(Yicai Global) June 27 -- Beijing Pride Power System Technology Ltd. will supply 80,000 electric vehicle batteries worth USD555 Million (CNY3.7 billion) to Beijing New Energy Vehicle Co. held by Beijing Automotive Industry Holding Co. (BAIC Group), by year's end.

The pair signed a strategic procurement contract yesterday, Guangdong Dongfang Precision & Tech [SHE:002611] announced the same day.

The Guangdong province-based company acquired Pride Power System Technology as a wholly-owned subsidiary in April.

The deal will boost Pride's business in e-vehicle batteries -- also known as traction batteries -- and consolidate its market leadership, per the statement. The contract price represents 240.6 percent of the company's operating income last year. Successful performance of the contract will thus exert a positive impact on the company's earnings this year.