Canadian auto parts supplier Magna International Inc. (MGA) announced that it will produce BMW's (BMWYY) new 5-series electric hybrid vehicle at its plant in Australia as part of the company's strategy to produce electric vehicles on a contract basis for auto companies.
Magna is North America's largest automotive supplier and ranks third globally. The company's Australia plant is capable of producing about 200,000 vehicles annually.
Swamy Kotagiri, the company's chief technology officer, sees electric hybrid vehicle manufacturing as a near-term opportunity for the company, according to Reuters, considering the fact that by 2025 as much as 50% of all vehicles produced are expected to have some sort of electric element.
What's Hot On the TheStreet
All eyes on Apple this week: Apple's (AAPL) stock will be on the minds of Wall Street bit more than the norm this week. Shares of the tech giant have fallen 6.9% since the Nasdaq's peak on June 8 amid a broader selloff in tech. Not helping near-term sentiment on the company are two rare analyst downgrades that have questioned how big a seller the iPhone 8 will be.
But investors shouldn't be ready to throw in the towel on Apple by any stretch of the imagination.
"When you have these sellers come in, all you have to do is wait them out -- and one of the things I learned as a hedge fund manager is that patience is a true virtue," TheStreet's founder Jim Cramer, who also manages the Action Alerts PLUS charitable trust portfolio, said on Apple's recent slide.