(Yicai) May 14 -- Shares in Shenzhen Longhorn Automotive Electronic Equipment climbed as much as 3 percent today after the Chinese intelligent vehicle electronics systems producer said that it has received orders worth CNY430 million (USD59.7 million) for its smart driving sensor systems from both a joint-venture carmaker in China and a foreign auto manufacturer.

Longhorn’s share price [SHE: 301488] closed up 0.4 percent at CNY62.30 (USD8.64) today. Earlier in the day it hit CNY63.92.

Longhorn will supply in-vehicle camera systems for upcoming models to both clients, who were not named due to confidentiality reasons, the Shenzhen-based company said yesterday, citing the procurement letters it had received.

The two projects are expected to generate CNY430 million in revenue over their life cycles, it said. The projects should run for three years and six years, respectively, and mass production should start in October 2025 and June 2027, it added.

Longhorn did not specify whether the foreign partner in the JV is the same entity as the overseas client or not. It only stated that both customers are long-term partners of Longhorn.

Longhorn develops and manufactures vehicle sensor systems tailored to specific car models. They enable advanced driver-assistance systems to make accurate and timely decisions.

The company counts foreign auto giants such as Volkswagen, Audi, Renault and Ford, as well as China JVs with Volkswagen, Toyota and Hyundai among its clients.

Longhorn reported CNY1.4 billion (USD195 million) in revenue last year, with 35 percent coming from overseas markets, according to the firm's annual report.

Editor: Kim Taylor