Why Is Chinese EV Charging Provider NaaS Technology's Stock Surging Today?

Shares of Chinese EV charging service provider, NaaS Technology Inc. NAAS are trading higher in premarket on Monday.

The company has formed a strategic partnership with Xiaomi Auto, a branch of Xiaomi Corp XIACY XIACF. The collaboration aims to transform the EV charging landscape by merging NaaS’s vast charging network with Xiaomi Auto’s advanced mobility technology.

The aim is to deliver efficient AI-powered charging solutions across the country for Xiaomi EV users who can now access NaaS's extensive network through the Xiaomi Auto app and in-vehicle navigation systems, simplifying the process of locating charging stations.

The initiative seeks to optimize the charging experience and provide real-time, intelligent solutions, catering to the expanding NEV market in China.

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“Looking ahead, NaaS will continue to embrace an open and collaborative approach, leveraging digital intelligence and emerging technologies to make EV charging smarter, more convenient, and more efficient,” said NaaS CEO, Yang Wang.

China’s new energy vehicle (NEV) production and sales exceeded 12 million units in 2024. As electric vehicle sales surge, EVs have accounted for more than 50% of all new car sales since late 2023.

This growing demand has made dependable charging solutions essential for automakers. With its vast network, NaaS is strategically positioned to address this need, providing efficient and top-tier aftersales services.

The company uses artificial intelligence to optimize charging efficiency, helping match demand with supply. NaaS's Energy Fintech (NEF) system enhances charging station operations, offering smarter site selection and automated management.

As of third-quarter 2024, NaaS has connected nearly 100,000 charging stations and 1.15 million chargers across China, with its platform serving a total of over 13 million transaction users.

Price Action: NAAS shares traded higher by 10.78% at $1.13 in premarket at last check Monday.

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