DETROIT (Reuters) – BorgWarner Inc on Tuesday said it is targeting boosting the U.S. auto supplier’s share of revenue from electric vehicles to about 45% by 2030 from less than 3% now.
The Auburn Hills, Michigan-based company said its plan comprises three approaches – profitably scaling electric light vehicles, expanding into electric commercial vehicles and optimizing its combustion-engine portfolio through the planned disposition of businesses with between $3 billion and $4 billion in aggregate revenue.
“We believe the electrification opportunity is real, large, near term and important to our sustainability goals,” BorgWarner Chief Executive Frederic Lissalde said in a statement.
Ahead of an investor day event, BorgWarner said it expects to generate about $4.5 billion in free cash flow between this year and 2025. It said it is targeting achieving carbon neutrality by 2035.
(Reporting by Ben Klayman)
