Shenzhen Inovance Technology Co., Ltd.

Company Profile



70 meters southeast of No.3, Guansheng 4th Road, Longhua District, Shenzhen City, Guangdong Province, China

Business Overview

-The company is a privately-owned general electronics manufacturer headquartered in Shenzhen, China.

-The Company started in 2003 as a manufacturer of small AC motors. Since then, the company has diversified its business and now offers products and services in five divisions: industrial automation business, elevator system business, new-energy vehicle business, industrial robot business, and railway vehicle system business.

-Approximately 30 Chinese domestic subsidiaries located in cities including Suzhou, Hangzhou, Nanjing, Shanghai, Ningbo, Changchun, and Hong Kong, and approximately 20,000 employees including those in overseas offices in Germany, France, Italy, Spain, Turkey, India, and South Korea. Consolidated sales for the fiscal year ending December 2021 are approximately CNY 2.30 billion.

Electric drive and power system business for NEVs
-Suzhou Inovance Automotive Co., Ltd. (Inovance Automotive), which was established in September 2016, is mainly responsible for the automotive business. 

-The Company has plants in Changzhou, R&D centers in Shenzhen and Switzerland, and offices in Norway, France and Germany. Construction of the Japanese division has begun, and an R&D center in the United States and a plant in Eastern Europe are also being planned. (Announced in September 2021.)

-In the fiscal year ended December 2022, the Company's total New Energy Vehicle business sales reached CNY 5.09 billion, a year-over-year (y/y) increase of about 70.02% (22.11% of total sales by business segment). 

-Major products:

Product category Main products
Motors, controllers Motor controllers (ECU), motors, 5-in-1 units, electric drive units (e-Axle)
Power supply components DC/DC converters, on-board chargers (OBC), power distribution units

-The company's main competitors in the field of New Energy passenger vehicles are BoschUAESAptiv, and Nidec, and its main competitors in the field of power supply components for New Energy passenger vehicles are Chinese domestic suppliers.

-The market share of New Energy Passenger car products in 2022 is 7% for motor ECUs, ranking 3rd in China, 3% for e-axles for 10th place, and 3% for other motor products, ranking within the top ten in China. (According to the Company's annual report)


-Listed on the Shenzhen Stock Exchange in June 2018 (Source: 2022 financial report)
Major Shareholders Shareholding Ratio (%)
Shenzhen Huichuan Investment Co., Ltd. 20.97
Hong Kong Securities Clearing Company Limited 17.49
Others 61.54
Total 100.00


-Drive motors
-Reduction gears
-2-in-1 systems

  • Drive motors
  • ECU

-3-in-1 systems

  • Vehicle charger
  • DC-DC converters
  • Power distribution units (PDU)


  • Drive motors
  • Inverters
  • Reduction gears

-5-in-1 systems

  • Drive motors
  • Power distribution units (PDU)
  • ECUs for electric power steering (EPS)
  • Air conditioner modules (ACM)
  • DC-DC converters


Power supplies
-DC-DC converters
-On-board chargers
-Power distribution units (PDU)


Apr. 2003 Founded.
2008 Entry into the passenger car market in China.
2013 Entry into the commercial vehicle market in China.
2016 Concluded a strategic alliance with BRUSA Elektronik AG.
Sep. 2016 Established Suzhou Inovance Automotive Co., Ltd., an automobile business subsidiary.
Jan. 2021 Partnered with American Axle & Manufacturing to develop and supply the e-Axle.
Apr. 2021 Inovance Automotive and FAW New Energy Development Institute establish joint lab for automotive power distributions products
Jun. 2021 Formed a partnership with Chery Automobile for research on power electronics technology, system assembly technology, and smart manufacturing technology for New Energy Vehicles.
Jul. 2021 Inovance Automotive and Beijing CHJ Automotive Co., Ltd. (Li Auto) established an auto parts joint venture company in Changzhou, Changzhou Huixiang New Energy Auto Parts Co., Ltd. Inovance Automotive will hold a 51% share and Li Auto 49%.
Aug. 2021 Changzhou factory construction began.
Sep. 2021 Suzhou Inovance Automotive Co., Ltd., a wholly owned subsidiary, became independent as an operating company for NEV business.
Feb. 2022 Concluded a strategic alliance with SKF.
May 2022 Changzhou Plant completed phase 1 construction and starts operation
Jun. 2022 Formed a partnership with Shaanxi FAST to build a common foundation for the development of electric powertrain system technology.

Supplemental Information 1

>>>Business Report FY2021

Note: A figure in brackets ( ) indicates a loss