Protean establishing factory for electric in-wheel drive system
Michelin isn’t the only company developing an electric in-wheel drive system. US-headquartered company Protean Electric boasts its own competitor to the tyre major’s ‘Active Wheel’ system, and has announced it has received US$84 million in new funding from its key investors GSR Ventures, New Times Group, Oak Investment Partners, and the city of Liyang, in China’s Jiangsu Province, China. This capital will be used to bring Protean's electric drive technology to production through the erection of manufacturing facilities in Liyang.