Evergrande Health, the tech-focused division of Shenzhen-based real estate giant Evergrande Group, has bought a cutting-edge British technology company, Protean Holdings, which designs “in-wheel motors”.
By acquiring Protean for an undisclosed amount, Evergrande said it was able to “further consolidate its control over in-wheel electric motor technology, [and] to further consummate the strategic layout for its new energy vehicle industry full-value chain”.
In-wheel motors are a technology that allows electrical power to be delivered directly to the wheels of a vehicle. This, apparently, “delivers functionality including torque vectoring and 90 degree turn radius, combined with a digital control platform that supports a range of AI and cloud based services including autonomous EV sensors, digital ABS, vehicle diagnostics and road condition data.”
Earlier this year, Evergrande agreed to pay nearly US$1 billion to take over the Swedish electric car firm NEVS, which controls the assets of the now-defunct SAAB brand. This was just a month after it had purchased Shanghai-based battery-maker Cenat for US$160 million. The company has since founded Evergrande NEVS, a Hong Kong-based group specializing in automobile research, retail, and car rentals with paid-in capital of US$2 billion.
The series of moves followed Evergrande’s fallout with US-based high-end electric car maker Faraday Future, founded by high-profile entrepreneur Jia Yueting.