(Yicai Global) April 13 -- Shares in Ningbo Joyson Electronic Corp. soared as much as 6.2 percent today after the Chinese auto electronics firm said it has scored an order for the ancillary electronic components used in the latest fast-charging electric car systems from a major automaker that is estimated to be worth CNY13 billion (USD1.9 billion) for the life duration of the systems.

Joyson’s stock price [SHA:600699] was trading up 3.6 percent at CNY15.30 (USD2.23) apiece at 12 noon China time. Earlier in the day it hit CNY15.68.

Joyson will become the designated supplier for the unnamed carmaker to supply electronic parts to its 800-volt charging system for new energy vehicles, the Ningbo, eastern Zhejiang province-based firm said yesterday. The name of the company, the product specifications, the purchase amount and the timetable were not mentioned due to a confidentiality agreement signed between the two parties.

New orders for the electronic components used in 800V fast-charging systems, which greatly reduce charging times, surged last year and many major international and Chinese carmakers are buying such systems, said Joyson. German luxury auto manufacturer Porsche was the first to launch 800V charging in 2019 and many carmakers are following suit. The current standard is 400V charging.

Joyson has obtained patents for the electronic components, such as battery management systems, used in 800-volt fast-charging systems for electric cars, said the carmaker, which counts many of the world’s biggest carmakers as its clients. 

The deal won’t affect Joyson’s business performance this year but will have a positive impact in years to come, it said.

Joyson received CNY76.3 billion (USD11.1 billion) worth of electronic parts orders from carmakers for the life span of auto parts systems last year, a 45 percent jump from the year before, according to the company’s 2022 earnings report released last month. Sixty percent of the orders were for new energy vehicles.

Editor: Kim Taylor