(Yicai Global) April 26 -- Shares in Zhejiang Yonggui Electric Equipment advanced by as much as 5.1 percent today after the Chinese developer of transit connectors said that a subsidiary will supply charging stations for electric cars to Türkiye’s Vestel Electronics, paving the way for the company’s products to enter the European market for the first time.

Yonggui Electric’s share price [SHE:300351] closed up 3.9 percent at CNY13.80 (USD2) today. Earlier in the day it reached CNY13.95.

Sichuan Yonggui Science and Technology has become an official supplier of alternating-current EV charging guns to Manisa-based Vestel that is part of residential and public area charging facilities, the Taizhou, eastern Zhejiang province-based parent firm said yesterday.

It is the first time that Yonggui Science’s AC charging station parts will enter an overseas market, it said. Although the unit has qualified as a supplier, the impact on Yonggui Electric’s future performance remains uncertain as the supply contract has not yet been inked, it added.

The Mianyang, southeastern Sichuan province-based subsidiary already supplies many EV makers, including BYD, GAC, SAIC and Honda’s China joint venture, with in-car charging equipment.

Vestel, which is the biggest contract manufacturer of liquid crystal televisions in Europe and a major maker of consumer electronics, is branching out into EV chargers, which are highly efficient and convenient.

Editor: Kim Taylor