Zhejiang Leapmotor Technology (HKG:9863) partnered with FAW Group to develop passenger electric vehicles in a deal signed by both parties, Yicai Global reported Wednesday.

Leapmotor will provide FAW with components and related technology for the new models, insiders told the media outlet.

The Chinese electric vehicle maker said during the signing ceremony that both parties will conduct resource coordination throughout their supply chain, the report said.

Leapmotor's shares jumped less than 5% in recent trade.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)