General Motors unveiled its Ultium EV Drive system Wednesday. It’s potentially good news for GM investors—but it might be bad news for existing suppliers of powertrain parts.
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.
Moody's Investors Service ("Moody's") assigned a Baa1 rating to BorgWarner Inc.'s ("BorgWarner") new $800 million of senior unsecured notes. Other debt ratings are unaffected including BorgWarner's P-2 short-term and Baa1 senior unsecured. The new $800 million of senior unsecured notes will be offered in exchange for Delphi Technologies PLC's ("Delphi") outstanding 5.00% Senior Notes due 2025 ("DT Notes").