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Electric Mobility Promises to Be WEG’s Next Billion-Dollar Revenue Source!
Harry Schmelzer Jr., the boss of the Brazilian multinational WEG, wants to enter the global competition for manufacturing electric car motors! The director states that despite the company’s interest, he prefers to wait for an increase in volumes before entering this segment and emphasizes that Brazil needs to effectively reinvest with more intensity in infrastructure and reindustrialize the country.
According to him, the electric vehicle production market is accelerating worldwide and many companies operating in Brazil are currently bringing solutions from abroad.
“We will monitor this and evolve with solutions… And at some point, the opportunity for these volumes to grow in Brazil will arise, and it will be important to be supplied by the country, which is when WEG will enter,” the executive stated in an interview with Reuters.
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WEG Is the Supplier of Urban Electric Trucks Launched by Volkswagen Trucks and Buses
The demand for electric and hybrid cars has grown significantly in Brazil this year, despite the sales volume being much smaller compared to the total market. Data from Anfavea, the automakers’ association, reports that from January to the end of October, sales of electric and hybrid cars totaled 38,700 units, representing a 44% increase over the same period last year.
In an effort to build a history in the Brazilian market before aiming for the international market, WEG is currently focusing on buses and trucks, specifically in powertrains, in partnership with body and truck manufacturers.
Currently, WEG is the supplier of the urban electric trucks launched by Volkswagen Trucks and Buses, a unit of the Traton group.
“Our strategy is this; trucks are currently the priority because you cannot do everything at once,” stated the president of WEG. The executive added that being in the automotive industry is something new for the company, which will first learn from this experience in Brazil and then seek internationalization.
Although he does not want to estimate how quickly this movement will occur, Harry Schmelzer mentioned that the pressure for decarbonization directly influences the demand for these products.
Company Will Allocate R$ 660 Million for Construction of New Electric Motor Factory in Brazil
In order to specialize and dominate electric mobility technology, WEG will invest R$ 600 million in the construction of a new factory in the company’s industrial complex in Jaraguá do Sul, Santa Catarina.
WEG expects to complete the new unit, which will be primarily dedicated to motors for the electric mobility segment, in the first quarter of 2024.
“Mobility is a business that will be significant for WEG; I just don’t know in what timeframe,” stated the company’s president.
Although the speed of WEG’s growth in the sector remains uncertain, analyst Daniel Gasparete from Itaú BBA states that electric mobility promises to be the next billion-dollar revenue source for the company.
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