©Reuters.
AUBURN HILLS, MI – BorgWarner (NYSE:), a global product leader in clean, efficient technology solutions for combustion, hybrid and electric vehicles, is expanding its presence in the electric commercial vehicle (CV) market. We plan to expand. The company announced plans to form a joint venture with Shaanxi Express Automobile Group, a leading supplier of CV parts in China specializing in transmission and drivetrain systems.
The partnership aims to develop high-voltage inverters for commercial vehicles and strengthen BorgWarner's product offering in the battery electric and hybrid vehicle sectors. Stephan Demar, President and General Manager of BorgWarner Power Drive Systems, highlighted the venture's role in leveraging the company's strong engineering capabilities in China to support business growth in the electric CV market.
FAST Group Chairman Xuyao Ma highlighted that China's automotive industry is rapidly transforming towards electrification, connectivity, autonomous driving and shared mobility. The joint venture is expected to capitalize on this change and provide advanced inverter products and propulsion solutions to the commercial vehicle market.
BorgWarner believes this partnership will combine its technological advantages and deep electrification expertise with FAST Group's CV knowledge and customer base to accelerate the growth of vehicle electrification.
The formation of the joint venture is subject to regulatory approval and is expected to be established in the first quarter of 2024.
This development is based on a press release statement.
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