Israel’s Electra Group strikes $80 million deal with Tesla

The Polish subsidiary of Israel's Electra Group, Electra M&E Polska, has signed an agreement to perform electromechanical work for American electric vehicle corporation Tesla in a deal valued at more than $80 million.

The work will take place in Tesla's new factory that is currently being built near German capital Berlin. It is Tesla’s fourth plant in the world, and the first in Europe.

"We are proud to be a partner in a strategic agreement with a groundbreaking company like Tesla, and see it as a significant milestone in Electra’s positioning as a leading player in the electromechanical field in Europe," said Itamar Deutscher, CEO of Electra Ltd.

The new factory outside Berlin is set to manufacture Tesla's Model Y. Electra M&E Polska recently completed electromechanical projects for German car manufacturing giants Volkswagen, Audi and Mercedes in deals reaching more than $75 million.

"This collaboration joins a series of agreements that Electra has signed in the last two years to perform electromechanical work for leading car companies in Europe," added Deutscher. "The technological knowledge and many years of experience that Electra has gained in managing works in this field, will allow us to express all the group’s abilities and skills at the highest level of workmanship and quality.”