BorgWarner expects electric vehicles sales to almost double this year (NYSE:BWA)
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BorgWarner (NYSE:BWA) reported sales rose 12.4% to $4.11B in Q4. The increase was pinned to stronger demand for the auto supplier’s products, slightly higher industry production compared to the prior year and the impact of commercial negotiations with customers.
Organic sales were up 21.1% during the quarter, excluding the impact of foreign currencies and the net impact of net MD&A.
On the electric vehicle business front, BWA said it believes it is already on track to achieve approximately $4.3B of electric vehicle sales by 2025 based on new business award and actions announced to date. BWA also expects its 2023 electric vehicle sales to grow to a range of $1.5B to $1.8B vs. the $870M generated in 2022.
Shares of BorgWarner (BWA) fell 1.25% in early Thursday trading.
