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Daily Newsletter

18 August 2023

Daily Newsletter

18 August 2023

NaaS and Hyundai strike EV charging partnership

NaaS’ network has connected 55,000 charging stations

Dani Cole August 18 2023

EV charging service company NaaS and partnered with Hyundai Motor Group (China) to develop an efficient charging management service for Hyundai owners in China.

The partnership between NaaS and the Chinese entity of Hyundai Motor Group means Hyundai owners can check charging and charger installation status through a smart service app or at the centre console.

NaaS is the first US-listed EV charging service company in China. Earlier in March, it attracted attention by unveiling its autonomous EV charging robot. It is a subsidiary of Newlinks Technology Limited.

Wang Yang, Founder and CEO of NaaS said: "Charging facilities as a significant component of new infrastructure serves a crucial role in improving the penetration of EVs.

Partnered with new energy industry chain players, NaaS will engage users in faster, easier and more cost-effective charging service, and work with Hyundai Motor Group (China) to spur the upgrade of charging services."

Hyuk Joon Lee, President and Head of China Operations at the Hyundai Motor Group said: "China is the world's biggest and fastest-growing EV market. The country not only has outstanding performance in EV sales and quantity of charging infrastructure built but also excels in EV service quality.”

As of 31 March 2023, NaaS’ network has connected 55,000 charging stations and 575,000 chargers.

The charging volume in the first quarter was 1.023 billion kWh, representing 21% of the public charging volume in China.

High upfront costs could be detrimental towards the growth of the off-highway EV market

The global off-highway electric market is expected to grow at a CAGR of 17.4% by 2030, per GlobalData estimates. Despite the strong growth, high upfront costs may pose a challenge. Due to the high capacity of these vehicles, they consume large amounts of power from a number of battery packs installed on the vehicle, whose high cost in turn adds to the cost of the vehicle, thereby increasing the initial cost. However, governments worldwide are offering subsidies and tax exemptions in order to help customers to counter the initial purchase cost.

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