Electric powered scooter manufacturer and distributor Vmoto will enter the Brazilian market through a joint venture, to be named E-Max do Brasil, with Riba Motos Industria e Comercio (Riba).
The company said that the joint venture would give it access to an assembly facility with direct distribution to Latin America, the world's second fastest growing electric scooter market.
Under the terms of the joint venture, Riba will have a 70% equity interest and Vmoto will have a 30% equity interest in a minimum 12 year joint venture to assemble, market and sell new E-Max electric vehicles and products in Brazil as well as co-developing new models for Brazil.
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The joint venture assembly facility is being set up in in Varginha, Minas Gerais state with regional and federal government support, Vmoto said.
Riba is a Sao Paolo-based company which imports and distributes technology in the two-wheel sector.
Vmoto's share price was up 1.85% to 1.38p at 09:35 on Wednesday.
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