Caxias do Sul, 27 March (Reuters) – Bus body manufacturer Marcopolo () is betting on the growth in sales of buses produced in Brazil to Latin American countries to offset a slowdown expected for the Brazilian market.
‘Argentina was one of the big export markets for us (in 2025) and in 2026 we started to see other interesting markets (in Latin America)’, said the company’s executive president, André Armaganijan, in an interview with Reuters.
He cited a booming market in Peru and Bolivia, but also sees opportunities in Paraguay.
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Last year, international business, which includes both exports and sales abroad, was responsible for 45.4% of Marcopolo’s total net revenue, compared to 36.3% in 2024.
Revenue from exports from Brazil grew 31%, to R$1.1 billion, while revenue from units produced abroad increased 32%, to almost R$3 billion.
The company continues to see sales abroad as a relevant component for results, assessing that diversification provides flexibility to the group, with the increase in some market offsetting the drop in another.
‘It is important for the company to seek in the international market, once again as it was in 2025, a volume that fills our operations’, said Armaganijan.
OPERATIONAL FLEXIBILITY
Marcopolo’s business model abroad is based on three formats: selling the bus vehicle assembled, partially assembled or sending the vehicle completely disassembled.
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The modalities, according to director of international and commercial operations José Góes, provide operational and fiscal flexibility to enter markets with a low initial investment and then study local partnerships.
‘In Latin America, practically all buses leave the three factories here in Brazil. In 2025, more than 2 thousand cars were exported (from these factories)’, he stated.
According to the executive, all vehicles sold to Chile and Peru — Marcopolo’s first and third largest buyers in Latin America, respectively — were complete.
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In Argentina, the proportion is 70% complete and 30% partially assembled.
Góes considered that, although the complete bus loses competitiveness due to freight costs and lack of local benefits, the lower investment allows for a balance on an operation-by-operation basis.
He also highlighted Marcopolo’s plans for the European market, where the company is in the process of product approval and has entered into a partnership with Volvo.
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‘The Europa project starts with the bus leaving here completely. We will test the market, receive feedback, etc. In a second phase, we will be part of the bus here, part there. We will have a local partner in the future to finish the bus there.’
Portugal, Spain, Italy and France are the company’s initial focus on that continent.
Armaganijan added that the group has been creating global platforms for its vehicles in 11 factories spread across seven countries, producing the same products in different company units.
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‘This also allows for more flexibility of ‘now I can export from Brazil to the market, now I can export from Mexico to another market’.’
PROGRAMS MUST SUPPORT SALES
According to the executive president of Marcopolo, the perspective in the sector that the Brazilian body market should have a still modest performance is particularly linked to the prolonged period of high interest rates, which is postponing fleet renewal.
He mentioned, however, that federal government programs can still support local sales.
‘We started the year with the remnants of the Caminho da Escola program from the last tender (with pending delivery of 700 to 800 vehicles). And we are producing 1,500 cars for the Ministry of Health program… which is also an interesting program that helps us in the first half of the year’, he detailed.
He said that the Ministry of Health is working on a new tender for around 7,500 minibuses, which will be used to transport patients for exams.
Historically, Marcopolo has won around 50% of the tenders, said the CEO, highlighting that in the future there will also be a need to renew the fleet.
In 2025, net revenue in Brazil fell by almost 10%, to R$4.95 billion compared to the previous year, while 10,861 units were produced, a drop of 8.3% year on year.
