LatAm Transport and Capital Goods: Daily Take-Off: MOTV, EMBJ, WEG, RAPT, TUPY, VLRS

Research evidence excerpt

LatAm Transport and Capital Goods: Daily Take-Off: MOTV, EMBJ, WEG, RAPT, TUPY, VLRS

Global Research

23 July 2026ab

LatAm Transport and Capital Goods Equities

Latin AmericaDaily Take-Off: MOTV, EMBJ, WEG, RAPT,

TUPY, VLRS Industrial

Alberto Valerio

Analyst

alberto.valerio@ubs.com

MOTV: Motiva announces board changes after three resignations +55-11-2767 6918

Motiva announced in a material fact that Eduardo Bunker Gentil (Independent board Andressa Varotto

member), Mateus Gomes Ferreira (From Votorantim) and Roberto Egydio Setubal Analyst

(from Itausa), resigned from the board this Wednesday (22); the company elected andressa.varotto@ubs.com

João Zeferino Ferreira Velloso Filho (Votorantim executive and CBA board member) +55-11-2767 6654

and Frederico de Souza Queiroz Pascowitch (Itausa's head of investments and Rafael Simonetti

portfolio management) as replacements, while the seat left by Gentil will remain Associate Analyst

open until the selection of a new independent member is concluded (Valor). rafael.simonetti@ubs.com

Potential Impact: Neutral for Motiva. +55-11-2767 6628

EMBJ: Embraer in preliminary talks with India's state-owned Alliance Air for a

potential aircraft order

According to AeroIn, Embraer is in preliminary conversations with Alliance Air, the

Indian state-owned regional carrier, which is evaluating the E175 family and the

larger E190-E2 to rebuild a fleet of about 18 ATR 72 turboprops, most of them

currently grounded; deal details are not yet defined. India's DGCA recently certified

the E195-E2 for operations in the country, and Embraer estimates a potential

market of 500 aircraft in India over the next decade, with the E2 fitting the UDAN

regional-connectivity program at a trip cost about 25% below larger narrowbodies. A