(Yicai) April 10 -- Songyuan Automotive Safety Systems, a Chinese maker of auto safety gear, said it has been named the designated supplier of seat belts to the new platform project of a leading European car manufacturer.

The deal could bring revenue of EUR41.6 million (USD45.1 million), Songyuan said late yesterday. Bulk supply will likely start in 2027 and last for six years.

The new customer is one of the world's top five carmakers by sales, the Yuyao-based firm pointed out, without disclosing its name due to a confidentiality agreement.

This is Songyuan's first designated supply deal for seat belts with an overseas client, the company noted. The project’s size and industry impact are significantly higher than those of domestic customers, positively impacting its long-term development, the firm added.

Songyuan sold 13.66 million seat belts in 2022, bringing in revenue of CNY740 million (USD100 million), or 75 percent of its total income, according to its financial report. But revenue from overseas markets was CNY86.5 million (USD12 million), accounting for just 8.7 percent.

Shares of Songyuan [SHE: 300893] inched 0.3 percent higher to close at CNY29.93 (USD4.14) apiece in Shenzhen today.

Editor: Martin Kadiev