UK’s Saietta group buys e-Traction from China Evergrande’s auto unit

LONDON (Reuters) – British electric motor maker Saietta said on Thursday that it is acquiring electric powertrain company e-Traction from China Evergrande Group’s automotive unit in a deal wroth up to 2 million euros ($2.31 million).

Saietta said that its acquisition of e-Traction, which is owned by Evergrande New Energy Vehicle Group and also makes high-voltage power electronics for heavy goods vehicles and buses, will provide it with new commercial capabilities and an established production facility as it ramps up its own operations.

China Evergrande, the world’s most indebted property developer, is selling assets to reduce debt and is at the centre of a deepening liquidity squeeze in China’s $5 trillion property sector.

(Reporting By Nick Carey; Editing by Susan Fenton)