BorgWarner targets almost half of revenue from electrification by 2030

March 23, 2021 10:03 AM EDT

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(Corrects spelling error in headline, no change to content of story)

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)

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