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BorgWarner to supply integrated drive module for Hyundai Motor Group A-segment EVs; acquires 89% of AKASOL

BorgWarner’s integrated drive module (iDM) was selected by the Hyundai Motor Group for its power electric system, which will be used in the upcoming A-segment electric vehicle production, planned to start in mid of 2023.

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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. 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.

—Dr. Stefan Demmerle, President and General Manager, BorgWarner PowerDrive Systems

Designed, developed and manufactured by the company as a high-performance system, BorgWarner’s iDM146 operates at 400V and offers peak power of 135 kW. The advanced transmission technology offers smooth and quiet operation, and the electric motor uses High Voltage Hairpin technology.

Overall drive system weight and space are reduced by integrating the gearbox, a 400V silicon inverter and the motor with a compact, 146mm stator outer diameter.

The iDM146 also offers a scalable and modular inverter design, making it easily customizable to customer requirements.

AKASOL. Separately, BorgWarner announced that it has completed the tender offer for shares of AKASOL AG, a manufacturer of high-performance battery systems, resulting in BorgWarner owning 89.08% of AKASOL’s outstanding shares following completion of the tender offer.

The acquisition further strengthens BorgWarner’s commercial vehicle and industrial electrification capabilities.

We are excited to add AKASOL’s innovative products, capabilities and team to BorgWarner as we advance our plan to grow our electric vehicle businesses to approximately 45% of total revenues by 2030 under Project Charging Forward.

—Frédéric Lissalde, President and CEO of BorgWarner

AKASOL is now a majority-owned subsidiary of BorgWarner. AKASOL’s headquarters are in Darmstadt, Germany, and as previously announced, AKASOL will be run independently. BorgWarner will assess what additional actions, if any, it will take to achieve full control and ownership of AKASOL including, without limitation, the delisting of AKASOL’s shares.

BorgWarner paid approximately €648 million to settle the tender offer from current cash balances, which includes proceeds received from its previously announced public offering of BorgWarner 1.00% Senior Notes due 2031.

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