BorgWarner Awarded on the USA TODAY America's Best Climate Leaders 2024 List

Rhea-AI Summary

BorgWarner has been recognized on USA TODAY's list of America's Best Climate Leaders 2024. This award is presented by USA TODAY and Statista Inc. and honors companies for their climate leadership based on a comprehensive two-step process involving application, research, and data analysis.

Criteria for inclusion included being headquartered in the USA, revenue of at least $50 million in 2022, independent emission reporting, and a broader environmental record. BorgWarner's recognition highlights their commitment to environmental sustainability across their business operations, including their strategy to increase production of electric and hybrid vehicle components.

Volker Weng, Vice President of BorgWarner and Environmental Sustainability Lead, emphasized the company's dedication to creating a cleaner, energy-efficient world through sustainable practices in production, materials, and partnerships.

Positive

• Recognized on USA TODAY's list of America's Best Climate Leaders 2024, enhancing BorgWarner's reputation in environmental sustainability.
• Criteria for recognition included solid revenue figures and comprehensive emission reporting, indicating strong financial and environmental performance.
• Commitment to increasing production of electric and hybrid vehicle components aligns with market trends towards sustainability.
• Positive public relations boost from being associated with a prestigious award by reputable sources USA TODAY and Statista.

Negative

• No specific financial performance metrics or improvements were disclosed, leaving investors without concrete data on the impact of sustainability efforts.
• Recognition focuses on past performance in emissions reduction, which may not guarantee future environmental or financial success.
• Potentially high costs associated with maintaining and furthering sustainability practices could impact profit margins.

AUBURN HILLS, Mich., May 30, 2024 /PRNewswire/ -- BorgWarner has been awarded on USA TODAY's list of America's Best Climate Leaders 2024. This prestigious award is presented by USA TODAY and Statista Inc., the world-leading statistics portal and industry ranking provider. The awards list was announced on May 30th, 2024, and can be viewed on the usatoday.com.

The America's Climate Leaders of 2024 award is based on a two-step process. First is the application and research phase. Companies could be included on the list by applying online or by having the necessary data publicly available. To be considered for the award, a company must meet the following criteria:

1. The company is headquartered in the USA.
2. The company had revenue of at least $50 million in 2022.
3. Independent emission reporting with data on Scope 1 and Scope 2 for the years 2020 and 2022.
4. In case a CDP rating is available, the score had to be at least C.
5. Broader environmental record (e.g. no oil exploration, non-GHG pollution, or deforestation).

The second step is the data analysis and scoring phase. For all companies meeting the inclusion criteria, the year-over-year reduction in emissions intensity (compound annual reduction rate) was calculated.

Based on the results of the study, BorgWarner is ecstatic to be recognized on USA TODAY's list of America's Best Climate Leaders 2024.

"We are honored to be recognized as a Climate Leader by USA TODAY as environmental sustainability is a key focus in every part of our business and a focus for every person in our company," said Volker Weng, Vice President of BorgWarner Inc. and President and General Manager, BorgWarner Drivetrain and Battery Systems, Environmental Sustainability Lead. "Our Charging Forward strategy aligns with a low-carbon emissions future, increasing production of electric and hybrid vehicle components in pace with the market, and emitting lower emissions from vehicles on the road. We know that to create a cleaner, more energy-efficient world, we must continue embracing sustainable practices not just in the products we make, but also in how we make products, the materials used, and the suppliers with whom we partner."

Statista publishes hundreds of worldwide industry rankings and company listings with high-profile media partners. This research and analysis service is based on the success of statista.com, the leading data and business intelligence portal that provides statistics, relevant business data, and various market and consumer studies and surveys.

About BorgWarner
For more than 130 years, BorgWarner has been a transformative global product leader bringing successful mobility innovation to market. With a focus on sustainability, we're helping to build a cleaner, healthier, safer future for all.

Forward Looking Statements: This release may contain forward-looking statements as contemplated by the 1995 Private Securities Litigation Reform Act that are based on management's current outlook, expectations, estimates and projections. Words such as "anticipates," "believes," "continues," "could," "designed," "effect," "estimates," "evaluates," "expects," "forecasts," "goal," "guidance," "initiative," "intends," "may," "outlook," "plans," "potential," "predicts," "project," "pursue," "seek," "should ," "target," "when," "will," "would," and variations of such words and similar are intended to identify such forward-looking statements. Further, all statements, other than statements of historical fact, contained or incorporated by reference in this release regarding matters that we expect or anticipate will or may occur in the future regarding our financial position, business strategy and measures to implement that strategy, including references to future success and other such matters, are forward-looking statements. All forward-looking statements are based on assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate under the circumstances. Forward-looking statements are not guarantees of performance, and the Company's actual results may differ materially from those expressed, projected or implied in or by the forward-looking statements.

You should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. Forward-looking statements are subject to risks and uncertainties, many of which are difficult to predict and generally beyond our control, that could cause actual results to differ materially from those expressed, projected or implied in or by the forward-looking statements. These risks and uncertainties, among others, include: competitive challenges from existing and new competitors, including original equipment manufacturer ("OEM") customers; the challenges associated with rapidly changing technologies, particularly as they relate to electric vehicles, and our ability to innovate in response; the difficulty in forecasting demand for electric vehicles and our electric vehicles revenue growth; potential disruptions in the global economy caused by wars or other geopolitical conflicts; our dependence on automotive and truck production which is highly cyclical and subject to disruptions; our reliance on major OEM customers; the uncertainty of the global economic environment; future changes in laws and regulations, including, by way of example, taxes and tariffs, in the countries in which we operate; and the other risks, noted in reports that we file with the Securities and Exchange Commission, including Item 1A, "Risk Factors" in our most recently-filed Form 10-K and/or Quarterly Report on Form 10-Q. We do not undertake any obligation to update or announce publicly any updates to or revisions to any of the forward-looking statements in this release to reflect any change in our expectations or any change in events, conditions, circumstances, or assumptions underlying the statements.

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SOURCE BorgWarner Inc.

FAQ

What criteria did BorgWarner meet to be recognized as one of America's Best Climate Leaders 2024?

BorgWarner met criteria including being headquartered in the USA, revenue of at least $50 million in 2022, independent emission reporting, and a strong environmental record.

What does BorgWarner's recognition as a Climate Leader 2024 signify?

It signifies BorgWarner's commitment to environmental sustainability and their efforts to reduce emissions and increase production of electric and hybrid vehicle components.

When was BorgWarner awarded on USA TODAY's list of America's Best Climate Leaders 2024?

BorgWarner was awarded on May 30, 2024.

Who presented the America's Best Climate Leaders 2024 award to BorgWarner?

The award was presented by USA TODAY and Statista Inc.

What is BorgWarner's strategy for environmental sustainability?

BorgWarner's strategy includes increasing production of electric and hybrid vehicle components, embracing sustainable practices in production, materials used, and partnerships.