Iskra Avtoelektrika Awarded €240 Million Contract by Nexteer Automotive

Serial production under the 14-year contract is to start in mid-2013, Slovenian Press Agency (STA) reports.

With the contract, Iskra Avtoelektrika is becoming one of the leading global producers of motors for electric power steering systems and expects considerable growth, the company announced on Thursday.

The project, which includes installing additional advanced production equipment, will create 30 new jobs. The new production line will also complies with the company's strategy of moving to green technology projects with high added value.

The electric motor made by Iskra Avtoelektrika has several advantages over regular motors, including less noise, increased lifespan, power and torque, while it is also more efficient and can save up to half a litre per 100 kilometres.