BORGWARNER (+) : BNP Paribas Global EV & Mobility Conference - Key Highlights

研报英文原文证据摘录

BORGWARNER (+) : BNP Paribas Global EV & Mobility Conference - Key Highlights

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BORGWARNER OUTPERFORMPRICE* USD61.8  TARGET PRICE USD74 (UPSIDE 20%)

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BNP Paribas Global EV & Mobility Conference – Key Highlights

19 MAY 2026 Securities Research Report Production time: 15:55* (London time)

Research Analyst & Publishing Entities

James Picariello, CFA BNP Paribas Securities Corp (1) (+1) 917 903 0391 James.picariello@us.bnpparibas.com

What happened?

BWA attended our Global EV & Mobility Conference in Hong Kong. In terms of key takeaways, we highlight:

Datacenters: BWA reaffirmed its target to generate $300M in ‘27E turbine generator sales. The Co. will take a cautious

approach with extra capacity in the launch year (initially 2 GW) to allow flexibility – and will decide later this year whether

to expand its capacity (representing add’l capex). While the turbine generator business is exclusively with partner

Endeavor, the battery storage (BESS) & microgrid inverters do not have any restrictions. BWA believes it has a first-

mover advantage in the 800V microgrid inverter market thanks to its years of experience supplying 800V inverters for

EVs. It notes Chinese customers often prefer “one stop shops” with turbine generator, BESS, & inverter capabilities.

China: BWA sees an opportunity in China given its established relationships with local OEMs and the move to

globalization in Europe. While it can be hard for suppliers to know which Chinese vehicles are being exported

internationally, 75% of its revenue in the region is tied to domestics. Its domestic business is heavily weighted to the

top 6 (which tend export more). BWA has two decades of experience working with Chinese OEMs and sees the ability