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 reported strong second-quarter results for 2021, with U.S. GAAP net sales of $3.76 billion, a 164% increase year-over-year. Adjusted net earnings per diluted share rose to $1.08, up significantly from a loss of $(0.14) in Q2 2020. The acquisition of Delphi Technologies and global market recovery contributed to this growth. The company projects full-year net sales between $15.2 billion and $15.6 billion, anticipating a year-over-year organic sales increase of 14% to 17%.
BorgWarner has partnered with ZEEKR, part of Geely Holding Group, to supply its High-voltage Coolant Heater (HVCH) for the ZEEKR 001 electric sedan. This technology enhances battery energy performance by maintaining optimal temperature, leading to improved driving range and passenger comfort. The HVCH is designed for high performance with a power range of 3 to 10 kW and is set to begin production in the second half of 2021, reinforcing BorgWarner's position in the growing EV market.
BorgWarner has declared a quarterly cash dividend of $0.17 per share, scheduled for payment on September 15, 2021. This dividend will benefit stockholders of record as of September 1, 2021. With a strong presence in sustainable mobility solutions, the company continues to leverage its expertise in the vehicle market and aftermarket services, employing around 50,000 staff across 96 locations in 23 countries.
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BorgWarner Inc. (NYSE: BWA) has completed a tender offer for shares of AKASOL AG, securing 89.08% ownership. This acquisition enhances BorgWarner's strategic position in the electric vehicle market, particularly in battery pack solutions. The company paid €648 million from current cash balances to complete the acquisition, aiming for significant revenue growth as part of its Project Charging Forward, which targets electric vehicle revenues to reach 45% by 2030. AKASOL will operate independently but will integrate into BorgWarner’s Air Management reporting segment.
BorgWarner's integrated drive module (iDM) has been selected by the Hyundai Motor Group for their upcoming A-segment electric vehicles, with production set to begin in mid-2023. This collaboration highlights a two-decade partnership and marks their first electrification project together. The iDM146 system, designed for high-performance, operates at 400V and delivers peak power of 135 kW. It integrates a gearbox, silicon inverter, and motor to enhance efficiency and reduce footprint. This development reflects BorgWarner's commitment to sustainable mobility solutions.
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BorgWarner Inc. (NYSE: BWA) announced the full redemption of its outstanding €500 million 1.80% Senior Notes due 2022 on June 18, 2021. The total redemption price will include 100% of the principal amount and any unpaid interest up to the redemption date, along with a Make-Whole Amount. This redemption is conducted through Euroclear and Clearstream banking systems, with DB Services Americas acting as the paying agent. The necessary approvals for this redemption have been secured, ensuring a smooth process.
BorgWarner announces an exciting increase in the rolling jackpot for the Indianapolis 500, now totaling $380,000. This prize is set for the next back-to-back winner, with Takuma Sato as a strong contender. Each year, the company adds $20,000 to the jackpot, which rolls over if not claimed. Since its inception, only five drivers have achieved back-to-back wins. The winner will also receive a miniature trophy as a keepsake, continuing BorgWarner's cherished tradition in motorsports.