Evergrande Health continues shopping spree with acquisition of British electric motor producer Protean

Post break up with Faraday, Evergrande is still chasing its EV dream.

Evergrande Health announced Thursday that it’s subsidiary NEVS, a Swedish automaker, has acquired Protean Holdings, a UK-based producer of in-wheel electric motors for passenger cars.

The company has in-house software for motor control and vehicular communication systems and has developed an electric motor called Pd18. The 36kg motor, which can reach a maximum speed of 225 km/h, is designed for passenger cars, light commercial vehicles, and self-driving cars.

Evergrande Health, which is a subsidiary of the real estate giant China Evergrande Group, said in the filing with the Stock Exchange of Hong Kong that the acquisition is able to “further consolidate its control over in-wheel electric motor technology, thus to further consummate the strategic layout for its new energy vehicle industry full value chain.”

The company did not disclose financial details on the deal as it “does not constitute a notifiable transactions.”

Evergrande has been on a global shopping spree, buying up electric vehicle-related assets since the start of this year. This started after its break up with Faraday Future, the troubled EV maker founded by Jia Yueting in the United States, a Chinese entrepreneur who is now under investigation over alleged violation and misconduct of disclosure rules.

In January, Evergrande made three moves that laid the foundation for its reentry into the EV sector after the Faraday debacle. It gained controlling stakes in NEVS and car battery producer Shanghai CENAT New Energy, and set up a joint venture with Koenigsegg Automotive AB.

Then in March Evergrande agreed to buy a 70% share of auto parts maker TeT Drive, which owns Netherlands-based EV motor producer e-Traction.