The CEO of auto toe supplier Borgowerner told CNBC on Friday that the company expects about 50% of its revenue to be combined with electric vehicles in the next decade.
Currently, the Michigan-based company’s sales are less than EV. Related to.
“Our expectation is that 30% of vehicle batteries will be electric by 2030. It’s already a boom. Our expectation is that we’ll stay at 45% of our revenue,” CEO Frederick Lisalade said in an interview with Jim. Kramer on “Mad Money”.
Bourwarner’s push to grow its EV business corresponds to a move in the omot tomato industry. A series of electric-vehicle start-ups have hit public markets in recent months, and established tights such as General Motors and Ford have announced aggressive efforts to move away from internal combustion engines.
GM plans to launch a special EV by 2035, the company announced earlier this year and plans to be carbon neutral by 2040. In February, Crosstown rival Ford announced its intention to almost double its investment in EVs by 2025.
Borgnerner makes automatic transmissions and turbochargers, among other products. Ford and GM are both customers, as are Volkswagen and Stellantis, which make Jeep and Dodge vehicles.
Borgwarner is investing heavily in the growth of its EV business and plans to spend about 8 8 billion on the effort between now and 2025, Lisalade told Kramer: “We are self-financing this pivot.”
“As we move towards electrification, we think the Borg governor is really profound. It goes at different speeds and in different areas but it is profound. In both the lighter vehicle and the commercial vehicle,” he added.
Shares of Borgwarner rose 7.7% on Friday to close at 74 74. In the last 12 months the stock is up 18% year over year and about 83%.