As the firm aims to capitalize on the robust demand for environmentally friendly forms of transportation, auto parts supplier BorgWarner said on Tuesday that its electrified-vehicle business will produce about half of its overall planned sales of more than $10 billion by the year 2027.
In addition, it forecasts that the eProducts business, which manufactures components for electric vehicles and hybrid automobiles, would bring in sales of between $2.3 billion and $2.6 billion for the year 2023 and will increase to $5.6 billion by the year 2025.
“EV-focused M&A is tracking ahead of plan,” the business announced before to an investor conference.
In the past two years, the Michigan-based company BorgWarner has increased its attempts to become an electric vehicle (EV) provider by acquiring five different firms and spinning off its fuel systems and aftermarket sectors into a distinct company.
Its customers, Volkswagen, General Motors, and Ford, have also been working toward the goal of releasing more electrically powered cars.
As a result of ongoing difficulties with its supply chain, BorgWarner’s most recent quarterly report revealed adjusted results that were lower than analysts had anticipated.