(Yicai Global) March 2 -- Jifeng Auto Parts, a Chinese producer of car seats, said it has won another order after becoming a designated supplier to Audi last month, and expects sales of CNY5 billion (USD725 million) from the latest deal.

Jifeng will supply an unidentified new energy vehicle maker with car seats for four years from June 2024, the Ningbo-based company said in a statement yesterday, adding that the buyer is an existing customer.

Surging demand for NEVs has boosted Jifeng's business. It expects revenue of CNY10 billion (USD1.4 billion) from the seven-year supply deal with Audi, which was announced in early February, and an estimated CNY2.5 billion from a November order from another NEV maker.

Shares of Jifeng [SHA: 603997] closed down 1.8 percent at CNY14.04 (USD2) today, following a gain of as much as 3.9 percent intraday. The wider Shanghai market ended flat.

Editor: Emmi Laine, Xiao Yi