BorgWarner Q1 profits take a hit from electrification R&D, inflation
BorgWarner Inc. executives are expecting a boom in the electrification business but not before e-products put some strain on its profitability. The supplier saw first-quarter sales of $4.2 billion, up 8 percent from a year ago, and net earnings of.....»»
BorgWarner acquires EV charging business in Italy for about $80 million
The acquisition target is expected to generate about $27 million in revenue this year, and BorgWarner expects to grow sales to $273 million by 2027......»»
Climb in consumer food spending signals continued inflationary pressure
Reported food spending has increased to its highest level since the Consumer Food Insights Report began surveying in January 2022, possibly leaving consumers feeling little relief from inflation......»»
Fed holds rates steady but sees two small hikes by end of year
The higher rate outlook coincides with an improved view of the economy and, consequently, slower progress in returning inflation to the central bank's 2 percent target......»»
BorgWarner sets July completion date for aftermarket spinoff
BorgWarner said it expects to complete the planned spinoff of its aftermarket and fuel parts business into Phinia by July 3. The transaction is part of an overarching strategy to prepare for an electrified future......»»
BYD: U.S. climate laws could price Americans out of EVs
A key BYD executive warns the Inflation Reduction Act may slow down EV adoption in the U.S. and suggested American consumers won’t be able to access the most “affordable” options......»»
Even California needs to step up on EVs, Kia urges
California's ambitious goal to ban sales of all new gasoline vehicles by 2035 has automakers hustling to built electric vehicles, but ambitious EV producer Kia says the state isn't ready for the widespread electrification it envisions......»»
Automation giant ABB acquires smart home device maker Eve
Eve Systems, the maker of numerous smart home devices that support HomeKit, has been acquired by automation and electrification firm ABB.Eve MotionConfirmed by ABB on Monday, the purchase of the German Eve Systems brings the company under the ownersh.....»»
Smart home company Eve bought by multibillion-dollar automation giant ABB
Smart home company – one of the leaders in HomeKit-compatible and now Matter-compatible devices – has been bought by the automation and electrification giant ABB. Eve will, with immediate effect, become part of the Building and Home Automation.....»»
Cadillac Announces the First-Ever, All-Electric ESCALADE IQ
When most people think about electric vehicles, they either consider small cars like the Prius Prime or compact to mid-size SUVs. But Cadillac is taking electrification one step further and extending its EV lineup beyond the LYRIQ with the first-ever.....»»
Bosch embraces software-focused future
Bosch hopes to benefit from the CHIPS and Science Act, the Inflation Reduction Act and future federal vehicle safety requirements as it aims to bring in $20 billion annually by 2029......»»
Why Section 45X is a ‘game changer" for U.S. EV battery supply chain
Payments to battery manufacturers in the U.S. as part of the Inflation Reduction Act can be substantial. But the lucrative credits also have put reliance on China for EV materials under a bright spotlight, drawing criticism from Republicans......»»
STMicroelectronics to make 200mm SiC devices with Sanan in China
STMicroelectronics (ST) announced it would form a joint venture with China-based counterpart Sanan Optoelectronics to secure a share in China's rapidly growing vehicle and industrial electrification market despite an ongoing geopolitical risk confron.....»»
Automotive supplier BorgWarner expects electric product sales to reach 50% by 2027
US-based automotive supplier BorgWarner announced its latest electrification strategy on June 6. The company aims to reach more than US$10 billion in eProduct sales by 2027. Its eProudcts supporting battery and hybrid EVs will generate half of the ov.....»»
VW"s China JV transforming plant for electrification; GM showcases concept car for China
Volkswagen and General Motors are both accelerating electrification in China, the world's largest EV market. SAIC Volkswagen Automotive recently started upgrading one of its Shanghai plants for EV production. GM introduced a concept EV in China, demo.....»»
How fraudsters undermine text passcodes
Malicious bots are taking new forms – a burst of spam and scam text messages led to 18,000+ consumer complaints at the FCC last year. One of the newest scams – artificial inflation of traffic (AIT) – targets the SMS authentication codes sent by.....»»
Toyota ramps up BEV and battery investments in US
According to Toyota's statement, the company further expanded its investments in the US amid increasing demand for EVs and the Inflation Reduction Act (IRA) that mandates automakers to meet local sourcing requirements to be eligible for incentives......»»
Despite cutbacks, IT salaries expected to rise
Despite rising labor costs, economic inflation, and companies making an effort to cut back, the salary outlook for IT professionals is positive, according to InformationWeek. Work-life balance and base pay top the list as what matters most to IT prof.....»»
Global foundry revenue to drop 9% in 2023, says DIGITIMES Research
With the Ukraine war, global inflation, and geopolitical tensions, consumer electronics sales plunged, which further caused a decrease in semiconductor sales. Given the weakened demand for chips, DIGITIMES Research projects a 9.2% decline in global f.....»»
Qisda expects profit boost from high value-added biz
Qisda has stepped up efforts to expand its high value-added businesses as part of its grand fleet strategy, which will account for over half of its total profits, according to the contract electronics device maker......»»
Hyundai CEO Jose Muñoz says customers would pay for a richer mix
Jose Muñoz says Hyundai didn't like when its EVs lost their tax credits under the Inflation Reduction Act last year. But the automaker will double down and keep moving forward......»»