inTEST Corporation (INTT) stock prices are up an impressive 23.90% following the commencement of the trading day on April 21st, 2021, hitting a price per share of USD$11.82.
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INTT Foray into EV Market
INTT reported halfway through February 2021 that the company continued to experience significant headway in its electric vehicle market penetration. With the EV sector burgeoning as the world makes strides towards the electrification of conventional automobiles, INTT has found itself a comfortable niche.
INTT’s Thermal Products Segment Subsidiary
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Ambrell Corp., the company’s Thermal Products Segment, is continuing to make significant contributions to INTT’s attempts to diversify. With end markets and applications being a focal point for INTT, their successful foray into the EV market is a clear indicator of success.
Ambrell Ahead of Competitive Curve
Situated at the forefront of the induction heating industry, Ambrell is a key partner and supplier for manufacturers of a plethora of electric vehicle models. The subsidiary has been entrusted with several significant automotive projects in the overall electronic vehicle market, with EV manufacturing plants across North America and Asia opting for Ambrell equipment installations.
Proliferation of Ambrell Products in EV Market
EASYHEAT and EKOHEAT power supplies offer applicability to various electronic vehicle applications, given their renowned ability to consistently deliver process heating solution. INTT, through Ambrell, also provides electronic vehicle consultation services, for which it is steadily gaining recognition across the globe. As a preferred supplier for EV manufacturers across the globe Ambrell boasts power supplies that are reliable in conjunction with application support that is unparalleled.
Keeping Up with Expanding EV Sector
As demand for INTT products and services grows steadily, the company is expanding its product portfolio and allocating significant funds and resources in their cutting-edge applications lab, as well as in the growth of their induction heating engineers team. In order to promote further penetration in a perpetually growing market, Ambrell recently appointed a Business Development Manager to oversee and facilitate the process.
Future Scope of INTT
With strong and steady year-over-year financial growth, INTT is poised to capitalize on its being at the forefront of an up and coming EV market. With the undertaking of restructuring initiatives, INTT is working to reduce costs and optimize their footprint in an effort to best serve their customers and partners. In doing so, the company hopes to continue to facilitate significant and sustained growth in shareholder value.