(Yicai) March 8 -- Jifeng Auto Parts has received an order of intent from a new energy vehicle maker that will bring the major Chinese producer of car seats revenues of CNY7.8 billion (USD1.1 billion).

The likely revenues from the deal are the equivalent of about 43 percent of Jinfeng's total income in 2022, the Ningbo-based company announced late yesterday.

The NEV company is an existing client of Jinfeng, it said, without naming the automaker due to confidentiality. Jifeng will develop and make seats for the client's new model over a five-year period, with deliveries expected to start this October.

Jifeng's customers include Chinese NEV giant BYD and the country's largest NEV startups, Xpeng Motors, Nio, and Li Auto, according to its 2022 financial report. 

Shares of Jifeng [SHA: 603997] fell 0.2 percent to CNY12.98 (USD1.81) apiece in Shanghai today, after rising by as much as 2.9 percent in the morning. The stock has surged nearly 31 percent since early last month.

Editor: Martin Kadiev