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NaaS Technology Expands Its EV Charging Network

NaaS Technology Inc. (Nasdaq: NAAS), the pioneering U.S.-listed electric vehicle (EV) charging service provider in China, has announced a significant milestone in its operational journey. By the end of 2024, NaaS's charging network has successfully extended to 360 cities, which equates to over 50% coverage of the total cities in China, according to the country's National Bureau of Statistics, which reported a total of 694 cities.

This remarkable expansion reflects a growth of over 170 cities, wherein the demand for charging services has increased by more than 50% compared to the previous year. NaaS has achieved this by reinforcing its supply-side infrastructure and enhancing partnerships with demand-side entities. The company has established strong connections with almost 1.15 million chargers, making up approximately 35% of China's public charging network.

Supply-Side Infrastructure Development

The foundational growth in NaaS’s network can be attributed to its strategic focus on the development of core charging services. By partnering with major automotive manufacturers such as BYD, NETA, IM Motors, and FAW-Volkswagen, NaaS has effectively positioned itself as a leader in providing reliable access to EV charging across its service areas. The technological backbone powered by AI and fintech solutions allows for seamless user experiences and efficient charging solutions.

Yang Wang, the Chief Executive Officer of NaaS, expressed pride over the company’s advancements in the EV charging ecosystem. She stated, “Our focus continues to be on enhancing the interconnectivity of various vehicles while promoting innovation in the rapidly advancing EV marketplace in China. By bridging supply and demand, NaaS is setting new performance standards and empowering EV users to embrace a more sustainable future.”

The CEO's sentiment underscores NaaS's commitment to the ongoing transition towards sustainable energy and the necessity for robust charging infrastructure to support growing electric vehicle adoption in China.

Financial Performance & Future Outlook

From a financial standpoint, NaaS has made impressive strides. Steven Sim, the company’s Chief Financial Officer, indicated that the strategic investments into supply-side capabilities and technological advancements have led to remarkable financial outcomes. The company reported a record high gross margin of 57% for the third quarter ending September 30, 2024.

NaaS aims to continue optimizing its operations to meet the increasing demands of the exponentially growing EV driver base. “As the market expands, we remain confident in our ability to enhance energy performance not only for our charging community but for the evolving landscape of electric transportation,” added Sim.

In light of these developments, NaaS's focus on innovation, strategic partnerships, and enhanced supply-side infrastructure place the company in a strong position to continue its momentum in the burgeoning EV charging sector. As NaaS leads the way in providing efficient and reliable charging solutions, it paves the path for a greener and more accessible future for EV users across China.

About NaaS Technology Inc.

NaaS Technology Inc. is at the forefront of the EV charging industry, leading the push towards a more digital energy landscape in China. A wholly-owned subsidiary of Newlinks Technology Limited, NaaS provides comprehensive solutions that support the entire lifecycle of energy assets. The company's mission encompasses aiding in the transition to sustainable energy practices, thereby ensuring an efficient energy future for all stakeholders involved.

As the statistics point to a burgeoning EV market, NaaS Technology Inc. continues to innovate and expand, offering vital services that empower users to adopt electric vehicles confidently. This growth underlines the company’s role in fulfilling the pressing need for sustainable transportation solutions and its readiness to navigate the challenges of the industry’s future.