Brazilian Entrepreneur Launches Country’s First Electric Car Manufacturer

Brazilian entrepreneur Flávio Figueiredo Assis is making strides to change the global perception of Brazil by launching its first homegrown electric car. Inspired by the achievements of Elon Musk, Flávio Figueiredo Assis sold his successful food card business, Lecard, which boasted annual sales of USD $1 billion, to fund his new venture, Lecar.

Established in 2022, Lecar is gearing up to become Brazil’s first electric vehicle manufacturer. The company has recruited a team of 30 engineers with experience at major automotive companies like Ford, Toyota, and Nissan. Their factory is currently being set up in southern Brazil.

Lecar’s debut model, the LECAR 459, will utilize batteries from Winston Battery, a supplier for industry giants such as VW and Hyundai. The car is expected to be priced at $55,000, offering a range of 400 km (249 miles) per charge. Additionally, electric car manufacturer Lecar plans to introduce an urban model, the LECAR POP, priced at $20,000, with a range of 250 km (155 miles) and seating for five passengers.

Though Lecar is privately held, there are plans to go public by 2025, with Assis committing a $3 billion investment. The LECAR 459 will first undergo rigorous testing in London for impact, aerodynamics, and safety at the New Car Assessment Program for Latin America (LATIN NCAP). Production is slated to begin in December, with an initial goal of producing 300 cars per month by 2025, aiming for revenues of $200 million. Within five years, Lecar targets an annual production of 50,000 vehicles and revenues of $15 billion. The company will also offer a subscription plan, featuring a 36-month lease at about 3% of the sales price, with a monthly mileage allowance of 1,000 km (621 miles).

A significant part of Lecar’s strategy is to establish a robust charging infrastructure. The company plans to install fast-charging stations along Brazil’s ten major highways, spanning 36,437 km (22,640 miles). These stations will be placed every 200 kilometers (124 miles), ensuring comprehensive coverage for electric vehicles across the country.

Looking beyond Brazil, Flávio Figueiredo Assis has ambitions to enter markets in the U.S., France, Italy, and Monaco. He also envisions establishing a battery cell factory in Brazil, leveraging the country’s rich mineral resources. “We have 97% of the minerals that make up battery cells in our country,” he states, highlighting Brazil’s potential in the electric vehicle market.

^{Photo source: Lecar}