NaaS Technology Inc. Achieves Strong Demand-side Growth in Charging Service Business, Covering Over 60% of China's NEV Owners

Rhea-AI Summary

NaaS Technology Inc. (NAAS) reported significant growth in its charging service business for 2024, adding approximately 6.4 million new registered users. Through its Kuaidian platform, total registered users reached nearly 19 million, representing over 60% of China's NEV owners, based on the country's total 31.4 million NEVs reported by year-end 2024.

The company has connected nearly 1.15 million chargers as of September 30, 2024, accounting for 35% of China's public charging infrastructure. With China's NEV sales penetration rate reaching 52% in November 2024, NaaS is expanding its interconnectivity business through partnerships with auto OEMs, third-party platforms, and charge point operators to meet growing demand for charging solutions.

Positive

• Added 6.4 million new registered users in 2024
• Reached 19 million total registered users, covering 60% of China's NEV owners
• Connected 1.15 million chargers, representing 35% of China's public charging infrastructure
• Operating in market with 52% NEV sales penetration rate

Negative

• None.

Insights

EV Infrastructure & Market Analyst

NaaS Technology's latest operational metrics reveal a compelling growth trajectory in China's rapidly evolving EV charging landscape. The achievement of connecting 1.15 million chargers, representing 35% of China's public charging infrastructure, alongside reaching 19 million registered users through the Kuaidian platform, demonstrates exceptional market penetration.

Several key factors make this expansion particularly significant: First, the 60% coverage of China's NEV owners creates powerful network effects, establishing high barriers to entry for competitors. This dominant market position enables NaaS to leverage economies of scale in negotiations with charge point operators and automakers.

The strategic focus on both demand-side (user acquisition) and supply-side (charger network) growth creates a virtuous cycle: broader charger coverage attracts more users, while a larger user base incentivizes more charging operators to join the network. This self-reinforcing dynamic positions NaaS advantageously as China's NEV market continues its rapid growth, with sales penetration already at 52%.

However, investors should consider several critical factors:

• Monetization efficiency and revenue per user metrics will be important for translating user growth into sustainable profitability
• The pace of infrastructure expansion may pressure margins due to integration costs and operator incentives
• Potential regulatory changes in China's charging market could impact network access and revenue sharing models
• Competition from auto manufacturers developing proprietary charging networks might fragment the market

The company's focus on data-driven insights and platform optimization suggests awareness of these challenges and commitment to maintaining competitive advantages through technological differentiation and service quality improvements.

BEIJING, Feb. 6, 2025 /PRNewswire/ -- NaaS Technology Inc. (Nasdaq: NAAS) ("NaaS" or the "Company"), the first U.S.-listed EV charging service company in China, today announced substantial expansion in its charging interconnectivity business, adding approximately 6.4 million new registered users in 2024. As of December 31, 2024, the total registered users through NaaS's strategic partner, the Kuaidian platform, reached nearly 19 million, covering over 60% of China's new energy vehicle (NEV) owners. This estimate is based on data from China's Ministry of Public Security, which reported 31.4 million NEVs in the country by the end of 2024.

With China's sales penetration rate of NEV hitting 52% in November 2024 and projected to continue to climb in 2025, demand for intelligent and efficient charging solutions continues to accelerate. NaaS is accelerating its interconnectivity expansion by deepening both demand and supply-side partnerships with auto OEMs, third-party online platforms, and charge point operators. As of September 30, 2024, NaaS had connected nearly 1.15 million chargers, representing 35% of China's public charging infrastructure. Through multi-faceted collaborations, NaaS is reinforcing its commitment to delivering scalable and high-quality charging solutions. By continuously expanding network coverage and optimizing service efficiency, the Company is streamlining EV charging, making it more accessible, seamless, and dependable for the rapidly growing NEV user base.

Ms. Yang Wang, Chief Executive Officer of NaaS, stated:" 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." 

Mr. Steven Sim, Chief Financial Officer of NaaS, 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 further optimizing our platform, leveraging data-driven insights, and accelerating our partnerships to drive sustainable growth."

About NaaS Technology Inc.

NaaS Technology Inc. is the first U.S. listed EV charging service company in China. The Company is a subsidiary of Newlinks Technology Limited, a leading energy digitalization group in China. The Company provides one-stop solutions to energy asset owners comprising charging services, energy solutions and new initiatives, supporting every stage of energy assets' lifecycle and facilitating energy transition.

Safe Harbor Statement

This press release contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "will," "expects," "believes," "anticipates," "intends," "estimates" and similar statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. All information provided in this press release is as of the date hereof, and the Company undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: NaaS' goals and strategies; its future business development, financial conditions and results of operations; its ability to continuously develop new technology, services and products and keep up with changes in the industries in which it operates; growth of China's EV charging industry and EV charging service industry and NaaS' future business development; demand for and market acceptance of NaaS' products and services; NaaS' ability to protect and enforce its intellectual property rights; NaaS' ability to attract and retain qualified executives and personnel; the COVID-19 pandemic and the effects of government and other measures that have been or will be taken in connection therewith; U.S.-China trade war and its effect on NaaS' operation, fluctuations of the RMB exchange rate, and NaaS' ability to obtain adequate financing for its planned capital expenditure requirements; NaaS' relationships with end-users, customers, suppliers and other business partners; competition in the industry; relevant government policies and regulations related to the industry; and fluctuations in general economic and business conditions in China and globally. Further information regarding these and other risks is included in NaaS' filings with the SEC.

For investor and media inquiries, please contact:

Investor Relations
NaaS Technology Inc.
E-mail: ir@enaas.com
Media inquiries:
E-mail: pr@enaas.com 

View original content:https://www.prnewswire.com/news-releases/naas-technology-inc-achieves-strong-demand-side-growth-in-charging-service-business-covering-over-60-of-chinas-nev-owners-302369867.html

SOURCE NaaS Technology Inc.

FAQ

How many new users did NaaS Technology (NAAS) add in 2024?

NaaS Technology added approximately 6.4 million new registered users in 2024.

What percentage of China's NEV owners does NAAS serve as of December 2024?

NaaS serves over 60% of China's NEV owners, with nearly 19 million registered users through its Kuaidian platform.

How many chargers has NAAS connected to its network as of Q3 2024?

As of September 30, 2024, NaaS had connected nearly 1.15 million chargers, representing 35% of China's public charging infrastructure.

What was China's NEV sales penetration rate in November 2024?

China's NEV sales penetration rate reached 52% in November 2024.

How many total NEVs were registered in China by the end of 2024?

According to China's Ministry of Public Security, there were 31.4 million NEVs in China by the end of 2024.