Magna International Inc. has won a major contract to build vehicles for BMW AG that will help it more than double the revenue generated by its assembly business in Europe, industry sources say.
The Canadian auto parts giant will produce 100,000 5 Series sedans for BMW at its Magna Steyr plant in Graz, Austria, the sources said.
Magna said Wednesday that revenue from its automotive assembly business is forecast to more than double by 2018 as the parts maker increases output of vehicles it produces under contract for car companies, including BMW.
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