Welcome to our dedicated page for BorgWarner news (Ticker: BWA), a resource for investors and traders seeking the latest updates and insights on BorgWarner stock.
BorgWarner Inc. (NYSE: BWA) is a global leader in innovative powertrain solutions aimed at improving fuel efficiency, reducing emissions, and enhancing performance for engines, transmissions, and driveline systems. With a commitment to creating a cleaner and more energy-efficient world, BorgWarner's product portfolio includes advanced technologies for both traditional and electric vehicles. The company operates through three key segments:
- Air Management: This division produces turbochargers, e-boosters, e-turbos, timing systems, emission systems, thermal systems, gasoline ignition technology, powertrain sensors, and cabin heaters.
- Drivetrain and Battery Systems: It includes automatic transmission components, torque management products, battery heaters, battery charging, and battery modules.
- e-Propulsion: Focused on e-motors, power electronics, and software and control modules.
Recent achievements for BorgWarner include securing a contract with a major Chinese OEM to supply its dual inverter with boost function for hybrid vehicles and starting eMotor rotor and stator production for XPeng Motors. The company also extended its contract to supply high voltage coolant heaters (HVCH) to a major global OEM for their battery-electric light-vehicle platforms.
Financially, BorgWarner reported net sales of $3,595 million for the first quarter of 2024, a 6% increase compared to the previous year. Net earnings were $213 million or $0.93 per diluted share. The company expects its 2024 net sales to be in the range of $14.4 billion to $14.9 billion with an operating margin of 8.2% to 8.5%.
Major customers include Ford and Volkswagen, contributing 14% and 11% of the 2023 revenue, respectively. Geographically, the revenue distribution for 2023 was 36% from Europe, 34% from Asia, and 29% from North America.
With over 130 years of experience, BorgWarner continues to be a transformative force in the automotive industry, driving the transition to eMobility and supporting environmentally friendly technologies. The company's forward-looking initiatives and strategic partnerships solidify its role as a key player in the global automotive market.
Latest News Highlights:
- BorgWarner secures a contract with a major Chinese OEM for dual inverters with boost function in hybrid vehicles.
- Begins eMotor rotor and stator production for XPeng Motors, set to supply the X9 MPV and new B-class sedan.
- Extends contract to supply high voltage coolant heaters (HVCH) for a global OEM's electric light-vehicle platforms.
- Reports first-quarter 2024 financial results with increased net sales and earnings, maintaining a positive outlook for the year.
BorgWarner Inc. (NYSE: BWA) announced a quarterly cash dividend of $0.17 per share on April 26, 2023. This dividend is set to be paid on June 15, 2023, to stockholders of record by June 1, 2023. With over 130 years in the market, BorgWarner continues to lead in mobility innovation, now focusing on accelerating the transition to eMobility for a sustainable future. This dividend represents a commitment to providing returns for investors while fostering advancements in clean technology.
BorgWarner's Engineering Director, Carol Cai, received the 2023 Women MAKE Award for her significant contributions to the manufacturing industry. This award honors women in STEM careers who demonstrate outstanding leadership. Cai is the seventh consecutive awardee from BorgWarner, recognized at a gala on April 20 in Washington, D.C.. Having joined the company as a simulation supervisor, Cai now oversees over 90 engineers in China and has established a turbo R&D team. She actively mentors young female engineers, participates in talent recruitment initiatives, and contributes to programs supporting new graduates. The Manufacturing Institute awarded her among 130 women leaders, highlighting the importance of female empowerment in engineering.
BorgWarner plans to invest $42 million to expand its Seneca, South Carolina facility, which will enhance its battery module and pack production capabilities. This investment is expected to create 122 new jobs over three years, spanning various roles including production and engineering. The expansion aims to achieve an additional 3GWh of annual production capacity, contributing significantly to the company's U.S. operations. Supported by the State of South Carolina and Oconee County, the facility's expansion will commence in the second quarter of 2023 and is projected for completion in the first half of 2024.
BorgWarner has announced a significant investment of $20 million to enhance its manufacturing capabilities across three facilities in Michigan and to develop a new electric vehicle (EV) battery service center. This initiative aims to accelerate the development and testing of EV products and boost domestic manufacturing capabilities. The project is expected to create approximately 186 jobs in engineering, manufacturing, and service sectors. Additionally, BorgWarner received a grant of $1.86 million from the Michigan Economic Development Corporation to support its electrification goals. The investment will involve expanding facilities in Auburn Hills, Dearborn, and Hazel Park, with Hazel Park receiving the largest portion of the investment for a new battery service center.
BorgWarner (NYSE: BWA) will host a 2023 First Quarter Results Conference Call on May 4, 2023, at 9:30 AM Eastern Time. The call will be accessible via a live webcast on the company's investor relations website. For those unable to join live, the session will be archived for later access. BorgWarner, a leader in mobility innovation for over 130 years, focuses on enhancing eMobility to promote a cleaner and safer future. Additional information can be found by visiting borgwarner.com.
BorgWarner's CEO, Frédéric Lissalde, was awarded the prestigious Nessim Habif Prize for his contributions to the automotive industry. The ceremony took place in Paris on March 6, 2023, organized by the Ingénieurs Arts et Métiers community. Lissalde, who expressed his gratitude for the recognition, highlighted the importance of striving for excellence. This annual award has recognized over 35 influential figures since its inception in 1962. BorgWarner continues to be a leader in mobility innovation and is focused on advancing eMobility for a sustainable future.
BorgWarner Inc. (NYSE: BWA) has successfully acquired Hubei Surpass Sun Electric's (SSE's) Electric Vehicle Charging Solution, Smart Grid, and Smart Energy businesses. This acquisition is pivotal for BorgWarner, enhancing its electrification capabilities in Asia while strengthening its existing charging infrastructure in Europe and North America. The company views SSE as a strategic fit, aligning with the industry's shift towards electrification. This move is expected to contribute positively to BorgWarner's market position and charging expertise.
BorgWarner Inc. (NYSE: BWA) has announced Brady Ericson as the President and CEO and Chris Gropp as Executive VP and CFO of PHINIA Inc., the new publicly traded entity resulting from the spin-off of its Fuel Systems and Aftermarket segments. This separation is part of the company’s strategy to enhance operational focus and flexibility. The spin-off is anticipated to complete in late 2023 and aims to maintain BorgWarner's legacy while fostering product leadership. Both executives bring extensive experience within the company, with Ericson leading Fuel Systems since March 2022 and Gropp serving in various financial roles since 2001.
BorgWarner has announced an expansion of its inverter business, transitioning from 400V to 800V silicon carbide (SiC) inverters for battery electric vehicles (BEVs). The new inverters, with 250kW and 350kW options, are set for production starting in 2025, aiming for an annual volume of nearly 400,000 units. This strategic move reinforces BorgWarner's position as a key supplier for a major global automaker and enhances its scalability and efficiency in BEV platforms.
BorgWarner Inc. (NYSE: BWA) announced a quarterly cash dividend of $0.17 per share, payable on March 15, 2023, to stockholders of record by March 1, 2023. With over 130 years in the mobility sector, BorgWarner continues to innovate, focusing on eMobility to enhance sustainable transportation solutions. This dividend reflects the company's commitment to returning value to shareholders amid its ongoing transformation towards cleaner and safer future mobility.
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