Shares of Chinese EV charging service provider, NaaS Technology Inc. (NASDAQ:NAAS) are trading higher in premarket on Monday.
The company has formed a strategic partnership with Xiaomi Auto, a branch of Xiaomi Corp (OTC:XIACY) (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 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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Today, after hitting the high near 24,000 in the early session and entering bearish positions, the index fell sharply by nearly over 600 points, immediately recouping yesterday's losses significantly.
Moreover, today it broke the new high again, reaching a maximum of 24,076, but by the end of the market, it fell back by about 70 points, producing a bearish candle. The current trend has not yet been broken, but from the previous low until now, it has risen close to 6,000 points. It is believed that those with positions can continue to hold until there is a clear trend reversal for profit-taking. Those without positions can wait for a pullback to get in. Actually, it is hoped for a quick pullback, as it allows for entry and also provides a healthy breath.
Currently, the outlook remains the same as before. It is believed that even if there is a pullback, it shouldn't be too deep. However, if Futures fail to stabilize and close below 22,350, there may still be room for decline. The chance of Futures falling below 21,400 in the short term should be low, so it is considered that if a significant pullback occurs, it presents a good opportunity to incrementally go long. Recently, there has been a consistent approach to not hold positions overnight, only focusing on immediate trades, as there is no high chasing and no casual short selling.
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