NaaS and Geely Auto partner to expand EV charging access By


© Reuters.

BEIJING – NaaS Technology Inc. (NASDAQ: NAAS), a U.S.-listed electric vehicle (EV) charging service company, has announced a partnership with Geely Holding Group Automobile Sales Co., Ltd., known as Geely Auto, to enhance the charging experience for Geely EV owners across China. The collaboration aims to integrate charging facilities, station data, and payment services, and enable plug-and-charge capabilities.

Under the partnership, NaaS and its strategic partner Kuaidian will provide Geely EV owners, including those of Yinhe and Lynk brands, with access to an extensive network of charging piles. The charging process will be streamlined through the Geely Auto app and Kuaidian app, offering features such as “one-click pile searching,” “one-click charging,” and “one-click payment.”

Wu Chao, who leads the Charging BU at Geely Auto, emphasized the global consensus on green and sustainable transportation development. The alliance with NaaS is set to refine the charging service experience and contribute to the EV industry’s high-quality development by meeting the diverse charging needs of car owners.

Liang Xing, VP of NaaS, echoed the sentiment, highlighting the significance of the charging experience in the EV industry’s growth. NaaS pledges to support automakers like Geely in making EV charging more accessible and elevating the charging service standards.

Geely Auto has been advancing in new energy and intelligent transformation, with a wide array of EV models across market segments. The company reported a significant increase in sales in January 2024, with a 110% year-on-year increase in total sales and a 591% surge in EV sales.

The collaboration is aligned with the Chinese government’s objectives, as stated by the Political Bureau of the CPC Central Committee on February 29, to enhance the intelligent transformation of the electrical grid and support the development of EVs through improved charging infrastructure.

NaaS, an operator of new energy assets, offers a range of services, from charging station siting consultation to autonomous charging robots, leveraging digital technologies and AI to boost industry efficiency. As of September 30, 2023, NaaS connected over 767,000 chargers at about 73,000 charging stations, with a 66% year-over-year increase in charging volume in the third quarter of 2023.

This news is based on a press release statement from NaaS Technology Inc.

InvestingPro Insights

NaaS Technology Inc., in its quest to transform the EV charging experience in China, not only aligns with the industry’s push for green transportation but also presents an intriguing investment profile. According to InvestingPro data, NaaS holds a market capitalization of $11.16 billion, indicating its significant presence in the EV charging sector. This is further underscored by a strong revenue growth of 42.0% in the last twelve months as of Q2 2023, which showcases the company’s rapid expansion in a burgeoning market.

InvestingPro Tips suggest that NaaS is a prominent player in the Automobiles industry, which is reflected in its substantial revenue growth. The company’s P/E ratio stands at 15.36, which, when paired with near-term earnings growth, suggests that NaaS is trading at a low valuation relative to its earnings potential. Moreover, the company’s commitment to sustainability and industry innovation is mirrored in its substantial year-over-year increase in charging volume, highlighting its operational success.

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