AUBURN HILLS, MI—BorgWarner Inc., a leading supplier of power train technology, has unveiled Project Charging Forward. The strategic initiative represents an acceleration of its electrification strategy, which is expected to dramatically grow the company’s electric vehicle revenue from less than 3 percent of total revenues today to 45 percent by 2030.
The plan comprises three pillars: profitably scaling electric light vehicles, expanding into electric commercial vehicles and optimizing the company’s combustion portfolio through the planned dispositions of businesses with between $3 billion and $4 billion in aggregate revenue.
“Our company’s 100-plus year history is a story of evolution, built on superior product leadership, an agile, decentralized operating model and disciplined financial and operational management,” says Frédéric Lissalde, president and CEO of BorgWarner. “As we plan for the next decade-plus of profitable growth, now is the time to move away from a balanced propulsion strategy and accelerate our shift toward electrification.
“We believe the electrification opportunity is real, large, near term and important to our sustainability goals,” adds Lissalde. “We’ve been building toward capitalizing on this opportunity for years and are confident we have the scale, portfolio, financial strength and team to execute successfully.”