(Yicai Global) Oct. 22 -- Shares of Wolong Electric Group jumped after the Chinese motor producer said it has signed a CNY144 million (USD23 million) agreement to supply electric vehicle motors to EV startup Xpeng Motors.

Wolong Electric’s stock [SHA:600580] finished 6.1 percent higher today at CNY14.58 (USD2.28). The broader Shanghai market dipped 0.3 percent.

Wolong will provide Xpeng’s EV development platform with motors, spare and accessory parts, the Zhejiang province-based company said yesterday without revealing the name of the platform. The contract will start next year and last until 2028.

New York-listed XPeng is one of China’s leading smart EV designers and manufacturers, as well as an innovative tech firm that integrates cutting-edge internet technologies with artificial intelligence.

Long-term cooperation with Xpeng will help Wolong expand its EV market share and have a positive impact on its future business, the firm said.

Editor: Futura Costaglione