e-Traction, the global technology market leader in electrical drivetrains for commercial vehicles, announces that Peter de Neef (56) has elected to step down as CEO effective 1st January 2017.

In 2013, the then majority shareholder of e-Traction investment firm De Hoge Dennen, asked De Neef to lead the Apeldoorn-based technology company to the next stage in its development.

“The mission I was handed in 2013 was twofold. e-Traction needed to gain access to the Chinese market. That market represents 80% of global market demand with annual sales of 450,000 city buses. In addition, we had to prepare our globally patented drivetrains and underlying technology for series production and additional development for applications other than city buses. The acquisition of e-Traction byTeTDrive Technology Company in September 2016 has in fact completed that mission,” De Neef said in explanation of his upcoming departure.

TeT is a newly founded subsidiary of The Tanhas Group, a world-class automotive component and subassembly manufacturing group with its headquarter located in Tianjin, China. TeT has three business units, the Dutch business unit will continue to operate under the name of e-Traction and focuses on technology and product R&D, the Jingmen operations in Hubei province, China will serve as the global manufacturing center, and the Shanghai Application & Innovation Center will serve as the application engineering center interacting with bus manufacturers.

The Dutch business unit will be headed by a three-person board consisting of CTO Peter van der Wal, CFO Jan Jaap Koelewijn and Roel van de Pas, General Manager of Application & Innovation Centre in Shanghai. Peter van der Wal will act as Managing Director of e-Traction. Peter de Neef will continue as a shareholder of TeT and also will remain as an advisor on future innovative high tech acquisitions by The Tanhas Group.

New Owner to invest millions

The Netherlands Innovation and R&D Center will continue to receive investments to extend the current technology platform to other than city bus applications and for the expansion of the production of the in-wheel electronics.

TeT plans to invest millions in its Jingmen operations for a new manufacturing plant which will be operational at the end of 2017 and will have an annual capacity of 20,000 in-wheel motors. TeT will also make considerable investments in its Application & Innovation Centre in Shanghai.

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