BorgWarner Inc. reports developments as a global automotive supplier serving original equipment manufacturers with turbo and thermal management technologies, drivetrain systems, powerdrive systems, and battery and charging systems. Company updates commonly cover OEM program awards for passenger cars, vans, commercial vehicles and off-highway applications, including variable turbine geometry turbochargers, exhaust gas recirculation coolers, controllers and battery management systems.
Recurring news also includes quarterly earnings, shareholder returns, sustainability recognition and BorgWarner's long-running Indianapolis 500 trophy programs. The company's disclosures reflect a supplier portfolio spanning combustion vehicle technologies and electrified mobility components across major automotive markets.
BorgWarner has announced a commitment to reduce its absolute Scope 3 emissions by at least 25% by 2031 from a 2021 baseline. This target is part of its broader effort, including a previously announced goal of 85% reduction in Scope 1 and 2 emissions by 2030. The targets have been submitted for validation to the Science Based Target initiative (SBTi) and align with the company's Charging Forward strategy to achieve net-zero carbon emissions. BorgWarner aims to transition its product portfolio toward electrification and enhance sustainability across its supply chain.
BorgWarner has acquired Drivetek AG for an enterprise value of up to CHF 35 million, enhancing its specialty power electronics capabilities. The acquisition strengthens BorgWarner's High Voltage eFan business, with CHF 25 million paid at closing and CHF 10 million contingent on future performance. Drivetek, headquartered in Switzerland, specializes in inverters and power electronics across various sectors including automotive and aviation. This strategic move aims to accelerate growth in electrification and support BorgWarner's transition to eMobility.
BorgWarner has announced a strategic investment of $500 million in Wolfspeed to secure a capacity corridor for silicon carbide (SiC) devices, supporting its inverter growth plans. This agreement allows BorgWarner to purchase up to $650 million of SiC devices annually as demand rises. The partnership aims to accelerate technology development and innovation in electric vehicle solutions. BorgWarner aims for $4.5 billion in electric vehicle revenue by 2025, significantly up from under $350 million in 2021. This investment aligns with Wolfspeed's $6.5 billion capacity expansion plan.
BorgWarner Inc. (NYSE: BWA) declared a quarterly cash dividend of $0.17 per share on November 9, 2022. This dividend will be paid on December 15, 2022, to stockholders of record as of December 1, 2022. The company has been a leader in the mobility sector for over 130 years, focusing on innovative solutions for a sustainable future, particularly in eMobility.
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Marcus Ericsson's victory at the 106th Indianapolis 500 has earned him a permanent place on the Borg-Warner Trophy, becoming its 109th honoree. The unveiling ceremony took place in Indianapolis, marking Ericsson's first win and Chip Ganassi Racing's fifth Indy 500 triumph since 2000. He averaged 175.428 mph during the race and received $3.1 million in winnings. The trophy, a symbol of Indy 500 tradition, will also travel to Sweden to celebrate Ericsson. The detailed sculpting process for the trophy was elaborated by its creator, William Behrends.
BorgWarner has announced the supply of its integrated drive module (iDM) to a major Chinese automobile manufacturer, marking a significant partnership in the P4 hybrid architecture segment. This high-voltage iDM offers high power density and torque output, producing up to 200kW with over 4000Nm wheel torque. The inverter features patented dual-side cooled Viper power switch technology, enhancing reliability and reducing size. Mass production is anticipated in Q3 2023. This development underscores BorgWarner's commitment to innovative electric vehicle solutions.
BorgWarner's HVH250 electric motor has been selected to power e-axles for light-duty commercial trucks by a European customer. Each e-axle will feature two of these motors, which boast peak efficiencies exceeding 95%. The production is set to begin in early 2023, supporting both new electric vehicles and conversions of existing internal combustion engine fleets. BorgWarner emphasizes the reliability and robustness of its HVH technology, highlighting its ability to address challenges in urban emissions zones.
BorgWarner Inc. (NYSE: BWA) reported third quarter results with net sales of $4,060 million, a 19% increase year-over-year. The company anticipates electric vehicle revenue to reach $850 million in 2022, doubling from 2021. BorgWarner is also set to acquire Hubei Surpass Sun Electric, expanding its footprint in China. Adjusted earnings per diluted share increased to $1.24, up from $0.80 the previous year. The company updated its full-year guidance, expecting net sales between $15.4 billion and $15.7 billion.
BorgWarner's Pei Wang, Vice President and General Manager for Asia, has been inducted into the 2022 Women in Manufacturing Hall of Fame.
This recognition is for her exceptional contributions in promoting and supporting women in the manufacturing industry. Wang, part of a select group of 13 women honored, has been instrumental in fostering female talent within BorgWarner and leads initiatives to enhance women’s leadership roles. The induction took place during the 12th annual SUMMIT in Atlanta on October 12, 2022.