BorgWarner sees EV business to grow at least 72% in 2023
09/02/2023 12:40
Feb 9 (Reuters) - BorgWarner Inc BWA.N said on
Thursday it expects sales from its electric vehicle (EV)
business to grow at least 72% in 2023 as the U.S. auto supplier
increasingly shifts its focus toward EV makers.
The company, which makes products including turbochargers
and battery heaters, forecast sales for its electric supply unit
to be in the range of $1.5 billion to $1.8 billion in 2023,
compared with $870 million in 2022.
BorgWarner in December announced plans to spin-off its fuel
systems and aftermarket units to focus solely on air management
and e-propulsion & drivetrain units.
The company, which supplies to automakers including General
Motors Co GM.N and Ford Motor Co F.N , aims to meet or even
exceed its target of 25% of revenue from EVs by 2025.
Robust EV production also helped BorgWarner's fourth-quarter
results to beat analysts' estimates, according to Refinitiv
data.
The company's sales were at $4.1 billion, compared with
estimates of $3.90 billion.
On an adjusted basis, the company's net income was $1.26 per
share, compared with estimates of $1.08 per share.
The Michigan-based company also expects net sales in the
range of $16.7 billion to $17.5 billion for 2023, compared with
estimates of $16.82 billion. It forecast adjusted net earnings
of $4.50 to $5.00 per diluted share, compared with expectations
of $4.92 per share.
(Reporting by Raechel Thankam Job; Editing by Shilpi Majumdar)
((RaechelThankam.Job@thomsonreuters.com))