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 appointed Sailaja Shankar to its Board of Directors on September 22, 2022. Shankar brings extensive experience in strategic change and digital security from her roles at Cisco and McAfee. As the Senior Vice President at Cisco, she oversees the global security business, emphasizing innovative strategy and architecture. Her leadership aims to align with BorgWarner's evolving product line and its vision of 'Charging Forward.' This addition to the board is expected to strengthen the company's position in eMobility while leveraging Shankar's expertise in software applications and cybersecurity.
BorgWarner (NYSE: BWA) announced on September 20, 2022, its agreement to acquire the Electric Vehicle Solution, Smart Grid, and Smart Energy businesses of Hubei Surpass Sun Electric (SSE) for an enterprise value of up to RMB 410 million. This acquisition supports BorgWarner's global expansion in the DC Fast Charging market, enhancing its operational footprint in China alongside existing capabilities in Europe and North America. The deal, expected to close in Q1 2023, could include contingent payments up to RMB 143 million.
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 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 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 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.
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