Why U Power (UCAR) Shares Are Surging Thursday

U Power Ltd. UCAR shares are surging higher on Thursday after the company announced it has entered into a strategic cooperation agreement with Quantum Solutions Co in Japan. 

The Details:

The cooperative agreement between China-based U Power and Quantum Solutions will allow U Power to develop business initiatives related to the research and development and marketing of electric vehicles, as well as new energy storage solutions including battery banks, battery-swapping operations and charging stations in Japan. 

Jia Li, director, chairman and CEO of U Power, commented, "This collaboration brings together our expertise in EV battery technology with Quantum Solutions' market presence in Japan’s EV market. Together, we aim to create a new benchmark in Japan's new energy technology and electric vehicle industry.  We anticipate the partnership will generate substantial value for our shareholders."

U Power is a China-based electric motor vehicle company primarily engaged in motor vehicle sourcing, as well as the research, development and sales of UOTTA-powered electric cars.

Quantum Solutions is a Japanese electric vehicle manufacturer and the first and only independent Japanese electric vehicle manufacturer listed on the Tokyo Stock Exchange.

See Also: Booming ADP Employment, Stable Unemployment Claims Set Stage For Friday's Key May Jobs Report

UCAR Price Action: 

According to Benzinga Pro, UCAR is currently halted and trading up over 175%, at $8.70, at the time of publication. The stock has been halted multiple times in Thursday's trading session.

Photo: Paul Brennan from Pixabay.