Driving towards an EV Future: BorgWarner posts its 2024 financial results
By Luke Willetts - 19th March 2025

BorgWarner HQ in Auburn Hills
USA – After the 2023 spin-off of PHINIA, its Fuel Systems & Aftermarket business, into a new, publicly traded entity, CV powertrain components giant, BorgWarner Inc of Auburn Hills, Michigan, USA, has announced its 2024 full-year financial year results, with net sales of USD 14,086 million, a decrease of 0.8% compared to 2023 (14,198 million). Gross profit was up in 2024 with a figure of USD 2,648 million compared to 2023 figures of USD 2,568 million. Operating income was USD 1,417 million, or 10.1% of net sales, with free cash flow of USD 729 million.
Key segments
In terms of specific segments, the Turbos & Thermal Technologies division achieved USD 5.887 million in 2024 sales (2023: USD 6,012 million). The Drivetrain & Morse Systems segment hit sales figures of USD 5,557 million in 2024 (2023: USD 5,549 million). The Battery and Charging systems segment grew nicely achieving 729 million in net sales (2023: USD 546 million). Finally, the PowerDrive systems segment declined in 2024 to USD 1,937 million from 2023 figures of USD 2,166 million.
Operational Highlights, Projects and Appointments
Along with several partners (Windrose Technology and Goodman Group), BorgWarner installed a “super-fast” 960kW liquid-cooled high-power supercharging HGV electric charger at the Decathlon sporting goods warehouse in Goodman Citylink near Beijing to develop charging infrastructure for Goodman's logistics operations in China. BorgWarner claimed that this was the “first operational megawatt-level super-charging infrastructure in the world” and can charge the Windrose’ 729 kWh battery electric tractor in 36 minutes (providing 400 km). The significance for operators, is the reduction in downtime in the charging process, keeping the vehicle on the road for more hours means more profit. According to BorgWarner: “What makes the super-charge possible is a BorgWarner 960kW liquid-cooled high-power supercharging pile consisting of a charging host and two liquid-cooled charging terminals. The electric truck charging solution can support dual-gun single-vehicle high-power super-fast charging, with a single-gun maximum output of up to 600A.”
At the end of February last year, Chief Financial Officer (CFO) Kevin Nowlan decided to retire and was replaced by Craig Aaron. Soon after, Amy Kulikowski was appointed as the new Vice President and Chief Accounting Officer, reporting directly to Craig Aaron.
Major acquisitions
The company finalised the acquisition of the Electric Hybrid Systems (EHS) business unit of the Italian company, Eldor Corporation S.p.A. of Orsenigo, Province of Como, first announced in 2023. The EUR 75 million takeover of Eldor’s EHS segment, includes, on-board chargers (OBCs), DC/DC converters, and integrated high voltage boxes, all of which are expected to complement BorgWarner’s existing product portfolio.
Major contracts
Multiple large contracts were inked in various markets this past financial year. In North America, the company announced a raft of major orders, including supplying its high-voltage eFan system to a global commercial vehicle OEM for use in the North American markets, marking the biggest single eFan system contract in North America for BorgWarner. The eFan system has been designed to cool components such as the e-motor, battery and electronics. The eFan system can be applied to both battery-electric vehicles (BEVs), as well as fuel-cell electric vehicles (FCEVs). In this particular supply agreement, BorgWarner is supplying its complete eFan R10 system, which includes a fan, e-motor and integrated high-voltage inverter.
Staying in North America, BorgWarner signed yet another long-term contract, with an unnamed North American OEM to supply its Exhaust Gas Recirculation (EGR) coolers. The start of production is scheduled for Q4 2027 with implementation across various CV applications. The EGR coolers are an integral part of reducing nitrogen oxide (NOx) emissions in internal combustion engines. These coolers work by lowering the temperature of the exhaust gases that are reintroduced into the combustion chamber, which helps reduce peak combustion temperatures and, as a result, decreases the formation of harmful NOx emissions.
Furthermore, the company is set to supply its 400V high voltage coolant heaters (HVCH) to an unnamed OEMs light commercial vehicle (LCV) platform. The HVCH is expected to go into production in Q1 2026. This was the third contract that has been secured for this product, which is specifically designed for the heating of a BEV’s battery and cabin.
2025 and the year ahead
BorgWarner anticipates net sales in 2025 in a range between USD 13.4 billion to USD 14.0 billion. This means sales figures of between -2% to +2% compared to 2024 figures. A reason for this is the expected weakening of the Euro, Chinese Renminbi and the Korean Won against the U.S. dollar. Free cash flow is expected to be in the range of USD 650 million to 750 million in 2025.