Auburn Hills, Michigan, April 3, 2017 – BorgWarner, a global leader in clean and efficient technology solutions for combustion, hybrid and electric vehicles, has taken another step in the company’s evolution through a $10 million investment in Autotech Ventures.
Through this new investment, BorgWarner’s Chief Strategy Officer, Brady Ericson, sees investment opportunities that apply to propulsion technologies and mobility areas outside of BorgWarner’s current product portfolio.
“While we remain focused on providing industry-leading propulsion technologies, we expect this partnership to provide global access to new technologies and services, inside and outside of our core product strengths,” said Ericson. “As with all of our recent investments, this contributes to our larger strategy to maintain a product portfolio that supports a cleaner, more energy-efficient world.”
A key factor in the decision to invest in Autotech Ventures is the fund’s ability to help BorgWarner easily adapt to the changing demands of the industry. While trends from electrification and autonomy continue to evolve, BorgWarner’s recent business moves are defining its position in the future automotive landscape.
“Over the last year and a half, we have taken great strides in the evolution of our company,” said James R. Verrier, President and Chief Executive Officer, BorgWarner. “In 2015, we acquired a leading electrical components maker in Remy, strengthening our position in electrified technologies. We earned a number of hybrid and electric customer contracts in 2016 and this continues in 2017, while commercializing new technologies, including our eBooster® electrically driven compressor and eGearDrive® transmission. All of these advancements are helping us develop the future of clean, efficient propulsion technologies.”
As the company’s technology portfolio has evolved, its staffing needs have also changed. BorgWarner has tripled its in-house power electronics engineering team since 2013, and the company plans to double that staff by 2021.
Through its investment in Autotech Ventures, BorgWarner has been able to review hundreds of global startups involved in the future of ground transportation. In addition to the companies BorgWarner expects to invest in with Autotech Ventures, the automotive product leader plans to independently invest, collaborate and support a handful of start-up businesses. Ericson sees a spectrum of opportunities for BorgWarner when working with these start-ups, ranging from being a supplier, partner, buyer or an investor.
“Industry priorities continue to change,” said Ericson. “To be successful, we need to keep our fingers on the pulse of product trends and collaborate with innovative players across the world.”
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BorgWarner President and Chief Executive Officer James Verrier at the company’s Technical Center in Auburn Hills, Michigan