On Feb. 15, BorgWarner announced plans to acquire the motor business of Tianjin-based Santroll Electric Auto for more than $220 million, aiming to electrify its product portfolio through acquisitions.

Borgwarner said in a press release that the acquisition of Tianjin Songzheng’s motor business is expected to close by the end of the first quarter, and the move will facilitate the vertical integration of BorgWarner’s light vehicle motor business, increase the scale and breadth of its portfolio, and accelerate the speed of new products to market.

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On the same day, BorgWarner also announced its financial results for the fourth quarter of 2021, which were lower than the same period in 2020, but still exceeded expectations. In the fourth quarter of 2021, BorgWarner’s revenue declined 7% year-over-year to $3.65 billion, and adjusted operating profit declined 16% year-over-year to $375 million. For the full year 2021, BorgWarner’s revenue was $14.83 billion, an increase of 12% from the previous year.

“We are facing significant production volatility in 2021, but I am very pleased with our margin performance.” Fred Lissalde, chief executive officer of BorgWarner, said: “Understand that we achieved this margin while continuing to significantly increase our R&D investments to support our electrified product growth.”