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. 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 Inc. (NYSE: BWA) reported first quarter 2022 results, revealing net sales of $3.874 billion, a 3% decline year-over-year, attributed to lower industry production and currency fluctuations. However, adjusted net earnings per diluted share stood at $1.05, down from $1.21 in Q1 2021. The company announced significant new business wins, including battery management systems and eMotors for electric vehicles, aiming for over $3.3 billion in electric vehicle revenue by 2025. Full-year guidance estimates net sales between $15.5 billion and $16 billion, reflecting a 10-13% organic sales increase.
BorgWarner's Tania Wingfield, Vice President and General Manager of the North American Aftermarket, received the 2022 Women in Manufacturing STEP Ahead Award on April 28 in Washington, D.C. She is the sixth consecutive BorgWarner leader to earn this honor, recognizing her exemplary leadership in manufacturing and community impact. Wingfield has over 25 years of experience and played a pivotal role in BorgWarner's acquisition of Delphi Technologies in 2020, showcasing her ability to lead during challenging times, including the pandemic.
BorgWarner has joined the Second Chance Business Coalition (SCBC) to enhance hiring practices for individuals with criminal records. This initiative aligns with BorgWarner's commitment to diversity and community support. The SCBC provides resources and best practices for inclusive hiring, benefiting over 78 million Americans with criminal records. BorgWarner aims to improve workforce inclusion and empower underserved populations, fostering economic opportunities. The initiative complements existing employee empowerment programs, strengthening BorgWarner's workforce strategies.
BorgWarner Inc. (NYSE: BWA) declared a quarterly cash dividend of $0.17 per share on April 27, 2022. This dividend will be payable on June 15, 2022 to shareholders of record as of June 1, 2022.
The company, a leader in mobility innovation for over 130 years, is focused on accelerating the transition to eMobility to promote a cleaner and safer future.
BorgWarner has secured a $4.09 million award from the U.S. Department of Energy to develop a cost-effective direct current fast charger (DCFC). The project, in collaboration with U.S.-based suppliers and research partners, aims to reduce costs by 20-30% and enhance power efficiency. The charger will support 10 charge points with a combined capacity of 350kW, allowing for simultaneous charging of multiple vehicles. This initiative reflects BorgWarner's commitment to advancing electric vehicle infrastructure and reducing emissions.
BorgWarner Inc. (NYSE: BWA) has finalized its acquisition of Santroll Automotive Components, specifically its eMotor business, enhancing its leadership in electric propulsion systems. This acquisition is expected to significantly bolster BorgWarner's vertical integration capabilities and enable a faster market response for their light vehicle e-motors. Santroll, located in Tianjin, China, specializes in advanced eMotor technologies and has established relationships with major clients in China, which will further expand BorgWarner's portfolio.
BorgWarner's Delphi Technologies Aftermarket has been recognized as Supplier of the Year by NEXUS Automotive at the Business Forum held in Vienna from March 8 to 10, 2022. This award acknowledges their innovative collaborations, such as investments in the Smart Mobility Venture Capital Fund Mobilion. The partnership focuses on electrification and digitalization, aiming to improve sustainability and address skill gaps within the industry. Both companies are committed to enhancing accessibility for all markets in preparation for the next generation of vehicles.
On March 3, 2022, Hélio Castroneves was honored as the 108th face on the Borg-Warner Trophy, following his historic win at the 2021 Indianapolis 500. This marks his fourth addition to the trophy, having previously won in 2001, 2002, and 2009. The unveiling ceremony took place at the Indiana Statehouse, highlighting Castroneves' dedication to racing.
In addition to the trophy, he will receive a miniature 'Baby Borg' trophy later in the year, alongside team owners Michael Shank and Jim Meyer, who will also receive replicas for their contributions.
On February 22, 2022, it was announced that Tonit Calaway will join the Board of Directors of Air Products (NYSE: APD) starting March 1, 2022. Ms. Calaway brings a wealth of experience, having served in leadership roles in HR and legal at BorgWarner and Harley-Davidson. Air Products’ Chairman, Seifi Ghasemi, praised her for her diverse background, emphasizing the company's commitment to diversity and inclusion. Air Products, a leader in industrial gases, reported $10.3 billion in sales for fiscal 2021 and has a market capitalization of approximately $60 billion.
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.