NAAS customers relationship map

NAAS customer relationships: an operator-focused read for investors

NAAS is an EV charging services company that integrates software, charging infrastructure and partner distribution to monetize charging usage, embedded OEM contracts and related sustainability services such as carbon-credit transactions. Revenue derives from EV charging operations, platform embeds with vehicle makers and ancillary services tied to charging and carbon accounting, while capital activity (share subscriptions) has materially influenced the company’s balance-sheet position. For investors and operators evaluating NAAS’ customer footprint, its OEM and strategic-partner roster is the primary lever for scale and monetization.

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How NAAS goes to market and where the money comes from

NAAS operates as a B2B2C platform: it partners with automakers and charge-point operators to embed NAAS software and provide charging services to drivers, then captures payment flows and service fees. The company explicitly sells embedded platform capability into EVs (a distribution channel) and operates charging networks, which produce transactional revenue and enable carbon-credit generation tied to charging scenarios. Public disclosures and press releases show a dual focus: OEM integration for rapid user acquisition and network operations to capture lifetime charging revenue.

The partner roster — one-line takeaways for every named customer relationship

Below I list every relationship mentioned in the provided results, with a concise summary and the original source context.

Aito

NAAS cites Aito as one of the automotive industry partners contributing to its alliance network, positioning Aito as part of the company’s broader OEM engagement strategy. This was referenced in NAAS’ Q2 2024 earnings call.

Deep Blue Automotive

Deep Blue Automotive is named among NAAS’ major automotive alliances and is presented as a commercial partner in the firm’s industry outreach. The reference originates from NAAS’ Q2 2024 earnings call.

JI YUE

NAAS reported a Q2 partnership with JI YUE to embed NAAS’ platform in EVs and provide charging services directly to JI YUE drivers, an example of the company’s embedded-revenue model. This was stated on the Q2 2024 earnings call.

IM Motors

NAAS identified IM Motors as a partner in its EV charging ecosystem expansion, cited alongside other OEMs as part of network growth plans. The mention appears in NAAS’ Q3 2024 earnings call.

Newlink Linkage Limited

Newlink Linkage Limited is one of the institutional counterparties in a share subscription agreement through which NAAS sold newly issued Class A ordinary shares as disclosed in FY2025 reporting. This financing was publicized in an Investing.com report covering NAAS regaining Nasdaq compliance (May 2026).

Newlink Envision Limited

Newlink Envision Limited also participated in the FY2025 share subscription for newly issued Class A ordinary shares, indicating strategic capital support from Newlink affiliates. The transaction was reported by Investing.com in May 2026.

FAW-Volkswagen

FAW-Volkswagen is identified by NAAS as a key OEM partner in the company’s strategy to strengthen its EV charging ecosystem and expand charge-point networks. The relationship was disclosed on NAAS’ Q3 2024 earnings call.

VOW3.DE

VOW3.DE (listed as an inferred symbol for FAW-Volkswagen in the dataset) appears in NAAS’ public remarks as part of the same OEM partnership cluster referenced in the Q3 2024 earnings call.

Great Wall Motors

Great Wall Motors was named by NAAS as one of the major automotive partners supporting its platform embed and charging rollout strategy. The reference comes from NAAS’ Q2 2024 earnings call.

GELYF

GELYF (Geely’s OTC symbol) is cited as part of NAAS’ alliance list, reflecting engagement with established Chinese OEM groups as a route to scale. This citation appears in the Q2 2024 earnings call.

GAC Energy

GAC Energy is listed among NAAS’ automotive alliances and is presented as a partner in the company’s broad OEM outreach intended to accelerate charging adoption. The source is the Q2 2024 earnings call.

Geely

Geely is explicitly named in NAAS’ alliance roster, reinforcing that large domestic OEMs are central targets for NAAS’ embedded platform strategy. This appears in the Q2 2024 earnings call.

Hyundai

Hyundai is referenced by NAAS as a notable industry partner, indicating cross-border OEM engagement beyond purely Chinese automakers. This was disclosed on the Q2 2024 earnings call.

HYMLF

HYMLF (Hyundai’s OTC ticker included in the dataset) is the same counterpart referenced in earnings commentary; NAAS cited HYMLF in its Q2 2024 call when listing Hyundai among partners.

Kuaidian

NAAS announced, in collaboration with strategic partner Kuaidian, the completion of a 21,000-ton carbon-inclusive credit transaction tied to EV charging in Wuhan, illustrating an operational path to monetize sustainability services. This was reported in a company press release covered by Yahoo Finance (March 2026).

ZK

ZK (listed as an inferred symbol in the dataset) was named among NAAS’ automotive alliances in the Q2 2024 earnings call, indicating engagement with the ZEEKR brand cluster.

ZEEKR

ZEEKR is explicitly referenced by NAAS in the same Q2 2024 earnings call as part of its alliance set, underscoring the company’s OEM-targeted distribution approach.

What the partner list implies about NAAS’ operating model

The roster of OEMs and strategic partners indicates several company-level characteristics:

Contracting posture: NAAS pursues embedded platform agreements and operational partnerships with OEMs — an orchestration model that requires multi-stakeholder commercial contracts and long implementation cycles.
Concentration: The partner list is skewed toward a relatively small number of large OEMs and strategic investors, which implies revenue concentration risk if a few relationships account for the bulk of future charging volumes.
Criticality: OEM embeds are highly critical to distribution and customer acquisition; losing or failing to scale these relationships would meaningfully affect monetization potential.
Maturity: Many partnerships are disclosed as strategic alliances rather than long-term, high-revenue contracts in public remarks; this suggests early- to mid-stage commercial maturity, where partnerships are valuable proof points but not yet fully monetized at scale.

Investment and operational takeaways

OEM integration is the primary growth vector. NAAS’ customer mentions are dominated by carmakers—this is the distribution playbook.
Sustainability services are incremental revenue and PR wins. The Kuaidian carbon-credit transaction demonstrates a tangible, monetizable service beyond charging itself.
Capital structure and strategic investors matter. The Newlink subscription in FY2025 materially affected the share base and liquidity profile, signaling that capital partners are an active part of NAAS’ go-forward plan.

Key risk points to monitor:

Partnership conversion from announcement to monetized volumes.
Commercial concentration with a few OEMs.
Execution risk on charger deployments and operations.

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Bottom line

NAAS’ customer disclosures form a coherent commercial strategy: embed into EVs via OEM partnerships, operate charging networks, and generate ancillary sustainability revenues. The company’s future value is directly tied to execution on those partnerships and the pace at which embedded installs convert into charging volume. Investors should weigh the upside of rapid OEM distribution against the concentration and execution risks inherent in an early-stage platform business.