Inovance's market share has steadily increased

Inovance, a company founded in 2016, focuses on providing world-leading smart electric vehicle components and solutions. In the first half of 2024, the company's share of electronic control products in China's new energy passenger vehicle market reached 11%, ranking first among third-party suppliers. In addition, its market share of drive assembly products was 5.9%, its market share of motor products was 4.7%, and its market share of OBC products was 4.6%. In terms of revenue, Inovance's operating income in the first half of 2024 reached 6.055 billion yuan, a year-on-year increase of 96%.