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 appointed Sara A. Greenstein to its Board of Directors, effective November 9, 2021. Greenstein brings extensive leadership experience, having previously served as President and CEO of Lydall, Inc. and as a Senior Vice President at United States Steel Corporation, managing a $4 billion business unit. Her educational background includes a Bachelor of Science in Business Administration from the University of Illinois and an MBA from the University of Michigan. This addition is expected to strengthen the board with her skills in the production and manufacturing sectors.
BorgWarner's Julie Adkins has received the 2021 Women in Manufacturing STEP Ahead Award, recognizing her leadership in the manufacturing sector. Adkins, who began her career at BorgWarner in 2011, is the fifth consecutive BorgWarner employee to earn this honor. Her contributions include developing a high-performing Program Management Team and streamlining processes within the company. The award emphasizes the role of women in manufacturing, especially post-pandemic, and was presented on November 4, 2021, at the National Building Museum in Washington, D.C.
BorgWarner has secured a significant contract with a major OEM to deliver high voltage silicon carbide (SiC) inverters for battery electric vehicles (BEVs). This marks the company's largest SiC inverter win and the first in North America. The inverters, developed from the Viper family of scalable power modules, offer advantages such as low mass, high efficiency, and scalability. Production is expected to commence in 2024. This win reinforces BorgWarner's commitment to the electric vehicle market and strengthens its longstanding customer relationship.
BorgWarner has secured a contract to supply a cutting-edge, high-voltage silicon carbide (SiC) inverter to a major German automaker for their upcoming electric vehicles. The 800V SiC inverter enhances power density and efficiency, resulting in a significantly improved electric vehicle range and driving performance. This technology is part of BorgWarner's Charging Forward initiative, which aims to boost electric vehicle revenue to approximately 45% by 2030 and achieve carbon neutrality by 2035.
BorgWarner announced that its 400V Silicon Carbide (SiC) inverter has been chosen to power several battery electric vehicles for a European OEM. This inverter features dual-sided cooled power switches, leading to enhanced vehicle performance and range. Production is set to begin in 2023. The SiC inverter offers a lightweight design, reduced costs, and a 70% reduction in switching losses compared to traditional silicon-based inverters. This aligns with BorgWarner's electrification strategy, targeting 45% of revenue from electric vehicles by 2030 and achieving carbon neutrality by 2035.
BorgWarner Inc. (NYSE: BWA) will host its 2021 Third Quarter Results Conference Call on November 3, 2021, at 9:30 am Eastern Time. The event will be available as a live webcast, accessible via the company’s investor site. A recorded version of the call will also be available for those unable to attend live. BorgWarner operates globally with approximately 50,000 employees and 96 manufacturing and technical facilities across 23 countries, focusing on innovative mobility solutions.
BorgWarner has secured a partnership with a German OEM to supply its HVH250 electric motors for a new heavy-duty truck model. Each truck will feature two HVH motors per axle, delivering peak power of 175 kW and 425 Nm of torque. The HVH250 motor boasts over 95% efficiency and has been in production for over 10 years. This move reinforces BorgWarner's leadership in commercial vehicle electrification.
Additionally, the company offers various electric vehicle technologies, including drive modules and battery packs, further solidifying its commitment to sustainable mobility solutions.
BorgWarner has received a $4.97 million award from the U.S. Department of Energy for developing a Scalable Ultra Power-dense Extended Range (SUPER) inverter. This project is part of a larger initiative where $60 million is allocated to 24 projects aimed at reducing CO2 emissions in transportation. The project will last 39 months, focusing on creating a smaller, more efficient inverter for electrified vehicles, targeting a power density of 100kW per liter. BorgWarner collaborates with several partners, including Infineon Technologies and Virginia Tech.
FAQ
What is the current stock price of BorgWarner (BWA)?
What is the market cap of BorgWarner (BWA)?
What does BorgWarner Inc. do?
What are the main product segments of BorgWarner?
Who are BorgWarner's main customers?
What recent contracts has BorgWarner secured?
What are BorgWarner's financial highlights for the first quarter of 2024?
Where does BorgWarner generate most of its revenue geographically?
What is BorgWarner's contribution to the eMobility transition?
What recent products has BorgWarner developed for electric vehicles?
What is BorgWarner's outlook for 2024?
How long has BorgWarner been in the automotive industry?
