U Power shares surge as it announces partnership with Quantum Solutions

U Power Ltd. UCAR shares have surged on Thursday after the company announced it had entered into a strategic cooperation agreement with Quantum Solutions Co in Japan.

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

This collaboration brings together our expertise in EV battery technology with Quantum Solutions' market presence in Japan's EV market, said Jia Li, director, chairman and CEO of U Power. We anticipate that the partnership will generate substantial value for our shareholders. U Power, a China-based electric motor vehicle company, focuses on sourcing, research, and sales of UOTTA-powered electric cars.

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

Booming ADP employment, stable unemployment claims set stage for Friday's key May jobs report.

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