Movida slows fleet growth to internalise 60% of maintenance

Brazilian car rental operator Movida is curbing fleet expansion to prioritise vehicle utilisation and cost cuts amid elevated interest rates. CEO Gustavo Moscatelli told NeoFeed on 22 September 2026 that expanding the fleet requires capital and leverage that the current macro environment does not justify. The company aims to open 50 proprietary workshops by the end of 2027 under the Movida Pit Stop brand to handle roughly 60% of its preventive fleet maintenance internally.

The company operated 10 in-house workshops across cities including São Paulo, Campinas, Salvador, Rio de Janeiro, and Belo Horizonte, generating average cost savings of 25% compared with third-party providers. Moscatelli stated that fast-service interventions take an average of 40 minutes and achieve a net promoter score of 95%, compared with 55% to 60% at external partner shops, which still number nearly 5,000 across Brazil. Movida also operates four dedicated de-fleeting centres with plans to reach 10 by mid-2027, cutting vehicle preparation costs by almost 50% for the 7,000 to 8,000 used cars sold each month.

Movida closed June with a consolidated fleet of 286,000 vehicles, up 9% year over year, while its average operational fleet rose 10% to 244,000 vehicles, trailing competitor Localiza's 670,400 units. In the second quarter of 2026, operational occupancy reached 76.2%, daily rental volume grew 22% to 7.4 million, and the average daily car rental rate rose 7% to 165 Brazilian reals. Return on invested capital reached a record 16.7%, a four percentage point rise in one year, delivering a 5.7 percentage point spread over the post-tax cost of debt. Movida projects third-quarter net income between BRL 130 million and BRL 150 million.

To reduce risks from incoming Chinese automakers, Movida has shifted toward lower-priced entry models. Citi analyst Filipe Nielsen highlighted that 84% of Movida's fleet has a residual value below BRL 120,000, and 71% sits below BRL 100,000, insulating the fleet from Chinese imports that sell at prices 97% higher in identical categories. Movida holds about 1,000 Chinese vehicles, mainly GWM hybrids, and avoids full electric models. Movida shares are down 12.5% year to date on the B3 exchange, giving the company a market value of BRL 3.6 billion.