BorgWarner sees EV, hybrid parts business generate nearly half of sales by 2027
By REUTERS | 07 June 2023DETROIT: Auto parts supplier BorgWarner on Tuesday forecast its electrified-vehicle business would generate about half of its total expected sales of over US$10 billion (RM46bil) by 2027, as the company looks to tap strong demand for cleaner modes of transport.
It also expects the eProducts segment, which makes parts for EVs and hybrids, to bring in revenues of US$2.3 billion to US$2.6 billion for 2023 and grow to US$5.6 billion in 2025.
"EV-focused M&A is tracking ahead of plan," the company said ahead of an investor meeting.
Michigan-based BorgWarner has over the past two years sharpened its efforts to become an EV supplier, snapping up five companies and spinning off its fuel systems and aftermarket segments into a separate firm.
Its clients - Volkswagen, General Motors and Ford - have also been trying to roll out more electrified models.
In its most recent quarter, BorgWarner posted lower-than-expected adjusted earnings as supply chain constraints continued to be a headwind.
Tags
Autos News
Reviews
Jaecoo J7: Ready to rumble
7.6
Hyundai Ioniq 6 Max RWD driven
8.2
Proton X90 Flagship: Powerful, roomy, refined, premium appoi...
Tesla's brash Cybertruck: A blend of Wild West and space tec...
6.0
Royal Enfield Interceptor 650: Hark to the past
Ferrari Roma Spider: Open-top romp
7.2