SHANGHAI, May 16, 2024 PRNewswire -- U Power Limited , 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 with the U.S. Securities and Exchange Commission .2023 Financial HighlightsTotal net revenues increased by 153.5% year over year to RMB19.8 million in 2023. Gross margin increased to 61.6% in 2023 from 34.1% in 2022.
Since its operation in 2013, the Company has established a vehicle sourcing network in China's lower-tier cities. The Company has developed two types of battery-swapping stations for compatible EVs and is operating one manufacturing factory in Zibo City, Shandong Province, China. For more information, please visit the Company's website: http:ir.upincar.com.Safe Harbor StatementsThis press release may contain 'forward-looking statements'.