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U Power (NASDAQ:UCAR) stock is rising higher on Monday after the electric vehicle (EV) company announced plans to launch its commercial battery swap service.
A press release from U Power reveals that the company is going to launch this service sometime this month. The initial launch will focus on its operations in Wuhu, Anhui Province, China.
The battery-swapping service will be available for the roughly 800 customers in the region. This will be possible through the 60 power-swapping service points U Power intends to open.
Jia Li, CEO of U Power, said the following about the battery swap service:
“We have observed that the average daily mileage of a vehicle utilizing battery-swapping significantly surpasses that of vehicles which use traditional charging. This indicates that the battery-swapping model genuinely enhances the efficiency of our customers’ vehicles, allowing customers to spend less time charging and more time travelling.”
UCAR Stock Movement Today
News of the commercial battery swap service launch has investors excited. That has more than 4.7 million shares of the stock changing hands as of this writing. That’s well above its daily average trading volume of about 315,000 shares.
UCAR stock is up 69.2% as of Monday morning.
Investors looking for more of the most recent stock market stories are in luck!
We have all of the hottest stock market news worth reading about on Monday! That includes why shares of Longeveron (NASDAQ:LGVN) stock are up, the biggest pre-market stock movers and more. All of that info is available below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
