Gangzha-based company sees innovative development in challenges
Jiangsu Invispower Co, a high-tech company specializing in high-end automobile components in Gangzha district, Nantong, continued to grow steadily and received even more orders than usual in the first quarter of this year due to innovative measures taken by the company.
Due to the outbreak of novel coronavirus, sales in the automobile industry in China saw a year-on-year decrease of 42.4 percent during the first three months of 2020.
Jiangsu Invispower also saw its orders drop by 30 percent initially. Wang Zhe, chairman of the company, said that once a production line stops working, daily losses can total 150,000 yuan ($21,168).
To deal with operational difficulties amid the outbreak, the company has amped up production of medium-end components and reduced prices by 10 percent while ensuring high-quality products.
It has also improved its new products. For example, it now allows for wireless charging of mobile phones in cars.
In addition, the company plans to take advantage of the district's automotive electronic industrial cluster to further explore domestic and foreign markets.
In the first quarter of 2020, the company expanded into Indonesia, Vietnam, and Thailand, and received over 40 million yuan in international orders, up 50 percent over the same period last year.
The company is also developing more innovative products involving contactless control systems, which have seen increased market demand amid the virus outbreak.
The company is currently faced with both unprecedented challenges and opportunities, and has found new ways to develop and expand into new markets through innovation, said Wang.