Honeywell Expects Boost to US Turbo Market From New Fuel Economy and Emissions Standards Turbocharged Gas and Diesel Engines Deliver Immediate and Affordable Efficiency Gains
TORRANCE, Calif., April 2 /PRNewswire-FirstCall/ -- Honeywell (NYSE: HON) expects to see a significant increase in demand for turbocharged vehicles in the U.S. as a result of the new Environmental Protection Agency (EPA) and the U.S. Department of Transportation (DOT) standards announced Thursday. The Federal rules will effectively increase the average fuel economy of new cars and trucks to 35.5 mpg by 2016. As a result, Honeywell expects the number of new, turbocharged cars sold in the U.S. to grow from five percent today to as much as 25% in the next five years.
"Turbocharging will be among the winning technologies over the next few years and we expect to see widespread adoption sooner rather than later here in the U.S.," said Alex Ismail, President and CEO of Honeywell Transportation Systems. "Turbos represent an effective, reliable and affordable path to increased fuel efficiency and we look forward to continuing to partner with global automakers on future platforms to help meet these new standards."
In the new regulations announced yesterday, the EPA and the DOT specifically referenced that turbocharging will "play an important role in achieving the fuel economy improvements" necessary to meet the 2016 standards. Turbochargers enable auto manufacturers to reduce the size of an engine by 25-30%, improving fuel efficiency and reducing harmful emissions without compromising performance.
Honeywell will be launching 15 new turbocharger technologies and boosting over 100 new engine platforms in 2010 for automakers across the globe, including diesel and gasoline passenger cars, on-highway trucks and off-highway vehicles. Honeywell is already working with leading automakers to provide more efficient turbocharged engines in the U.S. including the launch of Ford's first EcoBoost vehicle last year and GM's upcoming launch of its Chevrolet Cruze.
Honeywell Turbo Technologies is the leading automotive turbocharger developer in the world, and is a business unit of Honeywell Transportation Systems, which also consists of Consumer Products Group and Friction Materials. As a leading automotive supplier, Honeywell Transportation Systems enhances vehicle performance, efficiency and appearance through state-of-the-art technologies, world-class brands, and global solutions tailored for its automotive customers around the world.
Honeywell International (www.honeywell.com) is a Fortune 100 diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; turbochargers; and specialty materials. Based in Morris Township, N.J., Honeywell's shares are traded on the New York, London, and Chicago Stock Exchanges. For more news and information on Honeywell, please visit www.honeywellnow.com.
This release contains forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934, including statements about future business operations, financial performance and market conditions. Such forward-looking statements involve risks and uncertainties inherent in business forecasts as further described in our filings under the Securities Exchange Act.
SOURCE Honeywell Turbo Technologies