"Chinese Hengda Automobile Nears Sale of UK Motor Company 'Protein'"

'Evergrande Group in "Bankruptcy Crisis," Continues Asset Sales'

[Image source=AP Yonhap News]

[Asia Economy Reporter Kim Suhwan] Reports have emerged that Hengda Auto, the electric vehicle subsidiary of Hengda, China's second-largest real estate company, plans to sell the British motor company 'Protean Electric (Protean)', which it acquired in 2019.

On the 3rd (local time), Bloomberg reported that Hengda Group is scheduled to sell Protean to Bedeo, a British electric vehicle manufacturer.

The media cited sources saying that the sale plan is expected to be announced as early as the 4th.

Protean is a company that manufactures motors used in electric and autonomous vehicles and holds over 200 related patents.

In 2019, Hengda Group expanded its business into the electric vehicle sector by acquiring the UK-based company Protean for $58 million.

However, just two years after the acquisition, Protean is being sold to another British company. Recently, as Hengda Group has faced a liquidity crisis due to debts exceeding 300 trillion won, it is believed that the company is selling assets, including its electric vehicle-related subsidiaries, to secure cash.

Previously, Hengda Group announced plans to sell its stake in China Shengjing Bank held by its subsidiary.

This content was produced with the assistance of AI translation services.