(Yicai) July 16 -- China’s Guoli Electronic Technology has scored a EUR120 million (USD131 million) order to supply vehicle power distribution gear to a well-known foreign carmaker over six years.

The automaker picked a unit of Guoli as the designated supplier for some of its all-electric and plug-in hybrid car models, the Kunshan-based firm said yesterday without disclosing the client’s name due for confidentiality reasons. Deliveries should begin next year.

The products will contain the company's latest 800 to 1000-volt high-voltage direct current contractor, which cuts production costs and makes the systems smaller and lighter, Guoli said. A DC contractor acts like an electric relay and is usually used in battery systems and charging poles.

Guoli had revenue of CNY262 million (USD36.1 million) last year from selling about three million DC contractors, according to its annual earnings report. That accounted for about 38 percent of the company’s total revenue.

The new income stream failed to boost Guoli's stock price today. The company [SHA: 688103] fell 3.4 percent to close at CNY36.90 (USD5.10) a share in Shanghai.

Editor: Emmi Laine