(Yicai Global) Aug. 10 -- Shares of Yutong Bus, China’s biggest bus manufacturer, soared by the daily trading limit after its parent company signed a 10-year agreement with Contemporary Amperex Technology to jointly develop technologies for batteries used in buses, trucks, and tractors.

Yutong Bus [SHA: 600066] rose 10 percent to close at CNY8.26 (USD1.22) today.

Yutong Group and CATL will also develop new materials and technology systems for the battery tech projects and work together on exporting commercial vehicles, the Ningde-based battery giant said via WeChat yesterday.

CATL is already the major supplier of power batteries to Yutong Bus, contributing to 93 percent of the Zhengzhou-based electric bus maker’s products.

Since 2012, CATL has provided 19 gigawatt-hours of power batteries for nearly 150,000 new energy vehicles made by Yutong Bus, it said, noting that some were exported to more than 40 countries and regions, including Qatar, France, Spain, and the United Kingdom.

Editor: Futura Costaglione