(Yicai Global) Nov. 12 -- NavInfo’s shares jumped by the daily trading limit after the Chinese digital maps provider announced a three-year deal to supply Volvo with its Internet of Vehicles technology services.
NavInfo’s stock price [SHE:002405] closed up 10 percent at CNY14.36 (USD2.25) today.
According to the agreement signed with Volvo's Shanghai unit, NavInfo will provide compliance services for Volvo’s IoV cloud service platform in the next three years, the Beijing-based company said late yesterday.
NavInfo did not provide any financial details, but said that revenue from the project will depend on Volvo’s sales in the domestic market for the duration of the contract.
The partnership marks Volvo’s recognition of NavInfo's capacity to deliver intelligent and connected vehicle services and operate data compliantly, the company said, adding that it will also lay the foundation for further cooperation between the two.
Last November, a number of companies and research institutions led by NavInfo won the bidding for a CNY100 million (USD15.64 million) IoV data management platform project launched by the Ministry of Industry and Information Technology.
Editor: Tom Litting