Borgwarner Inc - BWA STOCK NEWS

BorgWarner has secured its second award for an integrated drive module (iDM) from Hyundai Motor Company (HMC) to power an A-segment electric vehicle, with production set to begin in Q3 2024. The iDM146 technology is recognized for its high power density, efficiency, and customizable modular design. This partnership, which spans two decades, highlights BorgWarner's expertise in electric propulsion systems, following a previous collaboration with HMC. The iDM unit is designed for 400V systems, providing a peak output of 135kW.

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.