U Power (UCAR) reported a net loss of RMB 26.5 million for the first half of 2024, a significant increase from a loss of RMB 7.2 million recorded in the same period last year. The loss per share widened to RMB 7.42, up from RMB 6.88.
For the six-month period ending June 30, 2024, total revenues saw a substantial rise of 595.7% year-over-year, reaching RMB 13.2 million. Of this, product sales contributed RMB 12.4 million during the first half of the year.
Jia Li, CEO and Chairman of the Board, commented, "Our business realized a notable 595.7% increase in revenue during the first half of fiscal year 2024. This remarkable growth can be attributed to a surge in orders from both longstanding clients and new customers for our battery-swapping stations, as the economy continued to recover from the effects of the COVID-19 pandemic."