Brazil's Weg acquires majority stake in EV charging firm Tupi Mob

SAO PAULO, Oct 16 (Reuters) – Brazilian motor maker Weg announced on Thursday the acquisition of around 54% of Tupinamba Energia, an electric vehicle charging management software company. WHY IT'S IMPORTANT Weg is Latin America's biggest electric motor maker. The acquisition strengthens its position in the growing EV infrastructure market and provides a platform for international expansion. BY THE NUMBERS The deal, valued at 38 million reais ($6.99 million), gives Weg a majority stake in Tupi Mob, which has a digital platform that connects over 370,000 users with a network of battery chargers. Tupi has completed more than 1.3 million charging sessions and delivered 26 GWh of energy to date, Weg said. KEY QUOTES "Tupi Mob strengthens Weg's strategy to lead the transformation of the electric mobility sector," Weg said in a securities filing. CONTEXT The acquisition aligns with Weg's broader strategy to lead the electric mobility transformation in Brazil and internationally, but it remains subject to regulatory approvals and other conditions. Earlier this month, Weg announced plans to begin selling locally manufactured EV chargers in Europe next year and it is developing a new 1-megawatt charger. MARKET REACTION Weg's Sao Paulo-listed shares were up more than 2% in midday trading, one of the biggest gainers on the benchmark Bovespa index, which was flat. ($1 = 5.4335 reais) (Reporting by Alberto Alerigi; Writing by Fernando Cardoso; Editing by Kirsten Donovan)

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