U Power (NASDAQ: UCAR) stock has seen big swings following the announcement of a new partnership last Thursday. The Chinese electric vehicle (EV) components company's share price was down roughly 11% from the previous week's market close as of noon ET Thursday, according to data from S&P Global Market Intelligence.

U Power had its initial public offering (IPO) late in April and has seen highly volatile trading since its IPO. The company's share price soared 1,150% in its first day of trading, but it saw big sell-offs shortly after. Following an announcement of a new partnership with Japanese EV company Quantum Solutions at the beginning of this month, the company's share price had been rallying. But it has now seen a pullback.

U Power announced on June 1 that it had entered into a partnership with Quantum Solutions to tackle new market opportunities. According to their agreement, U Power is set to provide Quantum solutions with battery-swapping services. In turn, Quantum Solutions will provide advisory services about Japan's EV market and how to pursue growth opportunities in the country.

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Source Fool.com