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(Yicai Global) Oct. 24 -- A Zhejiang-based new energy affiliate of Honbridge Holdings Co. [HK:8137] signed a sales agreement with Volvo AB [STO:VOLV-B], agreeing to provide lithium batteries for hybrid automobiles produced by the Swedish automaker in China.
They inked the pact yesterday, Honbridge Holdings said. The deal suggests maximum sales volumes of USD4.53 million (CNY30 million) this year and CNY280 million next year.
The new energy affiliate operates out of the New Energy Vehicle Industry Park in Jinhua in Zhejiang province. Its 130,000-square-meter factory has automatic production lines with an annual designed production capacity of 1.5 million kilowatt-hours of high-performance lithium batteries.
Volvo is a luxury car brand whose products include a wide range of sedans, sports cars, and off-road vehicles. The company said that it will only produce electric and hybrid vehicles from 2019.
Chinese automaker Zhejiang Geely Holding Group Co. acquired Volvo's car business for USD1.5 billion in 2010.