Evergrande’s unit is poised to sell UK start-up Protean to EV maker Bedeo, part of developer’s asset sales plan to pare debt

Evergrande bought Protean in 2019 for US$58 million

Protean makes in-wheel motor technology used in electric cars, self-driving vehicles and commercial vans, with 150 staff in the UK, China and the US

Reading Time:2 minutes

China Evergrande Group’s corporate headquarters office tower at the Wan Chai waterfront in Hong Kong, with a roof billboard announcing the launch of Evergrande’s electric cars on 1 September 2021. The carmaker has yet to deliver any vehicle to customers. Photo: Edmond So.

Published: 10:54am, 4 Nov 2021Updated: 10:53am, 4 Nov 2021

China Evergrande Group’s automotive unit is nearing a sale of UK start-up Protean Electric to e-mobility company Bedeo, people with knowledge of the matter said.

The divestment by China Evergrande New Energy Vehicle Group could be announced as soon as Thursday, according to the people, who asked not to be identified because the information is private.

The deal would help Europe-focused Bedeo, which supplies light commercial vehicles and technology for zero emissions transport, expand into Asia and the US. The transaction value could not be immediately learned.

Protean makes in-wheel motor technology used in electric cars, self-driving vehicles and commercial vans. The company has about 150 employees spread between the UK, China and the US and has been issued more than 200 patents. It’s led by Chief Executive Officer Andrew Whitehead, a former designer of Formula One racing engines for Honda Motor, its website shows.

An illustration of an electric motor installed in Protean's wheel. Photo: Protean

Evergrande and Evergrande NEV could not be immediately reached for comment. A representative for Bedeo declined to comment.

Select Voice

Choose your listening speed

Get through articles 2x faster

1.25x

250 WPM

Slow

Average

Fast

00:0000:00

1.25x