Business

EV maker Bedeo acquires Protean from Evergrande's auto unit

1 minute read

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/File Photo

Nov 4 (Reuters) - UK-based e-mobility firm Bedeo said on Thursday it has acquired Protean Electric from China Evergrande Group's (3333.HK) 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.

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.

Register now for FREE unlimited access to Reuters.com
Reporting by Juby Babu and Maria Ponnezhath in Bengaluru; Additional reporting by Shivam Patel; Editing by Shounak Dasgupta

Our Standards: The Thomson Reuters Trust Principles.

More from Reuters