BEIJING - NaaS Technology Inc. (NASDAQ: NAAS), a U.S.-listed electric vehicle (EV) charging service provider, has announced a partnership with Beijing Car Network (LON:NETW) New Energy Co., Ltd. (CNNE) to expand the public EV charging infrastructure in Beijing. The collaboration is set to increase connectivity, customer access, and business growth for public EV charging stations in the city.
The partnership will see NaaS integrating its digital capabilities with CNNE's charging network, aiming to connect over 20 charging stations with more than 1,000 chargers. This integration will be facilitated through a combination of connectivity and direct connection models.
The strategic alliance also involves NaaS's KuaiDian App, which will provide users with information on charging station pricing, location, and availability, in addition to features like one-click charging and online payment.
This move comes in response to Beijing's growing EV market, which has seen a substantial increase in both the number of EVs and consumer spending on EVs following the city's subsidy policy in 2023. With over 800,000 EVs in Beijing and a significant EV to charging pile ratio, the demand for more efficient and accessible charging options is evident.
The partnership is expected to play a crucial role in supporting Beijing's target of reaching 2 million EVs by 2025 by improving the charging service coverage and offering high-quality charging solutions. CNNE, known for its work in new energy technology R&D and charging solutions for major car companies, and NaaS, with its extensive network of charging stations and chargers, aim to meet the infrastructural needs of the growing EV population.
As of the end of 2023, NaaS connected 77,000 charging stations and 876,000 chargers, demonstrating a significant year-on-year growth in charging volume. The collaboration with CNNE is a strategic step towards further enhancing Beijing's charging infrastructure and supporting the rapid growth of EVs in the city.
This expansion is based on a press release statement from NaaS Technology Inc.
InvestingPro Insights
In the wake of NaaS Technology Inc.'s announcement to bolster Beijing's EV charging infrastructure, recent data and insights from InvestingPro paint a broader picture of the company's financial health and market performance.
With a market capitalization of $274.25 million and a notable revenue growth of 244.86% in the last twelve months as of Q4 2023, NaaS is showing a strong expansion in its financial metrics. Despite the lack of profitability, as indicated by a negative P/E ratio of -1.55, the company's aggressive revenue growth suggests a potential for future earnings as it scales up operations.
InvestingPro Tips highlight that while analysts expect sales growth in the current year, they do not anticipate NaaS will turn profitable within the same timeframe. The stock has experienced significant price volatility and is currently trading near its 52-week low, reflecting a challenging period for the company's valuation.
This could be an opportune moment for investors to consider the long-term growth prospects of NaaS, especially given its strategic partnership aimed at expanding its service offerings in the rapidly growing Beijing EV market.
For those interested in a deeper dive into the company's prospects, there are 15 additional InvestingPro Tips available at https://www.investing.com/pro/NAAS, which could offer further insights into making an informed investment decision. Moreover, users can take advantage of an exclusive offer by using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking a wealth of analysis and data to navigate the complexities of the stock market.
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