AUBURN HILLS, Mich. - BorgWarner (NYSE:BWA), a global product leader in clean and efficient technology solutions for combustion, hybrid, and electric vehicles, is set to expand its presence in the electric commercial vehicle (CV) market. The company announced its plan to form a joint venture with Shaanxi Fast Auto Drive Group, a leading supplier of CV parts in China, specializing in transmission and drivetrain systems.
The collaboration aims to develop a high-voltage inverter for commercial vehicles, enhancing BorgWarner's product offerings in the battery electric and hybrid vehicle sectors. Stefan Demmerle, President and General Manager of BorgWarner PowerDrive Systems, highlighted the venture's role in supporting business growth in the electrified CV market, leveraging the company's strong engineering capabilities in China.
Xuyao Ma, Chairman of FAST Group, emphasized the rapid transformation of China's automotive industry towards electrification, connectivity, autonomous driving, and shared mobility. The joint venture is expected to capitalize on this shift, delivering advanced inverter products and propulsion solutions to the commercial vehicle market.
BorgWarner believes the partnership will combine its technological edge and deep electrification expertise with FAST Group's CV knowledge and customer base, accelerating the growth of vehicle electrification.
The establishment of the joint venture is contingent on regulatory approval and is anticipated to occur in the first quarter of 2024.
This development is based on a press release statement.
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