(Yicai Global) Sept. 16 -- Shares in Shanghai W-Ibeda High Tech Group climbed as much as 5.3 percent today after the Chinese manufacturer of automotive test equipment said it will provide a unit of electric car battery giant Contemporary Amperex Technology with testing services for its new energy powertrains, which are the parts that provide the mechanical energy to drive the car forward.

W-Ibeda's share price [SHA:688071] was trading up 0.29 percent at CNY68 (USD10) as of 2.15 p.m. China time today. Earlier in the day it hit CNY71.39, going against the falling benchmark indexes.

The subsidiary will test the new energy powertrains made by CATL Shanghai Smart Technology, the Shanghai-based maker and user of powertrain test bench systems said yesterday, citing the non-binding agreement signed between the two parties that is valid until Aug. 30, 2024. A more specific co-operation deal will be penned at a later date.

No further details about the co-operation, including the financial outlook, were provided.

W-Ibeda develops automotive powertrain intelligent testing technologies and provides engineering test and verification services as clients develop their powertrain systems. The firm counts US engineering machinery giant Caterpillar, Chinese electric car startup Nio as well as joint ventures of General Motors, Honda Motor and Ford Motor among its clients, according to its website.

Editor: Kim Taylor