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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 secured its first high-voltage (HV) eFan system contract with a major European Commercial Vehicle OEM, aimed at battery-powered long-haul vehicles. Production is set to begin in late 2024, reflecting the company's thermal management expertise and commitment to CO2-neutral solutions in the automotive sector. The eFan system, optimized for efficiency and performance, will be essential for cooling components in electric trucks and is compatible with various high-voltage systems. This win underscores BorgWarner's leadership in thermal management technology amidst evolving emission regulations in Europe.
BorgWarner is partnering with a prominent Chinese OEM to provide its 800V silicon carbide (SiC) inverters for a new high-end battery electric vehicle (BEV) platform. This platform, aimed at mid- and high-end markets, will debut in Q1 2023. The inverters enhance power and performance, allowing the OEM to target the high-end BEV sector. BorgWarner’s robust supply chain management and experience in SiC applications are expected to facilitate agile development for the new models.
BorgWarner has secured its first hydrogen injection system production program for an off-road application, aiding in CO2-free mobility. This system, awarded by a European construction equipment manufacturer, enhances energy efficiency and reduces refueling time, reflecting a favorable total cost of ownership. The company continues to advance in hydrogen technology for various vehicle segments, indicating a strategic shift towards cleaner propulsion options. BorgWarner aims to integrate complete solutions for hydrogen applications, leveraging its expertise in fuel injection systems.
BorgWarner Inc. (NYSE: BWA) has successfully completed its acquisition of AKASOL AG, enhancing its commercial vehicle and industrial electrification capabilities. This strategic move aims to capitalize on the growing battery systems market, with AKASOL contributing approximately $600 million in expected electric vehicle revenue by 2025. The merger aligns with BorgWarner's Project Charging Forward, targeting 45% of total revenue from electric vehicles by 2030. Former AKASOL CEO, Sven Schulz, will continue in a consulting role following the merge, which marks the final step to full ownership.
BorgWarner (NYSE: BWA) announced a deal to acquire Santroll Automotive Components for up to ¥1.4 billion, enhancing its electric vehicle (EV) capabilities. The acquisition includes a ¥1.1 billion initial payment and a potential ¥0.3 billion earnout. Santroll, based in Tianjin, China, specializes in eMotor technology for light vehicles, contributing valuable manufacturing expertise and established customer relationships. The deal aims to bolster BorgWarner's vertical integration and accelerate its market presence in EV solutions, with closing expected in late Q1 2022, pending customary conditions.
BorgWarner Inc. (NYSE: BWA) declared a quarterly cash dividend of $0.17 per share on February 9, 2022. The dividend will be paid on March 15, 2022 to stockholders of record as of March 1, 2022. As a leader in sustainable mobility solutions, BorgWarner operates in 96 locations across 22 countries and employs approximately 50,000 people globally. This dividend reflects the company's commitment to returning value to its shareholders while continuing to innovate in the vehicle market.
BorgWarner Inc. (NYSE: BWA) has announced a conference call to discuss its 2021 Fourth Quarter and Full Year results, scheduled for February 15, 2022, at 9:30 AM Eastern Time. The call will be available via live webcast, accessible through the company's investor relations website. For those unable to attend, an archive of the call will also be made available on the same site. BorgWarner, a leader in sustainable mobility solutions, operates in 96 locations across 22 countries and employs approximately 50,000 people globally.
BorgWarner has joined the U.S. Department of Energy's Better Climate Challenge, committing to a minimum of 50% reduction in greenhouse gas emissions over the next decade. This initiative emphasizes energy efficiency and corporate responsibility, with BorgWarner required to report its GHG findings annually. The company aims to become carbon neutral by 2035 and will collaborate with peers like Ford and General Motors. Dr. Volker Weng expressed enthusiasm for sharing solutions to climate challenges as part of a larger clean energy economy effort.
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