Inovance Technology

Inovance Technology held a groundbreaking ceremony for a new R&D and manufacturing base in Jinpu New Area, Dalian, China, with a total investment of RMB 2 billion (approx. USD 280 million). The facility will produce 10,000 high-voltage permanent magnet synchronous motors annually, targeting heavy industries.

Inovance Technology's Hungarian factory has been put into use as a logistics center and has started trial production of elevator electrical products. Mass production and delivery are expected by the end of 2023.

Inovance Technology plans to invest up to 1.65 billion yuan to build a production, R&D and office base in Nanjing, China, for ball screws and industrial robots. Construction is expected to start in June 2022 and take about 13 months.

Suzhou Inovance Automotive, a subsidiary of Shenzhen Inovance Technology, and Beijing CHJ Automotive (Li Auto) have formed a joint venture company in Changzhou to produce auto parts. Inovance Automotive holds a 51% stake.