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 has announced the supply of its advanced variable turbine geometry (VTG) turbocharger to a global OEM, enhancing its role in clean propulsion solutions. This contract supports multiple vehicle models and reinforces existing business with the OEM. The VTG turbocharger improves power output, reduces emissions, and withstands high exhaust gas temperatures, making it suitable for modern hybrid and combustion engines. BorgWarner's commitment to innovative technologies aims to meet future emissions regulations and enhance fuel efficiency.
BorgWarner partners with Plug and Play to establish an incubator in Detroit aimed at supporting startup companies in the automotive and tech sectors. This collaboration enhances access to resources and funding for emerging innovators while aligning with BorgWarner's commitment to technology advancement and diversity through the Michigan Minority Supplier Development Council's AmplifyD initiative. With prior ties to Plug and Play in Silicon Valley, this move positions BorgWarner as a crucial player in fostering the next generation of mobility technologies.
BorgWarner (NYSE: BWA) announced a private exchange offer and consent solicitation for Delphi Technologies' 5.00% Senior Notes due 2025, as part of its ongoing acquisition effort. BorgWarner aims to exchange approximately $800 million in outstanding notes for new notes at a rate of $1,000 for each $1,000 in senior notes tendered. Eligible noteholders can receive cash consideration of $1 for each $1,000 in notes. The exchange offer is set to expire on October 1, 2020, with an early tender deadline of September 16, 2020. The transaction's completion remains contingent on regulatory approvals.
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BorgWarner announced the supply of its exhaust gas recirculation (EGR) technology for the Fiat 500 and Panda hybrid models. This marks their first gasoline EGR module for mild-hybrid technology with Fiat Chrysler Automobiles in the EMEA region. The compact EGR module aids in reducing emissions and improving fuel efficiency for Fiat’s 1.0-liter, three-cylinder engine. BorgWarner emphasizes its expertise in in-house development and manufacturing, contributing to cleaner hybrid applications.
BorgWarner presented the Borg-Warner Trophy to Takuma Sato, the winner of the 104th Indianapolis 500, marking the first time the race occurred in August due to COVID-19. Sato, driving for Rahal Letterman Lanigan Racing, led 27 of 200 laps, averaging 157.824 mph. The trophy, created in 1936, features the likeness of each winner, with Sato being the 107th face. BorgWarner has supplied turbochargers for the event since 2012 and continues to support the race with a jackpot for consecutive winners. Sato's victory adds to the legacy of the event and BorgWarner's role in motorsports.
BorgWarner presented the 54th annual Louis Schwitzer Award to eight engineers for their work on the Aeroscreen, an innovative safety device for INDYCAR. The award recognizes engineering excellence focused on performance and safety advancements in the NTT INDYCAR SERIES. The recipients will donate their $10,000 prize to SeriousFun Children's Network. The Aeroscreen, designed to withstand significant impact and provide clear sightlines, showcases a collaboration involving multiple global manufacturers. BorgWarner emphasized the importance of engineering innovation in enhancing driver safety.
BorgWarner has announced a rolling jackpot of $360,000 for the next back-to-back winner of the Indianapolis 500, increasing the prize by $20,000 each year. Established in 1995, the jackpot has only been won once, by Helio Castroneves in 2002. The 2020 race is set for Aug. 23, where reigning champion Simon Pagenaud will compete for the jackpot. If he is victorious, the jackpot resets to $20,000. Winners receive their likeness on the Borg-Warner Trophy and a miniature version, known as the Baby Borg.
BorgWarner is developing an Integrated Drive Module (iDM) for Ford's all-electric Mustang Mach-E SUV, featuring a comprehensive thermal-management system, gearbox, motor, and power electronics. This innovative design enhances system integration and efficiency, addressing the growing demand for high-performance electric vehicles. With a capacity of 4,278 Nm of axle torque and input speeds up to 13,800 rpm, the iDM is optimized for smooth operation. Production is set to commence this year for both rear-wheel and all-wheel-drive configurations, showcasing BorgWarner's partnership with Ford in electrification.
BorgWarner Inc. (NYSE: BWA) reported a significant second quarter net sales decline of 44%, totaling $1,426 million, primarily due to COVID-19 disruptions. The net loss was $(98) million, or $(0.47) per diluted share, compared to a net income of $172 million, or $0.83 per diluted share in Q2 2019. Adjusted net loss per share was $(0.14), down from $1.00 in the previous year. The company projects full-year net sales of $8.0 billion to $8.4 billion, reflecting an expected organic sales decrease of 16% to 20%. Operating cash flow is estimated between $700 million and $850 million.