SINGAPORE (June 11): Th e earnings profile of Catalist-listed Miyoshi is set to switch gears after the company scored a major electric car contract that could see an extra $200 million in annual revenue for the next three years.

In May, Miyoshi announced that its 15%-owned, China-based joint venture, Core Power (Fujian) New Energy Automobile, had won a contract from Jiangxi Changhe Automobile, a subsidiary of Beijing Automotive Group (BAG). Core Power will build 50,000 electric cars. The first 2,000 units will be delivered by year-end, with the remaining orders fulfilled by 2021.

The vehicles will be made at Core Power’s plant in Fujian province and sold under BAG’s brand name. The cars, which will have a top speed of 100kph and a range of 250km, will be positioned as a price-competitive new entrant in an increasingly crowded sector, Miyoshi says. Most China-made electric cars sell for between RMB150,000 ($31,237) and RMB220,000.

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