(Yicai Global) Oct. 25 -- Shares in Zhejiang Jingu surged by the exchange-imposed limit today after the Chinese car wheel manufacturer said it has been signed up by new energy vehicle giant BYD to supply wheels for its electric light-duty trucks.

Jingu’s stock price [SHE:002488] was trading up 6.7 percent at CNY7.10 (USD1) as of 1 p.m. China time today. Earlier in the day it surged 10 percent to hit CNY7.30.

The BYD deal is proof that the quality of Jingu’s products has been recognized and the firm’s efforts in exploring the NEV market have paid off, Fuyang, eastern Zhejiang province-based Jingu said yesterday. No details of order volume and pricing were given.

This is Jingu’s second deal with an automobile giant in less than a week. On Oct. 21, the company signed with US auto manufacturer General Motors to supply light-weight wheels to its Advanced Technology Work project. Again no mention of the financial prospects was given.

BYD’s commercial vehicle sales, while still small, surged almost seven-fold last year from 2020 to 3,874 units. The Shenzhen-based company’s electric light-weight truck, the T5, is used in urban logistics and transportation.

Editor: Kim Taylor