A small Chinese start global home wants to throw a taxi revolution

The first to change this battery, the hundreds of networks planned for Hong Kong, the first aims to beat the heart of a bit-known starting city from Shanghai Ancient Taxi Navy to electrify.

The opportunity is great. Electric vehicles in Hong Kong make up only 4% of the city’s 119,000 trade vehicles, including taxis, buses and delivery van. For taxi, the EVS percentage is even lower. As of December 2024, Hong Kong had only 90 electric taxis in Kong, and 0.5% of the city of 18,163 licensed cabins. This is a more rigid contrast between the city’s personal Auto Fleet.

Hong Kong is a representative of a global phenomenon: more than 400 million trade vehicles in the world, less than 1%. San Francisco, Oslo and Amsterdam-electric taxis are also rare in cities with high-house reputation rates.

In theory, Hong Kong has a strong financial promotion to make taxi owners switch. Electric motors with less moving parts from internal combustion engines are cheaper to run and maintain. The last few researches are becoming an annual deposit of about $ 10,000 for more than 70% for gas-fired vehicles for EVS. The government of Hong Kong offers further impact: first registration taxes for electricity taxis, 45,000 Hong Kong dollars (about $ 5,750 dollars) were subsidized to the operators.

Still, the owners and drivers are careful. For trading tools, especially for taxis, every minute of my work means lost income. Ordinary home charger becomes very slow for high-use fleet. Hong Kong has more than 11,000 public homes, but about 2000, 30 to 60 minutes are able to restore batteries to 80%. The rest can take several hours to fill in a vehicle of most drivers.

As he pointed out, the average taxi driver wins 200 Hong Kong dollars (about $ 25) per hour: “Two hours are there? There are no way. These 400 (Hong Kong) has passed.” On top of that, many public charging stations apply to many public charging stations that further violate the economic work for the EVS.

Battery replacement stations can eliminate this working time, but a power can build this strength and convinces drivers to hug the model. The company hopes to have four stations in Hong Kong by the end of this year, and imagined a city network with more than 200 years.

Out of Hong Kong

Hong Kong has been tested in high profile, but has global ambitions. U capacity launched pilots in Singapore and Macau and has been actively spreading in Thailand, Mexico, Portugal and Peruvian. Li see Thailand and Mexico for promising due to large taxi fleet and high vehicles. Bangkok, marks, 80,000 taxis; There are more than 100,000 in Mexico.

In Thailand, last year, China’s largest cars and CP teams have signed a joint venture between the largest cars and the largest cars of Thailand and the CP group. The company aims to include battery change technology to MG taxis and walks. (Disclosure: Fortune‘s owner Chatchaval Jiaravanon is a member of the family that manages the CP group, and it is one of the greatest investors in the power.)

Ufect, Susco, Thailand, Thai oil and fuel salesman, and Japan’s Sumitomo Mitsui Auto Leasing & service created a joint venture with a fleet of modifids in the Phuket province.

And the company now says that this plans to transfer the operation headquarters from Bangkok from Shanghai to burn global expansion.

In Mexico, the company’s fleet operator partnered with a new energy to develop via visas-changed home taxis, buses and trucks and install pilot change stations in three major cities. Similar efforts are targeted in Lisbon and Lima, here the average fleet operators and delivery platforms.

Note that the power does not have plans to enter the two largest market in the world: the United States and China. Li, the United States is a home laggard, low urban density, fragmented infrastructure and an unexpected adjustment landscape for Chinese technological companies. It is also an expanding battery network and power network expanding battery, due to fierce competition, home employees and power charger, a wide range of ultra-speed charging.

The largest cities of China are exceptions to the gas-fired taxis for global dominance. Electric vehicles are more than 95% of taxi fleet in Beijing, Shanghai and Guangzhou. In Shenzhen, the widespread metropolis from Hong Kong, the authorities forced the city’s all taxi and bus fleets to electric vehicles by 2018.

A wild walk in Nasdaq

Global expansion plans of the UCA caused one of the most explosive post-IPO rallies in the NASDAQ history. When the company debuted in April 2023, the shares caused more than 600% of the opening day, more than one trade. Retail traders, whiskers were equipped with a Chinese home infrastructure game. The stock market, which trades under the moniker Ujar, collapsed in June in June. The end of the year, the shares dropped to $ 18. Over the past 52 weeks, the share price of the power has changed between $ 9.05 and 2.47, and the day-to-day variables are often more than 10% more than 10%. Currently, currently under $ 4.00 and more than 50% trades below date. No big Wall Street analyst is currently watching Ujar.

The landfill of the UPC reflects the skepticism on the expediency of the Battery’s AS-a-Service model and the sincere frustration. Critics, a battery network capital intensity depends on the intensity of network capital, and distributed in so many different markets – can earn. The company launched in 2013, according to the documents provided by the US Securities and Exchange Commission, the $ 7.7 million net damage in 2024, $ 7.7 million net damage, in 2024 a $ 6.08 million income in 2024.

LI, in 2025 and in 2026, in 2026, the increase in fleet contracts and subscription revenues in Southeast Asia and Latin America will violate the trim of profit and threesome in 2026.

Owners and drivers, hearts and minds

To realize the magnificent images of Li, U must provide the power to hundreds of useful changes in the world’s most crowded cities in the world. This is a particularly awesome offer in Hong Kong where the soils are expensive and will be included in each place zoning confirmation, network connection and all clock vehicles. So far, the power has determined only ten potential locations in the city.

The bigger problem can be culturally. 17 major taxi fleet owners in Hong Kong mean to change deep seated habits and doubts to win over about 46,000 fierce independent drivers. The model of the umpower requires the refusal of the operators to withdraw its ownership with the owner of the United States, and the centralized department must pay a monthly subscription fee connected to a long sector that can not easily sit in a long sector.

LI insists on the winner of the economy. By splinting batteries from vehicles, taxi owners can reduce the most costs by 40%. Meanwhile, this time, logistics, battery health monitoring and responsibility for life recycling. As the batteries deteriorate, as less demanding use, stationary energy storage or recycled.

To sweeten the deal, LI, a clutch-based incentive system. Each battery is used, charging behavior and wear, there is a chip overcoming. Drivers who follow the optimal patterns – peak watches run back to the good condition, returning batteries – you can win digital tokens for energy discounts or services. Purpose: A transparent, self-regulating market reduces tension in the network while awarding smart use.

Whether Hong Kong has a notorious taxi sector, it will be purchased in the remains to be done. The city’s fiancé for Hong Kong Island and Kowloon are red, green and blue booths-red, blue and blue for lankau, are blue, and the city is immediately recognizable characters. Also popularly idiosyncratic. Most drivers are still accepting the cash and attracted rough service, extreme loads and careless driving complaints. Reform efforts have repeatedly hit the walls: the proposed payment increase in 1984 caused unrest; Drivers showed mass strikes in 1991 and 2008; And in February, this in February, the Commonwealth of the Drivers and the Government threatened something else in the event of undocumented walking services such as Uber.

A memorandum of understanding to promote the adoption of the Hong Kong Taxi Drivers and Operators Association of Hong Kong Taxi Drivers and Operators in the UOTTA was attended and signed. It should be noted that the representative of the Hong Kong Taxi Owners Association representing the interests of the taxi license holders and usually two large taxi units of the two large taxis are more politically strong.

However, the symbolism, which electrified the taxi taxi in Hong Kong. In 2023, in New York and London, the State Stock Exchange Representations opened the stage with a global advertising campaign that concentrates Nicolas Aguzin From Manhathin and Mayfair, not in black lemon, but behind the classic red Hong Kong booth. If Li Jia is on his way, one of these taxis is preparing an international camouo, the changing power will work on a character not only to the future of electricity.