U Power Limited Nasdaq: UCAR the Company or U Power, a provider of AI-powered solutions for next-generation energy grids and intelligent transportation systems, building on its proprietary UOTTA TM electric vehicle EV battery-swapping technology, today announced that its strategic energy and technology partner, UNEX EV B.V. UNEX EV, has signed a Letter of Intent the LOI with DiDi Mobility Information Technology, Pte. Ltd. Didi Mobility, a subsidiary of the leading mobility technology platform Didi Global Inc OTC: DIDIY, to deploy UOTTA TM battery-swapping vehicles for ride-hailing and car rental services in Mexico .
This LOI aims to promote the sales of UNEX EVs UOTTA TM battery-swapping vehicles to drivers registered on Didi Mobilitys fleet platform in Mexico . It also covers the sale of spare parts and the provision of maintenance services, with the goal of accelerating the green transformation of Mexicos transportation industry, enhancing energy efficiency and supporting the environmental protection initiative.
Specifically, upon the entering of a definitive agreement, UNEX EV will recommend and provide battery-swapping vehicle models suitable for Mexico market and establish a stable supply chain to ensure the delivery of these vehicles, spare parts and related services. Both parties will initiate collaboration on the cascade utilization and recycling of batteries, aiming to extend battery life through continuous technology innovation. Didi Mobility will support market expansion by encouraging drivers registered on its fleet platform to transition to new energy vehicles by raising awareness among ride-hailing drivers and car-rental customers. Both parties have agreed to deepen their collaboration and explore innovative models to expand this partnership into additional markets.
Mexico transportation landscape and EV market opportunities Mexico is actively reshaping its transportation landscape through electrification, integrated planning, and sustainable financing, setting a strong example in Latin Americas fight against climate change. With transport accounting for nearly 25 of national greenhouse gas emissions and over 90 of road transport emissions, the shift to electric mobility is supported by government-backed initiatives, such as the electrification of Mexico Citys Metrobus and the rollout of low-cost EVs priced as low as 4,400 .
Additionally, Mexico represents one of the most dynamic and high-potential ride-hailing markets in Latin America . According to the IMARC Group, the Mexico ride-hailing market reached 2.2 billion in 2024 and is projected to grow at a CAGR of 13.2, reaching a 7.5 billion in 2033. This momentum is being driven by a young, mobile-first population and an increasing demand for flexible, affordable, and sustainable transportation. With EVs expected to account for at least 30-40 of new ride-hailing and taxi vehicle purchases in 2027, the rollout of charging infrastructure is accelerating in key cities like Mexico City , Monterrey , and Guadalajara .