Innotemetry Q1 Order Backlog Increases... "Expecting Benefits from China's Electric Vehicle Subsidy Extension"

[Asia Economy Reporter Yoo Hyun-seok] Inometry announced on the 6th that orders for inspection equipment continue to be received steadily due to increased facility investments by major clients, global secondary battery manufacturers. The order backlog for the first quarter of this year increased by 50% compared to last year.

An Inometry official said, "Due to the expansion of facilities by secondary battery manufacturers such as electric vehicle batteries, demand for inspection equipment has been steadily occurring, resulting in a significant increase in cumulative orders compared to last year," adding, "In addition to X-ray inspection equipment, we are continuously discussing equipment supply with clients, including stacking manufacturing equipment."

This year, Inometry aims to increase its market share by diversifying clients and expanding new orders in China following its domestic efforts. Demonstrating outstanding technological capabilities in the inspection equipment field where 'safety' is paramount, it supplies most of the inspection equipment with approximately 97% market share in the domestic X-ray inspection equipment market.

The official added, "With the expansion of BYD's electric vehicle production plant and increased investments by Chinese automakers and secondary battery companies, the supply of inspection equipment in China is steadily increasing," and "Amid expectations that electric vehicle demand and battery shipments will continue to rise due to the Chinese government's extension of the electric vehicle subsidy policy, we are also focusing on securing new clients."

The Chinese government decided to extend the electric vehicle subsidy policy, which was scheduled to end this year, for two more years until 2022. The 'New Energy Vehicle Promotion and Application Recommended Catalogue,' known as the battery subsidy whitelist, includes electric vehicles equipped with batteries from domestic companies such as LG Chem, SK Innovation, and Samsung SDI.