Automotive supplier BorgWarner announced today the launch of its CHARGING FORWARD project, outlining plans for a major acceleration in its electrification strategy, with electric vehicle revenue expected to reach 45% of sales by 2030, from less than 3% today.

According to the company, the new strategy is built around 3 pillars, including profitably scaling electric light vehicles, expanding into electric commercial vehicles and optimizing the company’s combustion portfolio through planned dispositions. In a presentation to shareholders, the company said that in addition to significantly shifting its organic investments towards electrification, it will also more aggressively deploy capital towards M&A. Combustion portfolio dispositions are expected to represent $3 – $4 billion in annual revenues.

Frédéric Lissalde, President and CEO of BorgWarner, said:

“Our company’s 100-plus year history is a story of evolution, built on superior product leadership, an agile, decentralized operating model and disciplined financial and operational management. As we plan for the next decade-plus of profitable growth, now is the time to move away from a balanced propulsion strategy and accelerate our shift towards electrification. We believe the electrification opportunity is real, large, near term and important to our sustainability goals. We’ve been building toward capitalizing on this opportunity for years and are confident we have the scale, portfolio, financial strength and team to execute successfully.”