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) reported its 2022 Q4 and full-year results, highlighting a 12.4% increase in Q4 net sales to $4.1 billion and a full-year sales increase of 6.5% to $15.8 billion. The company anticipates electric vehicle sales to reach $1.5-$1.8 billion in 2023, up from $870 million in 2022. A planned tax-free spin-off of its Fuel Systems and Aftermarket segments aims to enhance focus on core opportunities. BorgWarner targets 25% reduction in absolute Scope 3 emissions by 2031, alongside significant strides in eMobility. 2023 guidance estimates net sales of $16.7-$17.5 billion.
BorgWarner has appointed Hau Thai-Tang to its Board of Directors as of February 8, 2023. Thai-Tang retired from Ford Motor Company in 2022, where he served as Chief Industrial Platform Officer. He led initiatives in research, advanced engineering, product development, and supply chain management, contributing to the launch of key models such as the Mustang Mach-E and F-150 Lightning. His extensive experience in electrification transformation is deemed valuable for BorgWarner's strategic goals. The company emphasizes its commitment to innovation and eMobility for a sustainable future.
BorgWarner presented Marcus Ericsson with his first Baby Borg trophy on February 2, 2023, at a ceremony in Palm Springs, California, following his victory at the 106th Indianapolis 500. This achievement made Ericsson the second Swedish driver to win this prestigious race, with his likeness now adorning the Borg-Warner Trophy. Additionally, Chip Ganassi received the Championship Team Owner's Trophy for the sixth time, commemorating his team's consistent success in Indy 500 history. BorgWarner continues its commitment to innovation in mobility, alongside a focus on eMobility, promoting a sustainable future.
BorgWarner Inc. (NYSE: BWA) has announced a conference call for its 2022 Fourth Quarter and Full Year results, scheduled for February 9, 2023, at 9:30 AM ET. The call will be accessible via the company’s investor webpage. This initiative reflects BorgWarner's commitment to transparency and investor relations. For over 130 years, BorgWarner has been a leader in mobility innovation, focusing on eMobility solutions to promote a cleaner and safer future. Interested participants can access the live webcast or view the archived version later on their investor site.
BorgWarner Inc. (NYSE: BWA) will host a Q4 and Full Year 2022 Results Conference Call on February 9, 2023, at 9:30 AM EST. The session will be available live over the Internet, and a recording will be archived for those unable to attend. With over 130 years in the industry, BorgWarner focuses on driving innovation in mobility and has committed to advancing eMobility solutions for a sustainable future. For more details, visit the BorgWarner Investor Relations page.
BorgWarner has announced a commitment to reduce its absolute Scope 3 emissions by at least 25% by 2031 from a 2021 baseline. This target is part of its broader effort, including a previously announced goal of 85% reduction in Scope 1 and 2 emissions by 2030. The targets have been submitted for validation to the Science Based Target initiative (SBTi) and align with the company's Charging Forward strategy to achieve net-zero carbon emissions. BorgWarner aims to transition its product portfolio toward electrification and enhance sustainability across its supply chain.
BorgWarner has acquired Drivetek AG for an enterprise value of up to CHF 35 million, enhancing its specialty power electronics capabilities. The acquisition strengthens BorgWarner's High Voltage eFan business, with CHF 25 million paid at closing and CHF 10 million contingent on future performance. Drivetek, headquartered in Switzerland, specializes in inverters and power electronics across various sectors including automotive and aviation. This strategic move aims to accelerate growth in electrification and support BorgWarner's transition to eMobility.
BorgWarner has announced a strategic investment of $500 million in Wolfspeed to secure a capacity corridor for silicon carbide (SiC) devices, supporting its inverter growth plans. This agreement allows BorgWarner to purchase up to $650 million of SiC devices annually as demand rises. The partnership aims to accelerate technology development and innovation in electric vehicle solutions. BorgWarner aims for $4.5 billion in electric vehicle revenue by 2025, significantly up from under $350 million in 2021. This investment aligns with Wolfspeed's $6.5 billion capacity expansion plan.
BorgWarner Inc. (NYSE: BWA) declared a quarterly cash dividend of $0.17 per share on November 9, 2022. This dividend will be paid on December 15, 2022, to stockholders of record as of December 1, 2022. The company has been a leader in the mobility sector for over 130 years, focusing on innovative solutions for a sustainable future, particularly in eMobility.
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