(Yicai) Jan. 14 -- Shares in W-Ibeda High Tech surged as much as 9.4 percent today after the Chinese automotive test equipment provider said that it will develop and supply key parts for high-precision navigation systems, which combine global navigation satellite systems with real-time kinematic technology, to a leading Chinese vehicle manufacturer.

W-Ibeda’s share price [SHA:688071] closed up 6 percent at CNY29.16 (USD4). Earlier in the day it hit CNY30.12.

W-Ibeda has been chosen as the designated supplier of high-precision positioning systems’ navigation parts for two models of an electric car brand under the automaker, which was not named due to a confidentiality agreement, the Shanghai-based company said yesterday. It will be tasked with developing and supplying inertial navigation and satellite navigation parts for these vehicles.

No details were given of the value of the contract. W-Ibeda added that the product development and delivery schedule will be in strict accordance with the client's requirements.

High-precision navigation systems are the main products in W-Ibeda's intelligent driving business segment. The company's self-developed products provide stable and reliable positioning solutions for mobile platforms such as smart self-driving vehicles, robots and drones, and the firm has begun to supply customers in batches.

W-Ibeda’s revenue from its smart driving business reached CNY11.8 million (USD1.6 million) in 2023, accounting for 3.4 percent of the firm’s total revenue, according to its 2023 financial report.

Editor: Kim Taylor