Search History
Popular Searches
English
Dealer Login / Sign Up
U Power is a new type of smart electric vehicle company in China centered on skateboard chassis technology.The company was founded in April 2021, and founder Li Peng served as Vice President of Great Wall Motor and head of the high-end electric vehicle brand "Sailun".U Power is headquartered in Hefei, Anhui, with R&D institutions in Shanghai and Chongqing, and an office in Silicon Valley, USA.
U Power's business model is "building cars for scenarios" -- providing standardized UP Super Chassis and integrated hardware-software solutions, empowering global EV players to build cars.Unlike brands like Rivian, U Power does not target the C-end market, it positions itself as a B2B service provider, with main businesses including standardized chassis supply, whole vehicle customization development, core system technology output and technical services.
Founding and Early Financing (2021)
In April 2021, Li Peng officially founded U Power Technology. The company completed three rounds of financing in just half a year: in May, it raised tens of millions of yuan in an angel round from individual investors such as Yu Kai from Horizon; in August, it raised hundreds of millions of yuan in a Pre-A round from investors including Matrix Partners China and ZhenFund; and in October, it raised tens of millions of yuan in a Pre-A+ round from Bopeng Capital. In November of the same year, Rivian ignited the skateboard chassis concept with $12 billion in financing on NASDAQ, becoming a key market catalyst for U Power's development.
Technology Release and Product Debut (2022-2023)
In the second year of its establishment, the company released two major products: the UP Super Chassis and the UP SPACE Super Cabin. In March 2023, it officially released China's first mass-produced full-wire-controlled skateboard chassis. In September of the same year, the first whole vehicle product based on this chassis, the U Power Super VAN, debuted globally, receiving orders domestically and internationally that year. In May, the group headquarters was officially established in Feixi, Hefei.
Strategic Cooperation and Mass Production Breakthrough (2024)
U Power completed key layouts across the entire value chain. The electric urban logistics vehicle co-operated with Xiamen Golden Dragon obtained EU WVTA certification, becoming its "passport" to enter the European market. It delivered the first batch of customized chassis to the US new car maker Olympian Motors. Revenue reached tens of millions of yuan that same year, and the Super VAN received over 53,000 units in orders from North America, Europe, China, and other regions. In December, the company completed hundreds of millions of yuan in Series B financing, led by Hefei Industrial Investment, followed by Xuzhou Industrial Development Fund and Bopeng Capital.
Global Market Expansion Acceleration (2025-Present)
In 2025, U Power shifted its focus to capacity expansion and international order delivery. Funds from the Series B financing will be used for Super VAN mass production and capacity expansion. The company reached strategic cooperation with the African royal enterprise Majesty Group, providing customized Mini-buses for Ghana based on the UP Super Chassis to help build Ghana's national auto brand, COWRY (Shell Brand). The company continues to expand its global business, with a 2025 target revenue of nearly 1 billion RMB.
U Power's core product is the UP Super Chassis, from which various scenario-based whole vehicles are built. Currently, the company has applied for 255 patents in China and the US (with 139 authorized), employs nearly 200 staff, and has R&D personnel accounting for 90% of its workforce.
UP Super Chassis (Core Product)
This chassis highly integrates systems such as power, transmission, braking, and steering into a standardized platform. It is constituted based on the UP CCCA communication computing and control architecture and UP VMC integrated motion domain control technology. The chassis applies four frontier technologies: CTC battery technology, a high-integration thermal management system, full-wire-controlled chassis technology, and a pluggable ring network EEA electronic architecture. It is designed with a range of over 1000 km and computing power of over 1000 TOPS, meeting future L4 and above autonomous driving requirements. Compared to traditional platforms, new model development cycles can be shortened by 6 to 12 months, and R&D costs can be reduced by up to 60%.
Super VAN Series
As U Power's first whole-vehicle-level product, the Super VAN is an electric urban logistics vehicle built on the Super Chassis. It has completed China Ministry of Industry and Information Technology announcement qualifications, EU WVTA certification, and US WMI certification. The vehicle was developed in cooperation with Xiamen Golden Dragon and debuted at the German Hanover IAA Expo, offering various customized versions.
Customized Whole Vehicle Solutions
U Power custom-develops vehicles for global partners under the "Powered by U POWER" model. Cases include supplying chassis to US Olympian Motors (for the Model O1 vehicle), customizing Mini-buses for Ghana to help build the local brand COWRY, and signing regional cooperation agreements with Japan G Three Holdings, Philippines ALACO Group, and Singapore FEST Electric Logistics Vehicle, among others.
Orders and Revenue
As of early 2024, the Super VAN had received over 53,000 orders from markets including North America, Europe, and China. Intent orders for 2025 exceed 140,000 units. Bopeng Capital disclosed that U Power is expected to deliver over 100,000 units of its global order backlog within the next five years. The company achieved revenue in the tens of millions of yuan in 2024. For 2025, the target is to deliver approximately 8,500 chassis and about 3,000 whole vehicles, with a targeted sales amount of 995 million yuan.
Customer Partners
The first partner under the "Powered by U POWER" model is Xiamen Golden Dragon, which adopted the U Power Super Chassis to develop urban logistics vehicles. Overseas partners include Olympian Motors (US), G Three Holdings (Japan), ALACO (Philippines), LUMOS (US), FEST Electric Logistics Vehicle (European market), and Majesty Group (Ghana, Africa), among others.
Industry Recognition
Bopeng Capital's Managing Partner evaluated that "U Power has achieved small-batch delivery and is at the leading position in the track." U Power ranks in the TOP 25 on the Innovative and Entrepreneurial Enterprise Potential List and has received honors such as the Technology-based Small and Medium Enterprise certification.
U Power's UP Super Chassis is built on four technical pillars:
Full-Wire-Controlled Chassis
This technology abandons traditional mechanical connections, controlling steering and braking through electronic signals. This allows for faster response speeds and provides the underlying foundation for realizing L4 autonomous driving.
CTC Battery System (Cell to Chassis)
The CTC system integrates battery cells directly into the chassis structure, achieving ultimate lightweighting and high space utilization.
High-Integration Thermal Management System
This system centrally controls battery thermal management, the cabin air conditioning system, and motor heat dissipation. It achieves precise allocation of energy consumption and optimizes overall energy management.
Pluggable Ring Network Electronic Electrical Architecture (EEA)
Built on the UP CCCA architecture, this system includes the UP Hub Super Hub, which supports data transmission from eight 8-megapixel cameras, and the UP HPVC Open Automotive Supercomputing Platform. Partners for the computing platform include Horizon, Nvidia, and Renesas. The architecture supports pluggable hardware and software, allowing different vehicle models to flexibly adapt to varying levels of intelligence.
U Power initiated its global layout immediately upon establishment, assembling a 20-person team in Silicon Valley.
North American Market: At the 2024 CES show, U Power delivered the first batch of UP Super Chassis to US Olympian Motors and signed a regional cooperation agreement with LUMOS. The company also obtained US WMI certification.
European Market: The Super VAN electric urban logistics vehicle obtained EU WVTA certification, debuted at the Hanover IAA Expo, and officially entered the European market.
African Market: In 2025, U Power cooperated with the African royal enterprise Majesty Group to customize Mini-buses for Ghana based on the UP Super Chassis. These vehicles are delivered via a KD (Semi-Knock-Down Assembly) local production mode, helping to build Ghana's national auto brand.
Asia-Pacific Market: The company signed regional cooperation agreements with Japan G Three Holdings, Philippines ALACO, and Singapore FEST logistics vehicles, covering core markets in Southeast Asia, East Asia, and other regions.
U Power is currently expanding its global map with the "GLOCAL - Local for Global" strategy, relying on the advantages of China's new energy vehicle industry chain and supply chain.
U Power Technology is transitioning completely from the technical verification stage to mass production scale. In the short term, the focus is on the mass production delivery and capacity ramp-up of the Super VAN, with a 2025 target of delivering over 10,000 chassis and whole vehicle products. In the medium to long term, product lines will expand into more categories such as electric off-road vehicles, commercial buses, and electric passenger cars.
Under the "Powered by U POWER" empowerment model, U Power uses the skateboard chassis as the core hardware carrier, connects global supply chain partners horizontally, and forms a replicable standardized service solution. In the future, U Power's business model will evolve from a "hardware supply chain" provider to a full-stack solution covering hardware, software, system services, and technology upgrades.
U Power is currently in the golden window period of the rapid rise of the skateboard chassis track. Research institutions predict that by 2030, the global skateboard chassis market size will reach $53.03 billion, with an annual compound growth rate as high as 22.7%. The company has built multiple defense lines in terms of funds, technology, orders, and global network. However, it also faces multiple challenges, such as competition from traditional chassis supplier giants, the need for improved market acceptance, and a significant gap in brand voice and production scale compared to leading vehicle manufacturing enterprises. Whether U Power can truly become the benchmark of the skateboard chassis track in China will be gradually revealed through its delivery performance from 2025 to 2026.
© 2024 Bitauto.com. All Rights Reserved.
Bitauto (www.yiche.com and www.bitauto.com) is one of the most visited automotive websites in China. We provide detailed info on Chinese car brands available in your area. Please note that the information provided on this website is based on publicly available data and is for reference only. It may not be fully updated or accurate at all times.
