BorgWarner To Buy Rhombus In Latest EV Charging Deal

Auto-parts maker BorgWarner Inc said on Wednesday it would buy electric-vehicle charging provider Rhombus Energy Solutions, the latest deal in the sector as sales of eco-friendly vehicles boom.

The enterprise value of the deal can go up to $185 million, the company said, adding it would help add charging presence in North America and expand in Europe.

BorgWarner, which supplies to car makers including General Motors Co and Ford Motor Co, has targeted more revenue from electric vehicles by 2030.

Electric vehicle charging companies are undergoing a sweeping consolidation and revaluation, according to a Reuters analysis, amid a boost by governments to promote EV sales.

Separately, BorgWarner reported better-than-expected quarterly results on strong demand.

Second-quarter adjusted profit was $1.05 per share, compared with the average analyst expectation of 85 cents, as per Refinitiv data.

Net sales of $3.76 billion also beat expectation of about $3.7 billion.