tech raised more than CNY 100 million, with participation from new investor Guangdong Dongchuang Investment Holdings and returning investors CCV, Matrix Partners China, and ZhenFund.

Notable Investors

• Guangdong Dongchuang Investment Holdings: A new investor in the Series B round.

• CCV: A returning investor.

• Matrix Partners China: A returning investor.

• ZhenFund: A returning investor.

Intended Utilization of Capital

The raised capital is intended to support U POWER Tech's research and development efforts, expand its manufacturing capabilities, and facilitate global market expansion, particularly in North America, Europe, and Asia.

Pipeline Development

Key Pipeline Candidates

• UP VAN: An all-electric van designed for urban logistics, featuring a large payload capacity and a range of 171 miles on a single charge. Deliveries are scheduled to begin in the second half of 2024.

• UP Chassis Cab: A versatile platform designed for easy upfitting, meeting rigorous European crash standards, and providing a smart, flexible solution for businesses seeking rapid electrification of their fleets.

• UP Chassis: A highly adaptable platform designed for multiple duty cycles and applications, enabling fully electric, purpose-built solutions for demanding end-users.

Stages of Product Development

• UP VAN: The vehicle has completed initial development and is in the pre-production phase, with deliveries slated to commence in the latter half of 2024.

• UP Chassis Cab and UP Chassis: Both platforms are in the development stage, with prototypes expected to be available for testing in the near future.

Target Conditions

• Urban Logistics: The UP VAN is specifically designed to address the needs of urban delivery services, offering efficient and reliable transportation solutions.

• Fleet Electrification: The UP Chassis Cab and UP Chassis platforms cater to businesses seeking to electrify their vehicle fleets, providing customizable and scalable solutions.

Relevant Timelines for Anticipated Milestones

• Second Half of 2024: Scheduled delivery of the UP VAN to initial customers.

• 2025: Expected availability of UP Chassis Cab and UP Chassis prototypes for testing and evaluation.

Technological Platform and Innovation

Proprietary Technologies

• UP Super Board: A mass-producible, fully integrated skateboard chassis that serves as the foundation for various EV models, integrating core capabilities such as electric propulsion, suspension, steering, thermal management, and advanced driver assistance systems.

• UP HPVC (High Performance Vehicle Computer): An open automotive supercomputing platform with flexible computing power, developed in collaboration with partners like NVIDIA and Renesas Electronics, enabling scalable and adaptable vehicle intelligence.

Significant Scientific Methods

• Chassis-By-Wire Systems: Utilizing chassis-by-wire technology allows for precise control and customization of vehicle dynamics, enhancing performance and safety.

• Integrated Vehicle Control Architecture: The ring-network-based communication and control architecture (CCCA) with a pluggable design facilitates seamless integration and scalability of vehicle systems.

AI-Driven Capabilities

• Advanced Driver Assistance Systems (ADAS): The UP Super Board integrates Level 2+ ADAS, providing features such as adaptive cruise control, lane-keeping assist, and automated emergency braking, enhancing vehicle safety and driver assistance.

Leadership Team

Key Executive Profiles

• Paul Li: Founder and CEO of U POWER Tech. With a background in automotive and technology sectors, Paul has been instrumental in establishing the company's vision and strategic direction.

• Yao Zhai: Co-founder and General Manager of U POWER Tech North America. Yao leads the company's expansion efforts in the North American market, focusing on partnerships and customer engagement.

• Kai Schade: Vice President of ADAS and Vehicle Control Systems, responsible for the development and integration of advanced driver assistance technologies within the UP Super Board platform, driving innovation in vehicle safety and autonomous capabilities.