NEVS Continues With the Sale: “Protean Electric” Acquisition Sold

Unfortunately, only bad news comes from Trollhattan. The latest news indicates that NEVS continues to sell its assets, and that there is no talk of their announced “partner search”.  Although the company’s spokesmen, due to the financial collapse of the parent company Evegrande Group, announced in several interviews that NEVS is persistently looking for partners – the situation on the ground indicates that the chances for any survival of the car industry as a successor to Saab in Trollhattan are decreasing.

Of course, that was already clear when NEVS announced the sale of industrial machines and equipment, then everyone concluded that there would be no car production in the near future. About 300 more employees were laid off, and now that the sale of one of the acquired companies has been announced, things are even clearer.

NEVS has sold the acquired company Protean Electric

According to the latest media reports, NEVS has sold the acquired company Protean Electric to the British company Bedeo. To remind you, in June 2019, NEVS bought the company Protean Electric, which deals with the development of in-wheel electric motors.

At the time, NEVS was on an upward trajectory and even integrated this in-wheel engine technology into several development NEVS 9-3 models that are partially based on the Saab 9-3 platform. Last year, we received a report that one NEVS 9-3 with in-wheel engine technology is being tested in operation in winter, snowy conditions.

Protean Electric employs around 150 people in the US, the UK and China, and will certainly be of great help to the current owner of the more expensive Bedeo, which specializes in solutions for e-vehicles. On this occasion, the founder and CEO stated the following: “We have known and partnered with Protean Electric for many years, and the opportunity to acquire this business represents a material but natural shift and acceleration in our electrification strategy,” said Bedeo’s Founder and CEO, Osman Boyner. “Protean Electric’s highly differentiated proprietary technology and strong customer relationships have fuelled its well-documented success to date, and we are confident that combining the skills and products of our two operations is going to propel Bedeo further into the EV ecosystem.”

In the case of NEVS, this sale of this valuable acquisition means only one thing – it reduces the chances of any survival of NEVS in Trollhattan, and unfortunately indicates the possibility of a complete closure of activities in Sweden soon.