- Created product portfolio enabling efficient powertrain
electrification for hybrids and battery electric vehicles while
maintaining a strong core of fuel efficiency-driven
products
- Reduced Scope 1 & 2 greenhouse gas emissions by 32%
through 2023 from a 2021 baseline, making progress toward the goal
of carbon neutral operations in 2035
- Filled 64% of leadership positions internally in 2023,
underscoring emphasis on investing in and growing talent
organically
- Surpassed supplier sustainability engagement goal in 2023
with 81.6% of suppliers responding
AUBURN
HILLS, Mich., July 11,
2024 /PRNewswire/ -- BorgWarner published its 2024
Sustainability Report, "Driving Progress." The report shares the
company's progress toward meeting its sustainability goals.
"BorgWarner's longstanding vision is a clean, energy efficient
world, and I am proud to lead a company where our business goals go
hand-in-hand with our sustainability goals," said Frédéric
Lissalde, President and CEO, BorgWarner. "I applaud our entire team
for their dedication and excellence in innovating products for
cleaner mobility, making leaps toward achieving our climate and
other sustainability goals, and investing in our people."
At BorgWarner, sustainability means delivering value to all
stakeholders for today and tomorrow. In 2023, the company made
notable progress against its goals as described in the report,
including:
- Earning 87% of revenue from EV and emissions-reducing hybrid
and combustion products, positioning the company as a leader in
clean mobility;
- Reducing Scope 1 and 2 greenhouse gas (GHG) emissions by 32%
from the 2021 baseline, making progress on its Science Based
Targets initiative (SBTi)-validated goal to reduce absolute Scope 1
and 2 greenhouse gas (GHG) emissions 85% by 2030;
- Engaging supply chain management and engineering teams to
advance the company's goal of reducing Scope 3 emissions 25% by
2030 compared to a 2021 baseline;
- Installing or expanding solar power installations at nine
facilities to help drive a 48% increase in renewable energy usage
since 2022;
- Achieving a 92.8% waste diversion rate at tracked sites,
surpassing its 85% goal;
- Filling 64% of leadership positions through internal
placements, surpassing its 50% goal;
- Investing more than $3.6 million
in employee training and development to support a skilled workforce
to meet business goals;
- Performing above all benchmarks on employees' sense of
inclusion and belonging on the company's engagement survey;
and
- Achieving an 81.6% completion rate with relevant suppliers for
its sustainability assessment questionnaire, surpassing its
goal.
To read the complete report, please visit
www.borgwarner.com/company/sustainability.
About BorgWarner
For more than 130 years, BorgWarner
has been a transformative global product leader bringing successful
mobility innovation to market. Today, we're accelerating the
world's transition to eMobility – to help build a cleaner,
healthier, safer future for all.
Forward-Looking Statements: This press release contains
forward-looking statements as contemplated by the 1995 Private
Securities Litigation Reform Act that are based on management's
current outlook, expectations, estimates and projections. Words
such as "anticipates," "believes," "continues," "could,"
"designed," "effect," "estimates," "evaluates," "expects,"
"forecasts," "goal," "guidance," "initiative," "intends," "may,"
"outlook," "plans," "potential," "predicts," "project," "pursue,"
"seek," "should," "target," "when," "will," "would," and variations
of such words and similar expressions are intended to identify such
forward-looking statements. Further, all statements, other than
statements of historical fact contained or incorporated by
reference in this press release that we expect or anticipate will
or may occur in the future regarding our financial position,
business strategy and measures to implement that strategy,
including changes to operations, competitive strengths, goals,
expansion and growth of our business and operations, plans,
references to future success and other such matters, are
forward-looking statements. Accounting estimates, such as those
described under the heading "Critical Accounting Policies and
Estimates" in Item 7 of our most recently-filed Annual Report on
Form 10-K ("Form 10-K"), are inherently forward-looking. All
forward-looking statements are based on assumptions and analyses
made by us in light of our experience and our perception of
historical trends, current conditions and expected future
developments, as well as other factors we believe are appropriate
under the circumstances. Forward-looking statements are not
guarantees of performance, and the Company's actual results may
differ materially from those expressed, projected or implied in or
by the forward-looking statements.
You should not place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
Forward-looking statements are subject to risks and uncertainties,
many of which are difficult to predict and generally beyond our
control, that could cause actual results to differ materially from
those expressed, projected or implied in or by the forward-looking
statements. These risks and uncertainties, among others,
include: challenges we will face as we seek to achieve our
environmental, social, and governance targets, including carbon
neutrality and Scope 1, 2, and 3 emissions goals; the difficulty in
forecasting demand for electric vehicles and our electric vehicles
revenue growth; the challenges associated with rapidly changing
technologies, particularly as relates to electric vehicles, and our
ability to innovate in response; future changes in laws and
regulations, including, by way of example, emission standards, in
the countries in which we operate and international treaties;
supply disruptions impacting us or our customers, commodity
availability and pricing, and an inability to achieve expected
levels of recoverability in commercial negotiations with customers
concerning these costs; competitive challenges from existing and
new competitors, including original equipment manufacturer ("OEM")
customers; the challenges associated with rapidly changing
technologies, particularly as they relate to electric vehicles, and
our ability to innovate in response; the difficulty in forecasting
demand for electric vehicles and our electric vehicles revenue
growth; potential disruptions in the global economy caused by wars
or other geopolitical conflicts; the ability to identify targets
and consummate acquisitions on acceptable terms; failure to realize
the expected benefits of acquisitions on a timely basis; the
possibility that our 2023 tax-free spin-off of our former Fuel
Systems and Aftermarket segments into a separate publicly traded
company will not achieve its intended benefits; the failure to
promptly and effectively integrate acquired businesses; the
potential for unknown or inestimable liabilities relating to the
acquired businesses; our dependence on automotive and truck
production, which is highly cyclical and subject to disruptions;
our reliance on major OEM customers; impacts of any future strikes
involving any of our OEM customers and any actions such OEM
customers take in response; fluctuations in interest rates and
foreign currency exchange rates; our dependence on information
systems; the uncertainty of the global economic environment; the
outcome of existing or any future legal proceedings, including
litigation with respect to various claims, or governmental
investigations, including related litigation; future changes in
laws and regulations, including, by way of example, taxes and
tariffs, in the countries in which we operate; impacts from any
potential future acquisition or disposition transactions; and the
other risks, noted in reports that we file with the Securities and
Exchange Commission, including Item 1A, "Risk Factors" in our most
recently-filed Form 10-K and/or Quarterly Report on Form 10-Q. We
do not undertake any obligation to update or announce publicly any
updates to or revisions to any of the forward-looking statements in
this press release to reflect any change in our expectations or any
change in events, conditions, circumstances, or assumptions
underlying the statements.
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SOURCE BorgWarner