Q3 2024

Investor Presentation

Forward-Looking Statements
This presentation contains forward-looking statements as contemplated by the 1995 Private Securities Litigation Reform Act that are based on management’s current
outlook, expectations, estimates and projections. Words such as “anticipates,” “believes,” “continues,” “could,” “designed,” “effect,” “estimates,” “evaluates,” “expects,”“forecasts,” “goal,” “guidance,” “initiative,” “intends,” “may,” “outlook,” “plans,” “potential,” “predicts,” “project,” “pursue,” “seek,” “should,” “target,” “when,” “will,” “would,” andvariations of such words and similar expressions are intended to identify such forward-looking statements. Further, all statements, other than statements of historical fact
contained or incorporated by reference in this presentation that we expect or anticipate will or may occur in the future regarding our financial position, business strategy
and measures to implement that strategy, including changes to operations, competitive strengths, goals, expansion and growth of our business and operations, plans,
references to future success and other such matters, are forward-looking statements. Accounting estimates, such as those described under the heading “Critical Accounting
Policies and Estimates” in Item 7 of our most recently-filed Annual Report on Form 10-K (“Form 10-K”), are inherently forward-looking. All forward-looking statements are
based on assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, aswell as other factors we believe are appropriate under the circumstances. Forward-looking statements are not guarantees of performance, and the Company’s actual results
may differ materially from those expressed, projected or implied in or by the forward-looking statements.
You should not place undue reliance on these forward-looking statements, which speak only as of the date of July 31, 2024. Forward-looking statements are subject to risks
and uncertainties, many of which are difficult to predict and generally beyond our control, that could cause actual results to differ materially from those expressed, projectedor implied in or by the forward-looking statements. These risks and uncertainties, among others, include: supply disruptions impacting us or our customers, commodityavailability and pricing, and an inability to achieve expected levels of recoverability in commercial negotiations with customers concerning these costs; competitive
challenges from existing and new competitors, including original equipment manufacturer (“OEM”) customers; the challenges associated with rapidly changing
technologies, particularly as they relate to electric vehicles, and our ability to innovate in response; the difficulty in forecasting demand for electric vehicles and our electricvehicles revenue growth; potential disruptions in the global economy caused by wars or other geopolitical conflicts; the ability to identify targets and consummate
acquisitions on acceptable terms; failure to realize the expected benefits of acquisitions on a timely basis; the possibility that our 2023 tax-free spin-off of our former Fuel
Systems and Aftermarket segments into a separate publicly traded company will not achieve its intended benefits; the failure to promptly and effectively integrate acquired
businesses; the potential for unknown or inestimable liabilities relating to the acquired businesses; our dependence on automotive and truck production, which is highly
cyclical and subject to disruptions; our reliance on major OEM customers; impacts of any future strikes involving any of our OEM customers and any actions such OEM
customers take in response; fluctuations in interest rates and foreign currency exchange rates; our dependence on information systems; the uncertainty of the global
economic environment; the outcome of existing or any future legal proceedings, including litigation with respect to various claims, or governmental investigations,
including related litigation; future changes in laws and regulations, including, by way of example, taxes and tariffs, in the countries in which we operate; impacts from any
potential future acquisition or disposition transactions; and the other risks, noted in reports that we file with the Securities and Exchange Commission, including Item 1A,“Risk Factors” in our most recently-filed Form 10-K and/or Quarterly Report on Form 10-Q. We do not undertake any obligation to update or announce publicly any updates
to or revisions to any of the forward-looking statements in this presentation to reflect any change in our expectations or any change in events, conditions, circumstances, orassumptions underlying the statements.
We do not undertake any obligation to update or announce publicly any updates to or revisions to any of the forward-looking statements in this presentation to reflect anychange in our expectations or any change in events, conditions, circumstances, or assumptions underlying the statements.

2Non-GAAP Financial Measures
This presentation contains information about BorgWarner’s financial results that is not presented in accordance with accounting principles generally acceptedin the United States (“GAAP”). Such non-GAAP financial measures are reconciled to their closest GAAP financial measures in the Appendix. The provision ofthese comparable GAAP financial measures in the context of guidance for 2024 is not intended to indicate that BorgWarner is explicitly or implicitly providing
projections on those GAAP financial measures, and actual results for such measures are likely to vary from those presented. The reconciliations include all
information reasonably available to the company at the date of this presentation and the adjustments that management can reasonably predict.
Management believes that these non-GAAP financial measures are useful to management, investors, and banking institutions in their analysis of theCompany's business and operating performance. Management also uses this information for operational planning and decision-making purposes.
Non-GAAP financial measures are not and should not be considered a substitute for any GAAP measure. Additionally, because not all companies use identical
calculations, the non-GAAP financial measures as presented by BorgWarner may not be comparable to similarly titled measures reported by other companies.

3Executing on Our Vision & MissionPresenteOurr Vision
Name– Title
OurMission

4

Investor Day 2023

Today’s Agenda▪ A clean, energy-efficient world▪ We deliver innovative and sustainablemobility solutions

BorgWarner Today

GlobalHeadquarters
Auburn Hills, MIAmericas~11,800

Europe~15,900

Asia~12,200

26

24

32

3

10

7

Employees
Locations
Countries
5

Note : Data pro forma for completion of spin-off transaction; locations include only manufacturing and technical centers

Employees
Locations
Countries

Employees
Locations
Countries

Strategy Supports Long-Term, Profitable Growth andNear-Term Resiliency

STRATEGYeProduct Growth6

eProduct Profitability

Maximize
Foundational ValuePortfolio a Result of Long-Term Investment Strategy
Organic
eProduct
Activity has
Intensified~$2.2B

2021 – 2023 Organic
eProduct R&D & CapEx
Investment

46 Awards

eProduct Awards
Announced Since March
2021 Investor Day

72021

2024E eProduct
Sales Guidance

PHINIA
Spin-Off

Announced
CHARGING FORWARD

2020

~$2.5

2022

2023

2024

2024 Sustainability Report Highlights
Innovating Products forCleaner Mobility

Acting on Our
Commitments▪ 87% of 2023 revenue fromEV and emissions-reducing
hybrid and combustion
products▪ 32% reduction in scope 1and 2 since 2021

▪ ~$2B in eProduct sales in2023

8▪ 25% reduction goal ofScope 3 by 2030 versus 2021
baseline▪ Performed above allemployee inclusion
benchmarks

Investing in People▪ Expanded trainings tohelp our ICE engineerstransition to eProducts▪ 64% of leadership positions
were filled by internal
candidates

Content Opportunity Per Vehicle (COPV) Increases
from Combustion to Advanced Hybrids and BEVs

Est. 2027
BorgWarner ContentOpportunity Per
Light Vehicle
Summary$2,122$548$437

Combustion

Combustion + AdvancedHybridCombustion9eProduct$2,569BEVResilient Product Portfolio Well-Positioned for GrowthFoundational Products
TurbosCombustion

HybridElectric10

AWD/4WD

Intake &EGRs

ECUs

EngineTimingeProducts
Transmission
ProductsInverters

Other
PowerElectronics

ThermalMgt.

EV
Gearboxes

Electric
Drive
MotorsBattery
Systems

Believe Foundational Portfolio Positioned for Outgrowth2027 Estimated Combustion
Content Opportunity
Per Light Vehicle (COPV)

N.A. COPV$833

2023 Foundational Sales >$12 Billion

Turbocharger
Top 2 Market Position*

Est. 2027
Global COPV
$548

Europe COPV
$496

China COPV
$507
*Based on BorgWarner Global Market Research11Penetration
Opportunity
on HybridArchitectures

Penetration
Opportunity
in NorthAmerica• N.A. penetrationof 44%,
compared to92% in Europe &69% in China

EGR#1 Market Position*

GrowthOpportunity
in PHEV andREEV
Timing Systems#1 Market Position*• Chain preferredtiming systemon hybrids due
to durability
and strength• Efficiency
benefit higher inhybrids as ICE
operates more
steady state

Penetration
Opportunity
in Asia andLonger Tail inN.A.
AWD
Top 2 Market Position*• China
penetration 6%
compared to51% in N.A.

Our Investments Have Resulted in a Wide-Ranging
Electric Vehicle System Portfolio
ENERGY STORAGE & MANAGEMENTSTATIONARY
CHARGING

ELECTRIC PROPULSION
THERMAL MANAGEMENTeFan

High-voltage
coolant heater(HVCH)

Battery management
system (BMS)

InverterElectricmotorReductiongear

CV Battery packDC fastcharger(DCFC)

Battery
coolingplates

POWER ELECTRONIC AUXILIARIES
High-voltage
box

Integrated drive module (iDM)
On-board
charger (OBC)

12

DC-DC
converterExpected eProduct Sales Growth Supported by
Capacity Expansion and Secured New Programs
eProduct Sales~$2.5B~$2.5B~$2.0B$700M +eCV BatterySystemsN.A. ~55%
Europe ~45%~$1.5B

N.A. ~15%

Advanced
Hybrid~40%
LVeProducts

BEV~60%2022

13*BorgWarner estimate as of July 2024.

2023

2024 Est.

Europe~40%

China/ROW~45%

2024 Est.

Winning eProduct Awards with OEMs Around the World
North America

EuropeChina/ROW

13 eProduct Awards Since 2021

12 eProduct Awards Since 2021

21 eProduct Awards Since 2021

Product14SOP Year

Product

SOP Year

Product

SOP Year

CV Battery System

2023

DC Fast Charging Station

2022

HV Coolant Heater

2021

Battery Pack2023

Battery Management System

2023

400V iDM

2023

DC Fast Charging Station2023

800V HV Coolant Heater2023

Dual Inverter2023

HV Inverter

2024

HV eFan2024

400V iDM

2023

Generator Inverter

2024

CV Battery System

2024

800V Inverter

2023

800V Inverter

2025

eTVD

2024

800V eMotor

2023

HV eFan2025

800V Inverter

2025

HV Coolant Heater

2023

Battery Cooling Plate

2025

800V Inverter

2025

P4 Hybrid iDM

2023

800V HV Coolant Heater

2025

800V Inverter

2025

Motor for E-Axle

2023

400V HV Coolant Heater

2025

Battery Cooling Plate

2025

eMotor2023

800V HV Coolant Heater

2026

HV eFan2025

800V HV Coolant Heater

2024

800V Onboard Charger

2027

Electric Cross Differential (eXD)

2026

400V iDM

2024

HV eFan2027

Hybrid iDM

2024

eMotor Rotor/Stator

2024

Boosted Dual Inverter

2024

eTVD

2024

Electric Cross Differential (eXD)

2024

800V eMotor

2025

Inverter + eMotor

2025

Comb. Inverter & DC/DC Converter

2025

Electric Cross Differential (eXD)

2026

Battery Systems Business Positioned forLong-Term Growth
Estimated Global Battery Pack Sales

True Addressable Market1
for CV On-Hwy in EU+NA~$5.6BNA~$4.2B

EU~$700M+~$3.0B~$460M~$250M~$1.3B

2023

152025E

Source: BorgWarner Global Market Research
1. Excludes in-house markets.

2027E

2030E

2022

2023

2024E

FurtherGrowth

Battery Systems NMC Expansion Supports Growth2024 Expansion

Darmstadt,
Germany
Manufacturing
Location &Tech Center

2024 Expansion

Auburn Hills
MI, USA
Propulsion
Tech Center

Hazel Park, MI,USA
Manufacturing
Location

Seneca, SC,USA
Manufacturing
Location

Piracicaba,
BrazilManufacturing
Location

2.2 GWH(22,000 BPs/yr)
Production
Capacity

16

Shanghai,
China
China Tech
Center>6.0 GWH
2023

Estimated NMC Capacity

2025E(>60,000 BPs/yr)
Production
CapacityLFP Strategic Relationship Agreement (BorgWarner & BYDFinDreams) Provides Continuing Battery Systems Development+Strength▪ Strong customer intimacy▪ Manufacturing, quality andintegration capabilities▪ Software and system knowhowStrength▪ LFP scale▪ Proven production in China▪ Intellectual property in LFP cells
and pack design

Strategic Relationship Agreement Advantage▪ BorgWarner to manufacture packs utilizing FinDreams cell and packintellectual property▪ Collaboration expected to increase speed to market▪ Vehicle integration flexibility with modular battery pack approach
17

Attractive Characteristics of Core FoundationalPortfolio

Leading Market
Positions
Maintaining

Expected Adjusted Operating Margins~100%

Focused ICE Portfolio Helps Customers Transition
From Combustion to Hybrid to Electric18

1. Defined as Free Cash Flow / Adj. Net Income; Free Cash Flow is a non-US-GAAP measure

Expected Free Cash Flow Conversion1

Strong Foundation From Core Market-Leading
Technologies Supports EV Growth
Continuity of Technologies and Capabilities

SupportingCustomers

Supporting customers with access toFoundationaleProductcritical technology as they execute

Air and ThermalManagement

Thermal Management

their own transitions to EV

Example:EGR Modules

EnhancingCapabilities

StrongFinancialProfile

19

Core design, manufacturing andengineering capabilities
applicable to electric vehicles

Top-quartile1 profitability and strong
cash generation supporting
investment in EV technologies

1. Estimated current margin relative to automotive industry peer group

Drivetrain
Example:Transfer Cases

Engine and Transmission
Controllers

HV Coolant
Heaters

Drivetrain and Vehicle
Dynamic
Integrated
DriveModules

Power Electronics andElectronics

Example:Electronic
Control Units

InvertersLeveraging Existing Footprint to SupporteProduct GrowthEurope

North America

China/ROW

Plant Location

eProduct

SOPPlant
LocationeProduct

SOP

Plant Location

eProduct

SOP

SLP, MexicoeMotor & iDM
assembly

2021

Landskrona,
SwedeneMotors

2018

Jiangshan,China

HV Heaters

2021

Cadillac, MI, US

HV Heaters

2022

HV Heaters

2021

Seneca, SC, US

Battery Packs

2024

Viana,
Portugal

Wuhan, ChinaeMotor & iDM
assembly

2022

Additional
Facility

eFan

2025

Blonie,PolandInverters

2023

eMotor & iDM
assembly

2023

Additional
Facility

Battery
Coolersx2 Additional
Facilities

Changnyeong,
Korea

eFan

2024-2025

x2 Additional
Facilities

Battery & PE
Coolers2025-2026

2026

Utilizing Existing Manufacturing Facilities to Support eProduct Growth20

Strong Liquidity and Expected Free Cash Flow
Generation Enables Disciplined Capital Deployment

$733M

$767M

BorgWarner’s Balanced
Capital Allocation Approach
Since 2020

$500M
Additional
authorization

Buybacks~$733 million

Dividends~$623 million

Market Cap of PHINA at Spin-off~$1.7 billion

Total Capital Returned$267M
Remainingunder priorauthorization

Buybacks Completed 2020
through Q2 2024

21

Current Buyback
Authorization~$3.1 billion

BorgWarner Intends to Buyback an
Additional $300M in 2H’24

ePropulsion Restructuring Actions Underway
Estimated Restructuring
Cost Savings~$100M▪ Restructuring actions began in June 2024
▪ Focused within North America and China▪ Includes headcount and non-headcount savings▪ Estimated cumulative cash restructuring costs of~$75M from 2024-2026$20 to $30M

2024E

▪ Expect to generate annual run-rate cost savings of~$100M by 2026
2026E

Actions expected to improve near-term results
and position ePropulsion for mid-teens incrementals on future growth22

New Structure Drives Synergies, Increases Go To
Market Strategy and Reporting TransparencyPrevious Business Unit Structure

New Business Unit Structure*Emissions, Thermal & Turbo Systems

Turbos & Thermal Technologies

Products: Turbos, Thermal Systems, Cabin Heaters & Others

No Changes
PowerDrive Systems

PowerDrive Systems

Products: Power Electronics, eMotors, iDMs & ECUs

Drivetrain & Morse Systems (newly formed)

Drivetrain & Battery Systems
Optimized
For Cost& Growth
Morse Systems(Including Charging)

23 *As of July 1, 2024

Products: Transmission Components, AWD & Timing Systems

Battery & Charging Systems (newly formed)
Products: Battery & Charging Systems

APPENDIX24Innovation Driving Technology Leadership in Inverters

Driver input

Key Inverter Components
Competitive Advantage
GearBoxComputer

Custom integrated
circuits (ASICs) &software

Rotational force
at wheels

BEV inverter
Capacitor

Architecture
innovation foradvanceddevelopment

Battery25

Power Module
Viper Power switch
with double-sided
cooling

Electric motor