NaaS Technology Inc. (Nasdaq: NAAS) ("NaaS" or the "Company"), the first U.S.-listed EV charging service company in China, announced a strategic emphasis on its interconnectivity charging business, leveraging AI technology and industry partnerships to accelerate ecosystem development on both the supply and demand sides of China's rapidly growing electric vehicle ("EV") charging industry.
Ms. Yang Wang, Chief Executive Officer of NaaS, commented, "China's new energy vehicle market has experienced rapid expansion, with charging services potentially becoming a bottleneck constraining future growth. As a charging services industry leader, NaaS is strategically poised to meet this urgent demand, prioritizing expansion and advancement across the charging ecosystem."
"The digital nature of EV charging presents a unique opportunity for AI technology to revolutionize the industry. We aim to holistically upgrade China's charging infrastructure through AI innovation, optimizing the matching of charging supply and demand. We are committed to improving operational efficiency for charging point operators and enhancing EV drivers' charging experience with effective, AI-powered solutions. Simultaneously, we will continue expanding our platform's network coverage and demand-side user base through partnerships with NEV manufacturers, local operators and other industry players. We are confident these strategic initiatives will propel China's new energy market into a new era of growth," Ms. Wang concluded.
Mr. Steven Sim, Chief Financial Officer of NaaS, commented, "The explosive demand for EV charging services in China has presented significant opportunities for us. Data from the National Energy Administration revealed a 40% year-over-year surge in national charging volumes for the first half of 2024. This surge in demand was evident during the National Day holiday, with many highway service area stations operating at full capacity. In August, EVs accounted for 7.4% of the total auto market. NaaS is well positioned to capitalize on this opportunity and maintain its leadership in this rapidly evolving industry."
Enhancing Supply-Side Capacity and Capabilities with AI-Driven Solutions
NaaS is expanding its charging station network by attracting local operators with advanced AI-powered services. The company has made significant investments in developing neural network algorithms to optimize charging efficiency and elevate the user experience. NaaS introduced the NEF (NaaS Energy Fintech) system last year. This system fully automates site selection by analyzing driving patterns, user behavior, and demand, evaluating factors like location and traffic, and using machine learning to recommend optimal locations. NEF plays a key role in the daily operations of charging stations, utilizing AI-algorithms for predictive maintenance of hardware and connectivity. More importantly, the NEF system enhances the profitability of charge point operators by enabling dynamic pricing adjustments based on real-time charging demand and electricity supply, maximizing station revenue.
In the first half of 2024, NaaS further expanded its partnerships with charging point operators, including major central and state-owned enterprises, and prominent industry leaders such as China Southern Power Grid, Jiaotou Supercharge, CEGN, and Li Auto's supercharging stations.
Expanding Demand-Side Reach Through Strategic Partnerships
NaaS is expanding its user base by integrating its services into car manufacturers' systems and partnering with third-party platforms. In the first half of 2024, NaaS expanded its partnerships with prominent electric vehicle brands, including BYD's sub-brands Dynasty, Ocean, and Fang Cheng Bao, as well as other brands such as NETA, IM Motors, Hongqi, and Jiyue. Additionally, new third-party automobile online platforms are also connected to NaaS's network, including industry-leading brands such as Autohome, Tuhu Car Maintenance, Cao Cao Mobility, and Hello TransTech. These collaborations encompass a diverse range of platforms—including digital map providers, commercial and passenger vehicles, and automotive aftermarket services—achieving seamless interoperability. The Kuaidian mobile app and in-vehicle smart systems enable EV owners to easily locate NaaS charging stations, check real-time pricing and equipment status, and initiate charging or make payments with a single click.
