(Yicai Global) June 1 -- Shares of Jifeng Auto Parts rose after the Chinese producer of car seats received an order from FAW-Volkswagen that is expected to generate total revenue of CNY5.7 billion (USD802 million).

Jifeng [SHA: 603997] finished 2.6 percent higher CNY14.10 (USD1.98) a share in Shanghai today, after jumping by as much as 5.2 percent at one stage.

Jifeng’s unit in Harbin will supply FAW-Volkswagen, the joint venture of China’s FAW Group and Germany’s Volkswagen, for its new compact crossover Tayron for eight years from November next year, when the model will begin mass production, the Ningbo-based firm said yesterday.

It is the first time that Jifeng has secured an order from a renowned manufacturer of fossil fuel-powered vehicles. It is also the company’s first order for passenger car seats from FAW-Volkswagen.

The deal will enable Jifeng to expand its customer base from new energy vehicle startups to traditional carmakers, which cover medium-end to luxury brands, thereby laying solid foundations for the company to rapidly increase its market share, Jifeng added.

In February, Jifeng became the designated seat supplier to Audi’s electric vehicle development platform. The seven-year deal is expected to bring Jifeng revenue of CNY10 billion (USD1.4 billion). The following month, it won a CNY5 billion four-year order from another NEV maker.

Editor: Futura Costaglione