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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's integrated P3 hybrid drive module will power various SUVs for a major European OEM, enhancing fuel economy and reducing CO2 emissions. Custom-designed, it features a permanent magnet motor, power electronics, and advanced software controls, achieving peak power of 25 kW. This compact solution aims for an August 2023 release, supporting BorgWarner's position in the hybrid and electric market.
BorgWarner's Arvis Williams has been honored with induction into the 2021 Women in Manufacturing Hall of Fame, acknowledging her significant contributions to the manufacturing sector and advocacy for women. With over 30 years of experience, Williams leads 29 plants across 17 countries. Her leadership is celebrated for driving performance and promoting diversity. The recognition took place during WiM's 11th annual SUMMIT in Cleveland on October 6, 2021.
BorgWarner has enhanced its collaboration with HYCET Transmission Technology by supplying a triple-clutch P2 drive module and hydraulic control unit for Great Wall's Haval and WEY brands. This partnership supports the first 9-speed P2 9HDCT hybrid transmission for HYCET's 'I-Era 2.0' powertrain, aimed at improving vehicle efficiency and performance. The innovative P2 module integrates up to three clutches and features a compact design for easy installation, meeting the growing demand for hybrid vehicles. Mass production of these vehicles is expected by January 2022.
BorgWarner Inc. (NYSE: BWA) has announced a conference call to discuss its 2021 third quarter results scheduled for November 3, 2021, at 9:30 AM Eastern Time. Investors can participate by logging onto the company's investor relations page. The call will also be available as an archived recording. BorgWarner is recognized as a global leader in innovative, sustainable mobility solutions, with a workforce of approximately 50,000 employees across 96 locations in 23 countries. For more details, visit borgwarner.com.
BorgWarner's leadership attended the grand opening of AKASOL's Gigafactory 1 in Darmstadt, Germany, on August 16, 2021. This factory, the largest in Europe for commercial vehicle battery systems, emphasizes BorgWarner's strategic move toward electrification. Following the acquisition of AKASOL in June 2021, BorgWarner holds an approximate 93% stake, aiming for full ownership by mid-2022. Through its Project Charging Forward, BorgWarner targets generating about 45% of revenue from electric vehicles by 2030, with AKASOL contributing significantly to this initiative.
BorgWarner has made a Series C equity investment in CelLink Corporation to enhance its electrification strategy. Announced on August 16, 2021, this investment supports BorgWarner's goal of achieving 45% of total sales from EV technology by 2030. CelLink specializes in flexible circuits that are ideal for automotive applications, improving efficiency in battery packs and vehicle wiring. BorgWarner's Chief Technology Officer stated this collaboration will strengthen their competitive edge in the evolving market.
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