(Yicai Global) Nov. 12 -- Olive Sensors High-Tech surged by the 20 percent daily trading limit after a unit of the Chinese auto parts maker won two projects to supply new energy vehicle sensors worth about CNY117 million (USD18.3 million) to Xpeng Motors and Bosch.

Olive Sensors [SHE: 300507] closed at CNY10.31 (USD1.61) today. The company is traded on the Shenzhen bourse’s ChiNext board, which allows daily price swings of up to 20 percent. The Shenzhen market ended little changed.

The unit, Changzhou Huaxuan Sensing Technology, recently received notices of winning designated supplier projects from Chinese electric vehicle startup Xpeng Motors and Germany’s Bosch, Olive Sensors said in a statement this morning.

The Xpeng deal is worth about CNY31.8 million (USD5 million), and the Bosch about CNY85.3 million, equal to 14.4 percent of Olive Sensors’s revenue last year. They will positively impact future business performance, the Yangzhou, Jiangsu province-based firm said.

The two deals consolidate Olive Sensors’ leading position in the domestic spin sensors market and will help it to secure the rotary sensor market for NEVs in Europe, the firm added. The products supplied will be used in platform development projects, Olive Sensors said, without providing any more details.

Spin or rotary sensors are used to detect the speed and rotation position of the motor. The sensor produced by Huaxuan Sensing can be used on an NEV’s main drive motor, according to publicly available information.

Editor: Peter Thomas