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BorgWarner (New York Stock Exchange: BWA) reported sales increased 12.4% to $4.11B in the fourth quarter. The increase was attributed to higher demand for the car supplier’s products, slightly higher industry production compared to the previous year and the impact of business negotiations with customers.
Organic sales increased 21.1% during the quarter, excluding the impact of foreign currencies and the net MD&A impact.
On the EV business front, BWA said it believes it is already on track to achieve approximately $4.3B of EV sales by 2025 based on new business awards and actions announced to date. BWA also expects its EV sales in 2023 to grow to a range of $1.5 billion to $1.8 billion from $870 million generated in 2022.
Borg Warner (BWA) shares fell 1.25% in early trading on Thursday.