Evergrande auto unit plans sale of Protean to EV maker Bedeo – Bloomberg News

FILE PHOTO: Headquarters of China Evergrande Group in Shenzhen

(Reuters) – China Evergrande Group’s automotive unit is nearing a sale of U.K. startup Protean Electric to e-mobility company Bedeo, Bloomberg News reported on Wednesday, citing people with knowledge of the matter.

The divestment by China Evergrande New Energy Vehicle Group Ltd could be announced as soon as Thursday, according to the report. (https://bloom.bg/3CMKyhT)

The transaction value couldn’t be immediately learned, Bloomberg News reported.

The deal would help UK-based Bedeo expand into Asia and the U.S., the report said.

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

Evergrande, Bedeo and Protean Electric did not immediately respond to Reuters requests for comment.

(Reporting by Juby Babu in Bengaluru; Editing by Shounak Dasgupta)