NaaS and Hyundai Reached an EV-Charging Business Partnership

17 August 2023

NaaS (NASDAQ: NAAS), a prominent EV charging service company, has entered into a strategic partnership with Hyundai Motor Group(China), the world's third-largest automaker, to develop an efficient charging management service tailored for Hyundai vehicle owners. Additionally, the collaboration aims to empower potential EV charging businesses through this partnership.

The partnership between NaaS and the Chinese arm of Hyundai Motor Group is set to enhance charging services and solutions for order management, specifically designed for Hyundai models. Hyundai vehicle owners will be able to conveniently monitor real-time charging and charger installation status using a smart service app or through the center console of their vehicles.

According to statistics from the China Association of Automobile Manufacturers (CAAM), electric passenger vehicle sales in China are projected to reach 9 million in 2023, with EVs expected to comprise 36% of the annual vehicle market. As a result, China is witnessing increased investments in charging infrastructure to meet the surging demand for charging facilities.

Wang Yang, Founder and CEO of NaaS, highlighted the importance of charging infrastructure in the EV ecosystem: "Charging facilities, as a pivotal element of new infrastructure, play a vital role in boosting EV adoption. Through partnerships with key players in the new energy industry chain, NaaS aims to provide users with faster, more convenient, and cost-effective charging services, while collaborating with Hyundai Motor Group (China) to drive the evolution of charging services."

Hyuk Joon Lee, President and Head of China Operations at Hyundai Motor Group, emphasized China's significance in the global EV market: "China stands as the world's largest and fastest-growing EV market, excelling not only in EV sales and charging infrastructure deployment but also in delivering high-quality EV services. This experience serves as a valuable reference for Hyundai's efforts to enhance EV services globally. Our collaboration with NaaS will further enhance and expand our charging services, offering EV owners a more convenient and up-to-date charging experience."

As of March 31, 2023, NaaS boasts an extensive network connecting 55,000 charging stations and 575,000 chargers. During the first quarter, NaaS facilitated a charging volume of 1.023 billion kWh, representing 21% of the public charging volume in China.

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