NEVS/Evergrande to acquire British automotive technology company Protean Electric

NEVS/Evergrande acquires Protean Electric, British manufacturer of in-wheel motors for electric cars. Financial terms were not disclosed. The acquisition is part of Evergrande’s strategy to become a major player in the global electric vehicle (EV) industry, and paves the way for NEVS to deploy Protean Electric’s in-wheel electric drive technology, ProteanDrive, into its future products. “This exciting new agreement will enable Protean Electric to fulfil its global potential, and to do so more rapidly. This acquisition will aid Protean Electric in establishing a strategic advantage in the new energy and mobility markets and bring in new expertise. Evergrande is a well-established and ambitious business, determined to make a mark in the clean mobility arena across the world. We look forward to working closely with the Evergrande and NEVS teams to deploy our technologies.” KY Chan, CEO of Protean Electric.