By Colin Kellaher
U Power shares surged nearly 60% in early trading Thursday after the provider of vehicle-sourcing services said it inked a framework cooperation agreement with Japanese electric-vehicle maker Quantum Solutions.
Shares of Shanghai-based U Power, which hit a 52-week low of $2.98 on Wednesday, were recently changing hands at $4.91, up 58%.
U Power said it plans to work with Quantum to develop business initiatives relating to marketing, research and development of new energy vehicles, financial technologies, battery banks, EV charging, and battery-swapping operations and services in Japan.
U Power said the companies plan to recruit other partners in the field of new energy storage, such as battery developers, and that they may establish a joint venture to further pursue the cooperation.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
June 01, 2023 09:50 ET (13:50 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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