By 2021, 80% of BorgWarner’s business will be electrified vehicle-related
Last week, BorgWarner Inc. reported fourth-quarter net income of US$230 million, compared to a loss of US$146.2 million in the same period a year earlier.
The Michigan-based automotive supplier posted fourth quarter revenue of US$2.57 billion, down 0.5% compared with fourth quarter 2017. Excluding the impact of foreign currencies, net sales were up 2.0% compared with fourth quarter 2017.
For the year, the company reported net income of US$930.7 million, a 111.6% hike compared to US$439.9 million from 2017. Net sales totaled US$10.53 billion, up 7.4% from US$9.8 billion in 2017.
The company expects its three-year net new business backlog of US$2.0 billion to US$2.4 billion. Such figure would result from within a range of US$430 million to US$580 million in 2019, US$750 million to US$875 million in 2020 and US$800 million to US$950 million in 2021.
According to CEO Fred Lissalde, 20% of the company’s backlog will be related to vehicles with combustion propulsion systems, 70% will be related to hybrid, and 10% will be related to battery electric vehicles.
Much of the estimates come from last year launches and wins the company had in that segment.
Specifically, wins in hybrid and electric included multiple P2 programs, including three complete modular awards, multiple high voltage coolant heater awards for battery electric vehicles, and continued electric motor and electric drive module bookings, the official said.
BorgWarner operates five production facilities in Mexico located in the cities of San Luis Potosi, Juarez, El Salto, Ramos Arizpe and Irapuato.