LONDON, Sept. 9, 2020 /PRNewswire/ -- Delphi
Technologies PLC (NYSE: DLPH), a global provider of automotive
propulsion systems, continues its momentum by securing major
Original Equipment Manufacturer (OEM) electrification business,
driving profitable long-term growth. Today, the company is
announcing its latest win with a premium European OEM to supply its
800-volt inverters for the OEM's next generation of battery
electric vehicles (BEVs). This major win is the company's second
largest power electronics award and strategically positions Delphi
Technologies as a leading supplier of inverters and related
technologies for future BEVs globally.
This announcement follows on the heels of recent business wins
in China for power
electronics. Combined with its landmark 800-volt win secured in
2019, its largest ever business award, the company is now
positioned to be the major inverter supplier to three of the top
four global premium OEMs in the world.
These wins are the result of Delphi Technologies' strategic
investments since becoming an independent, public company to
globally expand its electrification capabilities, including
engineering, testing and manufacturing, to meet the changing market
dynamics for propulsion systems in the automotive industry.
"We take great pride in knowing we have earned the respect of
our customers to trust us with major shares of their most important
e-drivelines," said Rick Dauch, CEO,
Delphi Technologies. "To be an industry leader in the highly
competitive electrification market is reflective of the
pioneering technologies and remarkable engineering talent
within our organization. Our recent investments in electrification
are starting to pay off."
This latest award is expected to launch in 2024 across the
customers' BEVs and will also be the first introduction of Delphi
Technologies' sixth generation of its proprietary Viper power
switch. This inverter enables electrical systems up to 800 volts,
significantly extending electric vehicle range and halving charging
times when compared with today's state-of-the-art 400-volt
systems. The technology, which supports multi-voltage
platforms, is an evolution of the company's proven high-voltage
inverter and builds on 25 years of vehicle electrification
experience.
IHS estimates that up to 45 percent of global vehicle production
will be electrified by 2025, with around 46 million electrified
vehicles being sold annually, rising to up to 57 percent by 2030
(around 62 million vehicles annually). Inverters are one of the
highest-value electrification components and their efficiency has
an industry-changing impact on many aspects of vehicle
performance.
"We believe that securing this premium platform inverter
business will allow us to capture additional volume on larger
vehicle platforms to be sourced in 2021," said Kevin Quinlan,
senior vice president and general manager, Electrification &
Electronics, Delphi Technologies.
Delphi Technologies has designed its inverter technology to
simplify vehicle manufacturers' multi-voltage strategies as
they extend their electric and hybrid vehicle ranges. The company's
Electrification & Electronics product engineering and
manufacturing is strengthened by its extensive global footprint
with regional capabilities, and support from qualified supply chain
partners.
Forward-looking statements
This press release, as well as other statements made by Delphi
Technologies PLC, contain forward-looking statements as
contemplated by the 1995 Private Securities Litigation Reform Act
that reflect, when made, the Company's current views with respect
to future events, including the proposed acquisition of the Company
by BorgWarner (the "proposed transaction" or the "Transaction") and
financial performance, or that are based on its management's
current outlook, expectations, estimates and projections, including
with respect to the combined company following the proposed
transaction, if completed. Such forward-looking statements are
subject to many risks, uncertainties and factors relating to the
Company's operations and business environment, which may cause the
actual results of the Company to be materially different from any
future results. All statements that address future operating,
financial or business performance or the Company's strategies or
expectations are forward-looking statements. In some cases, you can
identify these statements by forward-looking words such as "may,"
"might," "will," "should," "expects," "plans," "intends,"
"anticipates," "believes," "estimates," "predicts," "projects,"
"potential," "outlook" or "continue," the negatives thereof and
other comparable terminology. Factors that could cause actual
results to differ materially from these forward-looking statements
include, but are not limited to, the following: the severity,
magnitude and duration of the COVID-19 pandemic, including impacts
of the pandemic and of businesses' and governments' responses to
the pandemic on our operations and personnel, and on commercial
activity and demand across our and our customers' businesses, and
on global supply chains; uncertainties around the extent to which
the COVID-19 pandemic and related impacts will continue to
adversely impact our financial condition and results of operations;
global and regional economic conditions, including conditions
affecting the credit market and those resulting from the
United Kingdom referendum held on
June 23, 2016 in which voters
approved an exit from the European Union, commonly referred to as
"Brexit"; risks inherent in operating as a global company,
such as, fluctuations in interest rates and foreign currency
exchange rates and economic, political and trade conditions around
the world; the cyclical nature of automotive sales and production;
the potential disruptions in the supply of and changes in the
competitive environment for raw material integral to the Company's
products; the Company's ability to maintain contracts that are
critical to its operations; potential changes to beneficial free
trade laws and regulations such as the North American Free Trade
Agreement; the ability of the Company to achieve the intended
benefits from its separation from its former parent or from
acquisitions the Company may make; the ability of the Company to
attract, motivate and/or retain key executives; the ability of the
Company to avoid or continue to operate during a strike, or partial
work stoppage or slow down by any of its unionized employees or
those of its principal customers; the ability of the Company to
attract and retain customers; changes in the costs of raw
materials; the Company's indebtedness, including the amount thereof
and capital availability and cost; the cost and outcome of any
claims, legal proceedings or investigations; the failure or breach
of information technology systems; severe weather conditions and
natural disasters and any resultant disruptions on the supply or
production of goods or services or customer demands; acts of war
and/or terrorism, as well as the impact of actions taken by
governments as a result of further acts or threats of terrorism;
the possibility that the proposed transaction will not be
completed; failure to obtain necessary regulatory approvals or
required financing or to satisfy any of the other conditions to the
proposed transaction; adverse effects on the market price of the
Company's ordinary shares or BorgWarner's shares of common stock
and on the Company's or BorgWarner's operating results; failure to
realize the expected benefits of the proposed transaction; failure
to promptly and effectively integrate the Company's businesses;
negative effects relating to any further announcements relating to
the proposed transaction on the market price of the Company's
ordinary shares or BorgWarner's shares of common stock; significant
transaction costs and/or unknown or inestimable liabilities;
potential litigation associated with the proposed transaction;
general economic and business conditions that affect the combined
company following the consummation of the proposed transaction;
changes in global, political, economic, business, competitive,
market and regulatory forces; changes in tax laws, regulations,
rates and policies; future business acquisitions or disposals;
competitive developments; and the timing and occurrence (or
non-occurrence) of other events or circumstances that may be beyond
the Company's control.
Additional factors are discussed under the captions
"Forward-Looking Statements", "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" in the Company's filings with the SEC. New risks and
uncertainties arise from time to time, and it is impossible for us
to predict these events or how they may affect the Company. It
should be remembered that the price of the ordinary shares and any
income from them can go down as well as up. The Company's
forward-looking statements speak only as of the date of this
communication or as of the date they are made. The Company
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events and/or otherwise, except as may be required by law.
All subsequent written and oral forward-looking statements
attributable to the Company or its directors, executive officers or
any person acting on behalf of any of them are expressly qualified
in their entirety by this paragraph.
About Delphi Technologies
Delphi Technologies is a global provider of propulsion
technologies that make vehicles drive cleaner, better and further.
It offers pioneering solutions for internal combustion engine,
hybrid and electric passenger cars and commercial vehicles. Delphi
Technologies builds on its Original Equipment expertise to provide
leading service solutions for the aftermarket. Headquartered in
London (UK), the company operates
technical centers, manufacturing sites, customer support service
centers in 24 countries and employs more than 21,000 people around
the world. Visit www.delphi.com to learn more.
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SOURCE Delphi Technologies PLC