NaaS Technology Inc. (Nasdaq: NAAS) (“NaaS” or the “Company”), the first U.S.-listed EV charging service company in China, today announced its charging network has successfully expanded to 360 cities in China as of year-end 2024. This represents over 50% city coverage compared to a total city count of 694 in accordance with National Bureau of Statistics of China (NBS) for year 2023. Among 360 cities NAAS covered, approximately 170 of them increased charging volume through NaaS platform by more than 50% in 2024 compared to 2023. NAAS achieved this new benchmark through robust growth in both supply-side infrastructure and demand-side partnerships:
On the supply side, as of September 30, 2024, NaaS had connected nearly 1.15 million chargers to its charging network, accounting for approximately 35%[1] of China’s total public charging infrastructure. This critical momentum is a result of NaaS’ business strategy focus on core charging services as announced last year and its long-term mission in advancing the sustainable energy transition.
On the demand side, NaaS has expanded its user base through strategic collaborations with major automotive OEM brands. Partnerships with BYD’s sub-brands (Dynasty, Ocean, and Fang Cheng Bao), as well as leading players such as NETA, IM Motors, Hongqi, and FAW-Volkswagen, have ensured that electric vehicle (EV) drivers can easily, quickly and reliably access chargers anywhere and at any time.
Ms. Yang Wang, Chief Executive Officer of NaaS, commented, “We are proud of our dedicated pursuit of the strategic initiatives in advancing the EV charging ecosystem. Our supply-side infrastructure connection powered by AI technologies and NaaS Energy Fintech system is ready to deliver top-tier EV charging solutions for our users. Looking ahead, NaaS remains committed to advancing interconnectivity for vehicles of all types and sizes, as well as spearheading innovation in China’s rapidly growing EV charging market. By bridging the gap between supply and demand, NaaS is setting new standards for operational excellence, leading partnership win-wins, and empowering EV users to embrace a sustainable future.”
Mr. Steven Sim, Chief Financial Officer of NaaS, added, “Our strategic investment in the supply-side capabilities and technological advancements for our core charging services have consistently enhanced our financial performance, culminating in a record high gross margin of 57% for the most recent quarter ended September 30, 2024. As we continue to optimize, adapt and scale our charging business to fulfill the demand of the ever-expanding EV drivers, we are confident in further delivering the required energy performance to the EV charging community.”
