BorgWarner to accelerate electrification strategy with plans to grow EV revenues to 45% by 2030
March 26, 2021
BorgWarner Inc., headquartered in Auburn Hills, Michigan, USA, has announced plans to accelerate its electrification strategy, a move which is expected to bring the company’s electric vehicle revenue from less than 3% of total revenues today to approximately 45% in 2030. BorgWarner also announced a commitment to achieving carbon neutrality by 2035.
The company’s recently announced ‘Project Charging Forward’ plan comprises three pillars: profitably scaling electric light vehicles, expanding into electric commercial vehicles and optimising the company’s combustion portfolio through the planned dispositions of businesses with between $3 billion and $4 billion in aggregate revenue.
“Our company’s 100-plus year history is a story of evolution, built on superior product leadership, an agile, decentralised operating model and disciplined financial and operational management. As we plan for the next decade-plus of profitable growth, now is the time to move away from a balanced propulsion strategy and accelerate our shift towards electrification,” stated Frédéric Lissalde, president and CEO of BorgWarner.
“We believe the electrification opportunity is real, large, near term and important to our sustainability goals,” continued Lissalde. “We’ve been building toward capitalising on this opportunity for years and are confident we have the scale, portfolio, financial strength and team to execute successfully.”