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 ( XIACF ) (OTC: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 ( NAAS ) 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 ( 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 ( 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 ( 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 ( NAAS ) Energy Fintech (NEF) system enhances charging station operations, offering smarter site selection and automated management.

As of third-quarter 2024, NaaS ( 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 ( NAAS ) shares traded higher by 10.78% at $1.13 in premarket at last check Monday.

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