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Evergrande Health acquires electric motor tech developer Protean Holdings

Evergrande Health Industry Group Ltd., a subsidiary of Chinese real estate developer China Evergrande Group, on May 30 said it acquired Protean Holdings, a Swedish developer of in-wheel electric motor technology, as part of the parent company's plans to become the world's leading electric vehicle manufacturer within three to five years.

Evergrande Health unit National Electric Vehicle Sweden, or NEVS, acquired Protean to form a new entity called Virtue Surge, which will operate as a subsidiary of NEVS.

Financial terms of the transaction were not disclosed.

In April, reports surfaced that China Evergrande is looking to acquire PACCAR Inc.'s DAF Trucks NV and VDL Groep BV.