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 has successfully installed its first Iperion-120 fast-charging stations in Italy, aimed at enhancing electric vehicle infrastructure. The Iperion-120 offers dual charging points for efficiency, enabling fast charging at 120 kW or simultaneous charging for two vehicles at 60 kW each. It supports a variety of applications and is compatible with standard European charging protocols, ensuring longevity with a lifespan exceeding 10 years.
Davide Girelli emphasized the importance of this development in supporting electric mobility through innovative technology and efficient solutions.
BorgWarner has secured contracts with a global and a Chinese automaker to provide its High-Voltage Coolant Heater (HVCH) technology for upcoming electric vehicle models. This advanced technology, supporting 800V systems, features a compact design that enhances battery performance, decreases charging times, and improves cabin comfort. The HVCH, capable of delivering between 3 to 10 kW, is set for production in late 2023 and early 2024. The heaters utilize thick film element technology for efficient heat transfer, reinforcing BorgWarner's position in the growing eMobility market.
BorgWarner has been chosen by a European manufacturer to supply its AKASOL ultra-high energy battery system for new heavy-duty electric trucks. Series production of the trucks, a 4x2 and a 6x2 model, is set to begin in Q1 2024. The battery systems, offering a 50% increase in energy density, will enhance vehicle range significantly, providing 294 kWh and 392 kWh, respectively. The compact design and estimated life of up to 4,000 cycles will minimize total ownership costs, positioning BorgWarner as a leader in high-energy battery innovation for commercial transport.
BorgWarner Inc. (NYSE: BWA) reported a flat Q2 2022 with net sales of $3.76 billion and net earnings of $216 million, or $0.91 per diluted share. Adjusted earnings were $1.05 per share, slightly down from last year. The company anticipates electric vehicle revenue to reach approximately $850 million in 2022, doubling from 2021, and expects total sales between $15.5 to $16 billion for the year. Major developments include the acquisition of Rhombus Energy Solutions for $130 million and new high-voltage coolant heater programs for 2023 and 2024.
BorgWarner has acquired Rhombus Energy Solutions for an enterprise value of up to $185 million. The deal, primarily funded with cash, enhances BorgWarner's charging business by expanding its North American presence and complementing its existing European operations. Rhombus specializes in vehicle-to-grid (V2G) technology and will aid BorgWarner's Charging Forward strategy, positioning it to innovate in electric mobility infrastructure. Approximately $130 million was paid at closing, with potential contingent payments of $55 million over three years.
BorgWarner Inc. (NYSE: BWA) declared a $0.17 quarterly cash dividend on July 28, 2022. This dividend will be payable on September 15, 2022, to stockholders of record as of September 1, 2022. With over 130 years of innovation in mobility, BorgWarner aims to accelerate the transition to eMobility, contributing to a cleaner and safer future.
BorgWarner Inc. (NYSE: BWA) has announced a Webcast for its 2022 Second Quarter Results Conference Call, scheduled for August 3, 2022, at 9:00 AM Eastern Time. The call can be accessed online via the BorgWarner investor relations page. For those unable to attend live, an archive will be available on their website.
With over 130 years of experience, BorgWarner focuses on accelerating the transition to eMobility, contributing to a cleaner and safer future. For more updates, visit borgwarner.com.
BorgWarner Inc. (NYSE: BWA) has announced a conference call to discuss its 2022 second quarter results. This event is scheduled for August 3, 2022, at 9:00 AM Eastern Time. Investors can access the live webcast on the company’s investor relations website. The call will later be archived for those who cannot attend. With over 130 years of experience, BorgWarner is focused on enhancing mobility innovations and transitioning towards eMobility for a sustainable future. For more details, visit borgwarner.com.
On May 31, 2022, Marcus Ericsson claimed victory at the Indy 500, marking his first win at this prestigious event in his fourth attempt. Driving for Chip Ganassi Racing, he led 13 laps and averaged 175.428 mph, earning $3.1 million in front of 250,000 fans. Ericsson's win adds him to the exclusive group of Indy 500 champions, and he will have his likeness sculpted onto the iconic Borg-Warner Trophy. BorgWarner has been a significant player in the event since 2012, supplying high-performance EFR™ turbochargers featured on all participating cars.
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