(Yicai) May 21 -- Founder Motor’s shares soared after the Chinese supplier of electric motors received a five-year order for drive motors and core parts from new energy vehicle startup Xpeng Motors.

Founder [SHE: 002196] closed up 4.8 percent at CNY5.28 (73 US cents) a share in Shenzhen today, after earlier soaring by its 10 percent daily trading limit.

Founder will provide 350,000 sets of drive motors and core parts for a new Xpeng model starting in the third quarter of next year, the Lishui-based manufacturer said in a statement yesterday.

The company announced last July that it had signed a cooperation deal with Xpeng to advance the mass production and market promotion of drive motors. 

NEV-mounted drive motors are Founder’s strategic focus. Its shipments of these products are increasing fast as automotive clients launch and start mass producing NEV models, the firm said.

Founder ranked third worldwide for shipments of NEV-mounted drive motors in the past three years after carmakers Tesla and BYD, its most recent annual report said, citing third-party media NE Times. As of Dec. 31, the firm had shipped 2.6 million sets of them used in over 40 NEV models.

In addition to Xpeng, NEV startup Li Auto and traditional automakers, including SAIC Motor and Geely Auto, are drive motor customers of Founder.

Editor: Futura Costaglione