Croatian entrepreneur Mate Rimac does not want to compete with companies such as Porsche and Tesla, instead, he wants to help automakers build faster, better electric cars, as he explained to Automotive News Europe.

Magna said the stronger U.S. dollar, the sale of its fluid pressure and controls business and lower expected light vehicle production in Europe will impact revenue this year.

BMW's largest global plant produced 15 percent more vehicles in 2019 than the prior year as demand for crossovers soared.

The expansion is part of a $600 million project by Volvo as it readies electric vehicles for the U.S. market.