Shares of BorgWarner Inc. surged 3.9% toward a near 3 1/2-year high in premarket trading Wednesday, after the auto drivetrain maker said it will work on its first electrification project with Hyundai Motor Group . BorgWarner said its integrated drive module (iDM) was selected by Hyundai for its power electric system, which will be used in electric vehicle production that is planned to start in mid-2023. “We have enjoyed nearly two decades of partnership with the Hyundai Motor Group and couldn’t be more excited about this next step – working on our first electrification project together,” said Stefan Demmerle, President of BorgWarner PowerDrive Systems. “I am especially enthusiastic about the fact that this is the first iDM product combining the portfolios of BorgWarner and legacy Delphi Technologies after the acquisition, reaping the benefits of the two organizations.” BorgWarner is in the process of acquiring Delphi Technologies PLC . BorgWarner’s stock has run up 37.1% year to date through Tuesday, while the S&P 500 has advanced 11.9%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
