Inovance Earning Soar to US$3.4 Billion on Strong Industrial Automation Growth

Global industrial automation specialist Inovance, headquartered in Shenzhen, China, on June 9 reported 2022 annual earnings of US$3.4 billion, reflecting 28% year-on-year revenue growth. The company has a strong presence in India and is engaged in a major overseas expansion program across Europe and Asia. Inovance Technology Europe has sales and engineering offices in Germany, France, Spain, Italy and Türkiye, as well as distributors across the continent. Among Inovance’s offerings are elevator integrated solutions such as a combined integrated drive and controller. Industrial automation earnings accounted for US$1.7 billion, approximately 50% of group sales, with strong increases in the electric vehicle and industrial robots division. The company continues to focus heavily on R&D, with US$330 million invested in 2022.