BorgWarner rises on strong growth in EV business
09/02/2023 15:20
** Shares of auto supplier BorgWarner Inc BWA.N rise 5% to
$48.96 in morning trade
** BWA expects sales from its electric vehicle (EV) business
to grow at least 72% in 2023 as it shifts focus toward EV makers
** Co sees sales in its electric supply unit to be between
$1.5 billion and $1.8 billion in 2023, compared with $870
million in 2022
** BWA plans to meet or even exceed its target of 25% of
revenue from EVs by 2025
** Co's Q4 sales of $4.1 billion beat Street est of $3.90
billion - Refinitiv
** Co's adj net income is $1.26/share, ahead of est of
$1.08/share
(Reporting by Pratyush Thakur)
((Pratyush.Thakur@thomsonreuters.com))