MG Government Expected to Invest R$ 25 Million in Electric Vehicle Production in Brazil

Written by Valdemar Medeiros

Published on 08/03/2021 at 11:31

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Government Investment of R$ 25 Million Will Be Applied in Electric Vehicles and Should Warm Up the Automotive Industry in MG

The government of Minas Gerais announced this Friday that it has signed a letter of intent with Bravo Motor for an electric vehicle and battery pack factory in the metropolitan region of Belo Horizonte, with an expected investment of R$ 25 billion.

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The government of Minas stated in a communiqué that new investment phases from the government and Bravo are planned for other regions of MG, focusing on lithium battery production for electric vehicles.

Bravo Motor Plans to Open Three Factories for Electric Vehicle Production in Brazil

According to the president of Bravo Motor in Brazil, Eduardo Javier Muñoz, the initial strategy was to open three factories in Brazil, one in Minas, another in the South, and another in the North, but he later decided to focus on the state of Minas Gerais.

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The estimate is that the electric vehicle and battery pack factory in MG will begin construction in June 2021 and start operations in 2023. The estimated production for 2024 is 22,790 vehicle units and 43,750 battery pack units. The investment from the MG government and Bravo Motor is expected to be completed by the end of 2029. A cooperation protocol was also signed between Bravo and the Brazilian Agency for the Promotion of Exports and Investments (Apex) to support these actions.

The investment manager at Apex, Roberto Escoto, highlighted the importance of working together to attract good investments to the state.

“Indi has an extremely professional and proactive team, and we have been working in intense partnership. Minas has been a reference for other states. Apex understands that attracting foreign investments is much more effective when we have this level of integration that we have achieved with the state of Minas Gerais. There is no doubt that this investment is innovative, will generate a large number of qualified jobs, and will transfer technology to the entire country,” he stated.

The company ArqBravo Group started operating in 2008 in Argentina. In 2019, it created an energy community for battery production, solar roofs, and vehicles in California. In Brazil, it has electric mobility projects in Pará, with a fleet of 1,100 electric vehicles in Belém.

MG Government Expected to Invest R$ 25 Million in Electric Vehicle Production in Brazil

Government Investment of R$ 25 Million Will Be Applied in Electric Vehicles and Should Warm Up the Automotive Industry in MG

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Bravo Motor Plans to Open Three Factories for Electric Vehicle Production in Brazil

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MG Government Expected to Invest R$ 25 Million in Electric Vehicle Production in Brazil

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