Frederic B. Lissalde
President, Chief Executive Officer and Director at BorgWarner
Thank you, Pat, and good day, everyone. I'm very pleased to share our results for the first quarter of 2024 and provide an overall company update, starting on slide five. With approximately $3.6 billion in sales, we delivered close to 7% organic growth in the quarter despite a modest industry decline. We delivered strong incremental performance in the quarter on an all-in basis, which allowed us to achieve a 9.4% margin. This Q1 performance provides a nice start to the year, and we believe it positions us well to deliver on our full year guidance. Additionally, we continue to take steps in the quarter to create longer value for our shareholders.
We secured multiple new eProduct awards. These awards once again demonstrate our focus on taking the leading-edge technology, working closely with our customers to help support them as they transition towards electrification. And as I will discuss, we continued to expand our product offerings for electrified vehicles. We focused on the efficient deployment of our capital by repurchasing $100 million of stock during the first quarter, as Craig will highlight, we received an increased share repurchase authorization of $500 million from our Board of Directors. Now, let's look at some new eProduct awards on slide six. First, BorgWarner secured additional eMotor award with Xpeng.
These awards include BorgWarner's 800 volts eMotor systems comprised of stator and rotor components, which are customized for use on two upcoming SUV models. Start of production is planned for 2025. BorgWarner's HVH220 eMotor offers high torque density, enhanced efficiency and superior durability. We are thrilled to extend our eMotor business with Xpeng and build upon on our strong partnership with them. Next, I would like to highlight a new product line for electrified vehicles, which is our electric Torque Vectoring Disconnect or eTVD. BorgWarner secured new business awards with Polestar and an additional major European OEM, supply eTVD for their battery electric vehicles. eTVD is currently in production for the Polestar three SUV and production for the major European OEM is expected to begin later in 2024.
The eTVD offers a three-in-one system, replacing the differential and featuring both torque vectoring and an on-demand disconnect functionality for and BEVs and hybrids. eTVD is part of BorgWarner's electric Torque Management System portfolio which helps improve electrified vehicles' traction and stability. The added weight in hybrids and battery electric vehicles often results in reduced agility and safety performance. BorgWarner Systems helps overcome this by enabling a lighter feel and increasing traction, which improves safety.
The eTVD is a great example of applying our foundational expertise and capabilities to develop an innovative solution to address our customers' needs as they transition towards electrification. Now I want to take a few moments to remind you of the strength of our foundational portfolio on slide seven. First, it's important to highlight BorgWarner's estimated average content opportunity for combustion vehicle, which is approximately $550 on a global basis. You'll note that this content opportunity varies by region. I would point out that our content opportunity in North America is the highest of the three major regions we operate in.
So to the extent that combustion vehicles have a longer tail in North America, that could provide a positive sales, margin and cash flow tailwind for BorgWarner. We also continue to see potential opportunities for growth across our foundational portfolio, which had a 2023 revenue of about $12 billion. I would like to list just a few. In turbo, we continue to see North American opportunities as penetration in the region is about 44% compared to 92% penetration in Europe and 69% penetration in China. If EV growth slows in North America, the remaining combustion vehicles may need to improve efficiency, and turbocharging is one of the biggest enablers to make this happen. For our EGR business, we see penetration opportunities on hybrid architectures.
The efficiency benefit of EGR on cooling on hybrids is higher than traditional combustion-only vehicles as the internal combustion engine operates in a steadier state. Our timing system business also sees penetration opportunities in plug-in hybrids and range-extended EVs as engine timing chain is the preferred technology in those hybrids due to its superior durability and strength.
And finally, we see our all-wheel drive business benefiting from penetration score on combustion vehicles in Southeast Asia and from a longer tail for North American vehicles. Maximizing the value of our foundational products means capitalizing on these potential growth opportunities, while at the same time, maintaining the strong margin and cash profiles of these businesses. Now let's turn to slide eight and take a step back. Let's discuss how we believe our foundational and eProduct portfolios are positioned for growth under various combustion, hybrid or BEV growth scenarios.
Starting with our combustion or foundational portfolio, which are on the top left of the slide, BorgWarner has decades of experience in product leadership in these fields. We have a number one or number two market share for these products and can support our customers around the globe. This is critically important as customers potentially consolidate their supply base and look to industry leaders that have the financial strength and long-term technology leadership to support them. Let's jump to the right side of this page where you see the breadth of our eProduct portfolio.
This portfolio has grown organically through M&A over the past several years. We have systematically built a technology-focused portfolio that supports our customers' needs in EVs from grid to wheel. This has allowed us to establish product leadership in multiple areas of our portfolio, including inverters, eMotors, high-voltage coolant heaters and batteries. We expect that our technological differentiation, scale and share leadership will continue to enable us to secure new business. Quite simply, our foundational and eProduct portfolio support hybrid propulsion since the hybrid vehicle needs both, a downside combustion engine as well as an electric powertrain.
We can utilize the expertise of both our portfolios to support our customers which we are already doing successfully in Europe and in China. Importantly, when we sell products for hybrid applications, we're able to utilize the same engineering resources, modular design, manufacturing footprint and sometimes even actual product lines that are utilized for BEVs and combustion vehicles. We believe BorgWarner is well positioned to be successful under various electrification adoption scenarios, including regional specificities. Our product has been purposefully built for this type of an environment, we will focus on achieving above-market growth regardless of varying levels of electrified propulsion adoption.
Our focus is to convert growth into income at the mid- to high-teens level on an all-in basis. To summarize, the takeaways from today are this: BorgWarner's first quarter results were strong. Our sales growth once again outperformed the industry, and we delivered strong conversion on an all-in basis. We secured multiple new eProduct awards in the quarter, which further demonstrate our product leadership position.
We focused on efficient powertrains, and we believe that we have a resilient portfolio of products that allows us to convert mid- to high teens wherever the incremental revenue comes from. And we continue to return capital to our shareholders through our first quarter share repurchases and increased authorization from our Board. As we look forward, we expect to continue to manage our business holistically.
We plan to take the necessary steps to manage our costs while continuing to preserve our long-term profitable growth. While we cannot control the near-term volatility in propulsion mix across the globe, we can focus on what BorgWarner does best, driving sales growth above market production through technology-focused product leadership, converting that growth into earnings on an all-in basis and following a balanced capital allocation strategy that creates long-term value for our shareholders.
With that, I will turn the call over to Craig.