#China #Beijing #EV Charging #NaaS Technology #NEV Owners

NaaS Technology Inc. Reports Substantial Growth in EV Charging Services

NaaS Technology Inc. (Nasdaq: NAAS) has made headlines with the announcement of its significant progress in the electric vehicle (EV) charging sector in China. The company has recently added around 6.4 million new registered users to its platform throughout 2024, marking a total of nearly 19 million registered users by the end of December 2024. This figure astonishingly covers over 60% of the new energy vehicle (NEV) ownership in China.

According to reports from China's Ministry of Public Security, there were approximately 31.4 million NEVs registered in the country by the end of 2024. This strong user growth showcases the rapid advancements and increasing demand for intelligent and efficient charging solutions within the EV market.

As of November 2024, NEV sales in China reached a remarkable penetration rate of 52%, which is expected to continue increasing into 2025. In response to this growing market, NaaS is enhancing its interconnectivity capabilities by partnering with automobile original equipment manufacturers (OEMs), various third-party online platforms, and charge point operators. As it stands, nearly 1.15 million charging stations are now connected to NaaS, which accounts for 35% of the nation’s public charging infrastructure.

NaaS’s commitment to developing effective collaborations aims to provide scalable and top-notch charging services. By continuously expanding its network coverage and improving service efficiency, the company seeks to facilitate hassle-free charging whilst upholding high standards of reliability for the emerging NEV user base.

Yang Wang, the Chief Executive Officer of NaaS, expressed, "The rapid user growth reflects the growing demand for smart, high-efficiency charging solutions. By expanding our interconnectivity network and deepening collaborations across the EV ecosystem, we are committed to delivering a superior charging experience and driving the industry toward a more connected future."

Steven Sim, the Chief Financial Officer, added, "The expansion of our interconnectivity business reaffirms NaaS' strong market position and the trust we've built with millions of EV drivers. As the industry continues its rapid transformation, we are focused on optimizing our platform based on data-driven insights and enhancing our partnerships to ensure sustainable growth."

NaaS Technology Inc. stands out as the pioneering U.S.-listed EV charging service company in China, and operates as a subsidiary of Newlinks Technology Limited. The company offers a comprehensive range of solutions for energy asset owners, encompassing charging services, energy solutions, and innovative projects, which cater to every stage of the energy assets’ lifecycle while promoting an energy transition.

It's clear that NaaS is not just riding the wave of the electrification revolution but is also shaping it through its innovative strategies and commitment to expanding its services across the EV landscape. As the demand for sustainable mobility solutions continues to drive growth within the EV market, NaaS's initiatives are paving the way for a more interlinked and efficient charging future in China.

Future Prospects

As the EV sector evolves rapidly, NaaS remains focused on maintaining its trajectory of growth and expansion. With increasing government support for NEV adoption and advancements in charging technology, the next few years could see even higher engagement rates among consumers and potentially greater partnerships within the automotive industry. NaaS is well-positioned to lead the charge in this burgeoning arena.

In conclusion, NaaS Technology Inc. is taking significant strides in the EV charging service market, establishing itself as a prominent player in China's green transportation future. Its recent growth announcements not only reflect the evolving landscape of electric mobility but also set the stage for ongoing developments and innovations in the industry.