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EV maker Bedeo acquires Protean from Evergrande's auto unit

Published 11/03/2021, 10:29 PM
Updated 11/04/2021, 05:10 AM
© Reuters. FILE PHOTO: A crane stands at a construction site near the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China, Sept. 26, 2021. REUTERS/Aly Song

(Reuters) -UK-based e-mobility firm Bedeo said on Thursday it has acquired Protean Electric from China Evergrande Group's automotive unit.

Bedeo is buying Protean from National Electric Vehicle Sweden, a unit of Evergrande New Energy Vehicle Group.

Evergrande bought Protean, that produces in-wheel motors, in 2019.

© Reuters. FILE PHOTO: A crane stands at a construction site near the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China, Sept. 26, 2021. REUTERS/Aly Song

Bedeo did not disclose the financial terms of the deal, which was first reported by Bloomberg News.

"This acquisition ensures we will be well capitalised to meet the burgeoning demand from existing and new customers," Protean Chief Executive Officer Andrew Whitehead said.

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