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Evergrande auto unit plans sale of Protean to EV maker Bedeo

by Mike Robinson

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© Reuters. FILE PHOTO – A crane is seen at the construction site of China Evergrande Group, Shenzhen province, China. Sept 26, 2021. REUTERS/Aly Song

(Reuters] – China Evergrande Group is closing in on a sale to U.K. startup Protean Electric for e-mobility firm Bedeo. Bloomberg News reported this Wednesday, citing persons with information.

According to reports, China Evergrande New Energy Vehicle Group Ltd may announce the divestment as early as Thursday. (https://bloom.bg/3CMKyhT)

Bloomberg News reports that the transaction value could not be determined immediately.

According to the report, this deal will allow Bedeo in the UK to expand its operations into Asia and America.

Evergrande purchased Protean Electric in 2019, which produces in-wheel engines.

Reuters reached out to Evergrande, Bedeo, and Protean Electric for comments but they did not respond immediately.

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