U Power Reports Unaudited Financial Results for the First Half of 2026

U Power reported an unaudited net loss of RMB97.6 million (US$14.4 million) for the first half of 2026, up from RMB27.4 million a year earlier. Revenue fell 16.5% year over year to RMB14.8 million, with no vehicle-sourcing revenue because no vehicles were sold by June 30. Gross margin declined to 24.5% from 47.3%, while operating expenses rose 224.1% to RMB83.8 million, driven by expansion costs, expected credit losses and higher interest expenses. Cash and cash equivalents totaled RMB54.9 million at June 30; the article did not report a stock-price movement.