Vinicius Andrade and Carolina Millan, Bloomberg News

SAO PAUILO/BUENOS AIRES
EnergiesNet.com 09 15 2022

MercadoLibre Inc., the Latin American e-commerce retailer and fintech giant, is set to double its electric delivery-vehicle fleet in the region to over 1,000 by the end of the year. 

The company is adding over 500 electric vans in the coming months using funds from a $400 million sustainable bond issued last year, as it seeks to reduce the environmental impact of its logistics expansion, Chief Financial Officer Pedro Arnt said in an interview with Bloomberg TV’s Emily Chang. 

“That’s just a portion of what we need to do for the long run,” Arnt said. “Part of the commitment around the bond was to transform about 10,000 of those EVs over the next three to five years. That’s what we’re working on.”

The Buenos Aires-based company has invested heavily over the past few years to build a logistics network that’s allowed it to become the biggest e-commerce company in the region. MercadoLibre has committed to investing a record $10 billion in Latin America this year. 

Read More: MercadoLibre Jumps After Results Show ‘Profitable Growth’ 

The new vehicles will go to Brazil, Chile, Colombia and Mexico, according to the company. By the end of 2021, $62 million of the company’s sustainable bond had been allocated. 

Arnt added that the company continues to see “sustained growth rates” in the second half of the year, with a significant portion of pandemic-driven gains holding on even as consumers return to brick-and-mortar stores. Analysts have cautioned against tough metrics following a jump in e-commerce adoption during the pandemic.

“We’re optimistic about the business and continuing to ride the revolution of consumers moving online for commerce and their digital finance,” he added. 

— With assistance by Emily Chang

bloomberg.com 09 14 2022