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'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.
BorgWarner Inc. (NYSE: BWA) has priced a public offering of €1.0 billion of 1.00% Senior Notes due in 2031. The company expects to net approximately €981 million after expenses. Proceeds will primarily be used to redeem €500 million of its existing 1.80% Senior Notes due in November 2022, with the remainder supporting general corporate purposes and financing the acquisition of AKASOL AG. The offering’s close is anticipated on May 19, 2021, pending customary conditions.
BorgWarner Inc. (BWA) reported a strong first quarter 2021, with net sales of $4,009 million, a 76% increase from last year. Adjusted net earnings per diluted share rose to $1.21, up from $0.77 in Q1 2020. The acquisition of Delphi Technologies significantly contributed to this growth. Operating cash flow was $342 million, and free cash flow reached $147 million. For 2021, the company anticipates net sales of $14.8 to $15.4 billion, driven by market recovery and the strengthening of foreign currencies, with adjusted net earnings projected between $4.00 and $4.35 per diluted share.
BorgWarner Inc. (NYSE: BWA) announced a quarterly cash dividend of $0.17 per share, to be paid on June 15, 2021. Stockholders recorded by June 1, 2021 will be eligible for this dividend. The company, a global leader in clean technology solutions for combustion, hybrid, and electric vehicles, operates 96 facilities across 24 countries with approximately 50,000 employees. This dividend reflects BorgWarner's ongoing commitment to returning value to shareholders while maintaining a strong operational presence worldwide.
BorgWarner, a leading global provider of clean technology solutions for vehicles, has achieved the Great Place to Work-Certified™ status for the second consecutive year. This certification, based on rigorous employee feedback, indicates that 70% of employees report a positive experience at the company. Chief Human Resources Officer, Felecia Pryor, emphasized the company's commitment to a collaborative and inclusive workplace. This recognition reinforces BorgWarner's focus on fostering a trusting workplace culture, which is linked to enhanced business performance.
BorgWarner Inc. (NYSE:BWA) announced its Project CHARGING FORWARD at its Investor Day, aiming to increase electric vehicle revenue from less than 3% today to about 45% by 2030. The strategy focuses on scaling electric light vehicles, expanding into the electric commercial sector, and optimizing its combustion portfolio. The company expects to generate approximately $4.5 billion in free cash flow from 2021-2025, while committing to carbon neutrality by 2035. BorgWarner plans to leverage its decentralized structure and competitive advantages in technology to succeed in this electrification transition.