Q: How is Mexico positioned in the electric mobility and passenger transport markets?

RR: Mexico is a large-scale market: not only are more than 1.5 million vehicles sold annually, but it also represents the third or fourth largest market globally for ride-hailing platforms like Uber and DiDi. This segment is a fundamental pillar of our business. Mexico’s commercial fleet market records higher sales than Brazil, driven by strong demand in logistics and commerce. Likewise, the country stands out in mass public transit; Mexico City is the fifth largest city in the world in terms of vehicle fleet size within its Bus Rapid Transit (BRT) system.

We recognized early on that the transport sector accounts for 20% to 25% of global greenhouse gas emissions. We conceived Vemo as a scalable, financially sustainable business model focused on accelerating the transition to zero-emission mobility across the region.

GL: We see significant fleet electrification potential across three angles: commercial fleets, public transit, and ride-hailing. Added to this is a high level of awareness among the Mexican population regarding carbon emissions and, in particular, air pollution.

Q: For corporate clients and passenger transport platforms, how does Vemo’s model lower financial barriers to fleet electrification?

RR: Our value proposition for corporate fleets includes a 360° turnkey solution as well as standalone modules. The turnkey solution ranges from vehicle leasing to the design, installation, financing, and operation of charging infrastructure owned and managed directly by Vemo, complemented by proprietary telemetry, control, and monitoring software.

There are three operating models depending on the client’s needs. Our Electromobility-as-a-Service model integrates vehicles, financed charging infrastructure, and software into a single solution. Through the Charging-as-a-Service model, clients purchase vehicles using their own capital, while Vemo invests in the infrastructure at their facilities, operates it 24/7, and bills it under a lease-and-service scheme. Finally, our Software-as-a-Service model allows clients with their own fleet and charging setup to purchase our data platform to gain real-time visibility into vehicle location, battery health, charger interactions, and driver habits, among others. The financial barrier is resolved by directly financing either the vehicles or the charging infrastructure.

GL: We mitigate the financing barrier while bringing deep technical and operational expertise. We own and operate the most widely utilized charging network in Latin America, as well as the most intensively utilized EV fleet in the Western Hemisphere, averaging 420km per day, seven days a week. That integration is a core competitive advantage: we operate across vehicles, charging infrastructure, energy, financing, and technology, giving us a unique understanding of how the entire ecosystem works. So, we do not just provide competitive capital; we help clients transition from liters to kilowatt-hours, avoiding the operational pitfalls we have learned to solve first-hand.

Q: What changes have you seen in Mexico’s electromobility market in recent years?

RR: In 2020, during Vemo’s planning phase, the domestic market recorded annual sales of just 500 EVs. Although Mexico trailed behind the European Union, the United States, and Asia, the last three years have seen accelerated growth. This progress has been driven by the increasing availability of EVs with greater range, better pricing, and higher efficiency, combined with the push from industry players like Vemo.

GL: When we conceived the company, there were no government subsidies, the public charging network was limited and slow, and most of the automotive brands offering EVs today were not present in the market. As a pioneer operating without an established local playbook, Vemo developed many of the essential components required for the ecosystem to take off: specialized EV workshops, a robust and reliable high-power public charging network, and strategic alliances with Uber and BYD to demonstrate the potential of the Mexican market. That need to build multiple pieces of the ecosystem ourselves ultimately became one of Vemo's greatest competitive advantages. 

Now, 110 electric models and 60 plug-in hybrids are sold in Mexico; nearly 10 of them are priced below MX$500,000 (US$29,555). When we started, there were only 10 models on the market, with an average price exceeding MX$2 million (US$118,220). 

Q: What ESG benefits do companies gain when electrifying their fleets compared to internal combustion vehicles?

GL: Across our operations and those of our corporate clients, we observe the following metrics. Reductions of up to 60% in energy costs compared with the equivalent spend on gasoline. Savings between 50% and 60% on preventive and corrective maintenance due to having fewer moving parts subject to wear and tear. EV purchase prices are converging with their internal combustion engine (ICE) equivalents. While two-thirds of offerings in China have already reached parity or fallen below ICE prices, the Mexican market shows a clear trend toward that same convergence, especially in passenger vehicles. Finally, with zero tailpipe emissions, EVs eliminate local pollutant emissions, supporting corporate decarbonization and ESG goals, while contributing to improved urban air quality and public health. 

Q: In light of tariffs of up to 50% imposed on vehicles from certain origins and regional trade tensions, how are you adapting your fleet procurement strategy?

RR: Tariff increases pressure the availability of competitively priced vehicles and work counter to the adoption of electromobility. If the end result of these tariffs is that international companies set up assembly and manufacturing plants in Mexico, the net effect will be positive through job creation, direct investment, and the development of local supply chains. However, raising tariffs without incentivizing local productive investment would leave the country at a disadvantage, with capital being directed to other countries like the United States or Brazil. Restricting access to affordable models without simultaneously creating incentives for local production risks slowing EV adoption, while doing little to attract the next-generation of manufacturing and technology to Mexico.

Countries like Brazil or members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) are driving EV production through preferential schemes. Mexico must recognize this strategic landscape and create the conditions needed to remain competitive in attracting next-generation manufacturing and investment. 

GL: Electromobility in Mexico has managed to democratize across various socioeconomic groups, unlike other markets where it has remained more concentrated among high-income sectors. To sustain this trend, maintaining access to efficient technologies at competitive prices is essential. 

Q: Vemo previously considered the possibility of an initial public offering (IPO). How are these geopolitical dynamics affecting your conversations with international investors?

RR: Going public could be a natural step in Vemo’s growth trajectory over the medium to long term, but it is not something we are planning within the next 12 months. Evaluating market conditions on a five-year horizon requires prudence given macroeconomic volatility.

GL: In 2025, we closed a US$250 million equity round, which supports our projected US$1.5 billion investment plan through 2030. This capital will allow us to scale our fleet to 55,000 EVs and install over 23,000 charging connectors (equivalent to 700MW of installed power). We have the backing of long-term institutional capital to continue scaling the platform before evaluating the optimal time for a public offering.

Q: Looking ahead to your 2030 operational target, what are expected to be the main non-financial risks for the company?

GL: The primary risk lies in the tariff environment governing unit imports and evolving market prices. As for public charging infrastructure, Vemo mitigates risks through direct investments in a widespread and well-diversified network, with our charging superhubs typically ranging between 1MW and 5MW, rather than relying on a small number of highly concentrated, large-scale power loads such as data centers. Of note, we lead the domestic market in terms of total connectors, direct current (DC) fast-charging points, and state-by-state coverage.

RR: Regarding regulation, the legal framework needs to be updated across three key areas: urban development by modernizing municipal regulations to streamline construction and operating permits for EV charging stations; infrastructure utilization by avoiding regulations that require duplicating electrical infrastructure, such as installing separate transformers, in commercial properties that already have available and idle installed capacity; and market openness by ensuring free competition without imposing single-connector standards that restrict investment or create market friction.

Q: Given variations in the national power grid, how are you integrating battery energy storage systems (BESS) into your infrastructure?

GL: We have begun installing BESS at our primary charging superhubs, such as those in Nuevo Leon and Mexico City. This technology enables us to store energy during off-peak hours and discharge it to vehicles during periods of peak demand, reducing capacity charges, optimizing energy costs, and easing grid congestion. Furthermore, where technically feasible, we integrate solar panels for self-consumption.

RR: We maintain a coordinated working relationship with the Federal Electricity Commission (CFE) across its 16 regional divisions. When we build large-scale charging hubs, a significant portion of our electrical infrastructure investment (such as switchgear and other equipment) is transferred to and integrated into the National Electric System, helping modernize the public grid at the last mile.

Q: What factors explain why corporate fleet adoption is moving at a different pace compared to the B2C segment or ride-hailing platforms?

RR: Corporate fleet adoption involves extended decision-making processes due to the involvement of multiple internal departments. Unlike traditional combustion fleets, electromobility requires a different operational framework regarding vehicle range, charging cycles, and energy management. Vemo acts as both a consultant and operator to help clients structure technically viable and economically attractive electrification solutions. 

We are also advocating for an update to NOM-163 through the Mexican Association for the Promotion of Electric Mobility (EMA) to incentivize the adoption of zero-emission technologies across corporate fleets.

GL: Unlike the passenger vehicle segment, the availability of commercially competitive electric trucks and heavy-duty freight vehicles capable of delivering a favorable Total Cost of Ownership (TCO) is still in a consolidation phase. 

Q: Which industries are leading the electrification of their logistics operations in Mexico?

GL: High-utilization sectors with high daily mileage are natural candidates for electrification, particularly last-mile logistics, e-commerce, and consumer goods companies with direct distribution networks.

RR: The fast-moving consumer goods (FMCG) sector is among the sectors most actively investing in fleet electrification. Vemo has participated in electrifying strategic distribution centers for companies such as Coca-Cola FEMSA and Grupo Modelo (ABInBev).

Q: In light of global reassessments of electrification timelines and the ongoing debate over coexisting powertrain technologies, what is Vemo’s stance?

RR: While policy shifts in certain markets create fluctuations in corporate sentiment, fossil fuel price volatility, and international geopolitical uncertainty reinforce the importance of energy security. Countries reliant on hydrocarbon imports, such as those in the European Union, continue to accelerate EV adoption. Electromobility provides greater predictability in operating costs and supporting long-term financial planning.

GL: The transition toward decarbonization will require different technologies for different use cases and regions. Our conviction is not ideological; it is economic. Where utilization is high and the TCO works, electrification is already the superior solution. Those are the segments where we believe adoption will evolve the fastest. 

Q: How will Vemo expand its charging infrastructure and fleets in the coming months?

RR: Our immediate focus is on consolidating our national footprint through three infrastructure formats. The first is our Anchored Charging Superhubs (Vemolineras). We aim to deploy large-scale stations across five key cities, serving high-utilization ride-hailing demand alongside a growing base of third-party users. The second is our Ride-Hailing Friendly Sites, strategically located charging stations designed to serve both ride-hailing drivers and private users. The third is Destination Charging, installing charging points at shopping centers, entertainment complexes, and restaurants across 19 states.

In parallel, we are expanding operations for Vemo Impulso (our EV financing platform for Uber and DiDi independent ride-hailing drivers) in Monterrey, Guadalajara, and Tijuana, and further growing Vemo Conduce (our proprietary fleet with employed drivers in partnership with Uber) in Mexico City.

Q: How is demand evolving on your public charging network between internal users and third parties?

GL: Unlike the company's early stages, where charger utilization depended primarily on our internal fleets, demand now comes from private retail users (B2C), independent ride-hailing drivers, and third-party logistics fleets charging light-duty vehicles and trucks across our network. Our charging app, Watts by Vemo, logs over 120,000 charging sessions monthly, establishing itself as the digital charging platform with the highest transactional volume in the country.

RR: By year-end, we are targeting a fourfold increase in the capacity of our public charging network and a doubling of the size of our operational vehicle fleet, year-over-year.

Q: What is the operational balance sheet and social impact generated by Vemo within the mobility ecosystem?

GL: Ultimately, that is what Vemo was designed to do: connect the economic, environmental and social dimensions of electromobility in a model that can scale. We operate in a commercial environment that does not rely on state subsidies to sustain its growth. In terms of volume, we move between 90,000 and 100,000 passengers daily through a highly utilized electric fleet, replacing combustion-powered kilometers with zero-tailpipe-emission mobility, while reducing traffic congestion in urban areas. We employ roughly 2,500 team members. At Vemo Conduce, drivers operate under formal employment contracts with statutory benefits. Through Vemo Impulso, we facilitate access to leasing schemes for drivers with limited access to traditional bank financing, enabling them to acquire their own vehicle. Further, almost 50% of Mexico’s pensioners are indirectly exposed to Vemo through institutional infrastructure funds backed by several of Mexico’s largest pension funds (AFOREs).

In terms of sustainability, the carbon dioxide reduction generated by our fleet thus far in 2026 (over 50,000tCO2e) is equivalent to the absorption capacity of approximately 2 million trees.