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.
On May 31, 2022, Marcus Ericsson claimed victory at the Indy 500, marking his first win at this prestigious event in his fourth attempt. Driving for Chip Ganassi Racing, he led 13 laps and averaged 175.428 mph, earning $3.1 million in front of 250,000 fans. Ericsson's win adds him to the exclusive group of Indy 500 champions, and he will have his likeness sculpted onto the iconic Borg-Warner Trophy. BorgWarner has been a significant player in the event since 2012, supplying high-performance EFR™ turbochargers featured on all participating cars.
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BorgWarner has increased the Indianapolis 500 Rolling Jackpot to $400,000, marking a significant prize for driver Helio Castroneves, who seeks back-to-back victories. This is the third opportunity for Castroneves to capture the jackpot, having won it once before in 2002 when it was $160,000. BorgWarner has added $20,000 annually to the prize since its inception in 1995. A win would not only secure the jackpot for Castroneves but also solidify his legacy in the race, as he aims for a record-setting fifth victory.
BorgWarner has announced a partnership to supply a leading Chinese OEM with its dual inverter unit for a new hybrid vehicle model, launching in Q2 2023. The dual inverter technology enhances efficiency, reduces costs and weight, and offers flexible installation. This technology combines multiple functionalities into one unit, providing significant fuel economy benefits. The collaboration reinforces BorgWarner's leadership in the dedicated hybrid transmission market, aiming to set a benchmark for dynamic driving performance in China.
BorgWarner has been chosen to supply high-voltage hairpin eMotors for a leading Chinese electric vehicle brand's 800V propulsion system platform. This partnership is expected to bolster BorgWarner's position in the electric propulsion market. The eMotors, featuring over 96% efficiency, higher power and torque density, will begin mass production in October 2023. With a recent acquisition of Santroll Automotive Components, BorgWarner is poised to enhance its capabilities and speed to market in light vehicle e-motors.
BorgWarner has secured a contract with a leading global vehicle manufacturer to provide its battery management system (BMS) for B-segment, C-segment, and light commercial vehicles, with implementation starting in mid-2023. The BMS features individual cell balancing for enhanced performance and safety while contributing to weight savings and vehicle range goals. This collaboration strengthens BorgWarner's long-term relationship with the manufacturer and aligns with its electrification strategy, Charging Forward.
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.