Brazil's first electric car brand LECAR is about to be released

Brazilian entrepreneur Flávio Figueiredo Assis has announced the launch of the country’s first electric car. Assis plans to create LECAR, Brazil’s first company dedicated to the production of electric vehicles. The company is on a mission to redefine Brazil's place in the global automotive industry by launching pollution-free vehicles that meet the needs of authorities and consumers.

Currently, the team has 30 engineers, many of whom have extensive experience from companies such as Ford, Toyota and Nissan. The factory under construction is located in southern Brazil, with 65% of its components being produced domestically and 35% imported.

The company’s first car, the LECAR 459, will be equipped with batteries from Winston Battery, a battery supplier to Volkswagen and Hyundai. Its market price is about US$55,000 and its range is 400 kilometers per charge. The company also plans to launch an affordable urban model, the LECAR POP, which is expected to sell for $20,000, have a range of 250 kilometers on a single charge and can accommodate five passengers.

The company is 100% owned and plans an initial public offering in 2025. Investment is expected to be $3 billion. Prior to release, the car will travel to London, England, to undergo a series of LATIN NCAP approvals, including crash, aerodynamics and safety simulator assessments. The first vehicles are expected to roll off the production line in December 2024. The company aims to reach a production capacity of 300 vehicles per month and generate $200 million in revenue by 2025.

In five years, LECAR hopes to reach a production capacity of 50,000 vehicles per year and achieve $15 billion in revenue. The company also plans to launch a contracting program to change the culture of private ownership to a culture of universalization and sharing, which is also the most sustainable way to use cars. The base contract is a 36-month lease, with a monthly payment of around 3% of the sales price entitlement to 1,000km of monthly mileage.

Another important measure is related to charging facilities. The company plans to install fast charging stations on 10 of Brazil’s longest highways, totaling 36,437 kilometers. In this scheme, any electric car can travel across the country. Charging stations will be strategically located at 200km intervals so drivers can charge their cars quickly, conveniently and safely.

In addition to domestic business, the company also plans to expand its automobile manufacturing business to international markets, especially the United States, France, Italy and Monaco. Additionally, LECAR plans to build a battery factory to become self-sufficient in vehicle production.

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