The First Electric Car That Costs Less Than R$ 100,000 Is Expected to Be Sold by Mileto in Brazil by 2022

Mileto Tech Motors Will Sell the First Electric Car Costing Less Than R$ 100,000 by the End of 2022

The newest electric vehicle company, Mileto Tech Motors, has had two car models approved in performance and safety tests and is currently awaiting approval from Senatran (National Traffic Department) to start assembly and commercialization. The company’s factory is located in Porto Real, Rio de Janeiro state. The cars, which will be sold under the names Primis and Duo, should be available for sale by the end of this year, 2022, with final prices ranging from R$ 98,000 to R$ 120,000.

To reach this price, Mileto chose versions of Chinese electric cars and imports them as separate components. A combustion engine vehicle can have 2,000 components, while the electric one may have only 200, making the importation of this type of vehicle much cheaper.

The Cheapest Electric Cars Sold in Brazil Currently Are the Renault Kwid E-Tech for R$ 146,990 and the Caoa Chery iCar for R$ 149,990

Mileto was founded by brothers Felipe and Alexandre de Oliveira nine months ago. Felipe de Oliveira has over 20 years of experience in the automotive sector, while his brother Alexandre de Oliveira comes from a background in the financial sector. The latter even has a partnership with the brokerage Warren.

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The company’s executives consider it an autotech, not a car manufacturer. It was founded with the intention of creating an electric vehicle that could be 3D printed, have a high degree of customization, and be built with ultra-resistant polymer blends.

Mileto Tech Motors Already Has Several Other Electric Vehicles in Its Portfolio

In addition to the two new low-cost electric car models, Mileto also has in its portfolio the utility vehicle Fortis, a mini truck with an 800 kg capacity and a range of 150 km on a full battery charge. Additionally, it has two electric motorcycles, with prices ranging from R$ 17,000 to R$ 24,000. All these vehicles are scheduled to be launched next October.

The owners of Mileto did not want to disclose the amount they have already invested in the venture. The Rio de Janeiro manufacturing unit has the capacity to produce 40 cars and 400 motorcycles per month. However, the company is in discussions with potential investors to accelerate its expansion pace and increase production in the coming months.

The company has not released details about the technical specifications of the new vehicles, so it is still not possible to know the battery capacities or their ranges. However, it is expected that these details will be published in the coming weeks.