Shineray

What Shineray does

Shineray do Brasil S/A is a privately held Brazilian motorcycle and personal-mobility manufacturer with 100% national capital, headquartered in Cabo de Santo Agostinho, Pernambuco, and operating a 700,000-unit/year assembly plant at the Suape Industrial Complex since 2015. The company is the only two-wheeled manufacturer in Northeast Brazil and produces a broad product portfolio under multiple sub-brands: internal combustion motorcycles from 50cc ciclomotors to 250cc and premium 400cc models (Shineray, SBM, and the planned Italian SWM line), electric motorcycles, scooters, and tricycles (SE1, SE2, SHE-S, PT series, SH3), plus ATVs, karts, golf carts, mini-trucks, and e-bikes. Manufacturing is based on local CKD assembly of Chinese component kits, with notable proprietary technology including electronic fuel injection (claimed ~15% fuel savings), Start & Stop systems, brushless motors with lithium battery packs, liquid-cooled 249.6cc engines, and ABS/LED-equipped scooters.

The business model combines unit-priced hardware sales across a wide retail price ladder (R$ 5,390 to R$ 24,990), multi-channel distribution (8 own stores, 180+ multi-brand dealers, 35 Shineray Electric EV stores, e-commerce for EVs), and integrated consumer credit through factory-direct financing with up to 48-month terms. Recurring revenue is being built via the Top Loca\u00e7\u00f5es wholly-owned B2B rental subsidiary targeting delivery fleets. Customers span app-based delivery riders (iFood, Rappi), cost-sensitive urban commuters, EV early adopters, fleet operators, and off-road/recreation enthusiasts. In 2024 the company reached 3rd place in the Brazilian motorcycle market with 5.47% share and 160% year-over-year sales growth on 72,000+ registered units.

Investment-relevant signal: as a non-public, family-/nationally-capitalized mid-cap manufacturer in a market led by Honda and Yamaha, Shineray is using aggressive price positioning, aggressive new-model cadence (especially in 250cc and EV), and channel/subsidiary expansion (Top Loca\u00e7\u00f5es, Shineray Electric, SBM, SWM) to compress the share gap. Watch items include the dependence on Chinese component imports, the gap between installed capacity (700,000 units/yr) and realized volumes (~10% utilization), thin disclosure on revenue and ownership beyond 100% Brazilian capital, and concentration risk in the entry-level delivery-rider segment where electrification could disrupt.

Name

Shineray

Legal name

Shineray do Brasil S/A

Website

https://shineray.com.br

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Shineray do Brasil is a Brazilian motorcycle and electric mobility manufacturer producing 50cc to 250cc motorcycles, EVs, scooters, ATVs, and mini-trucks, serving app-based delivery riders, urban commuters, fleet operators, and EV adopters through dealers, dedicated EV stores, e-commerce, and its B2B rental subsidiary.

Ownership category

akta.pro rank

Product category

Motorcycles and Powersports Vehicles

NAICS

Motorcycle, Bicycle, and Parts Manufacturing (336991), Motorcycle, ATV, and All Other Motor Vehicle Dealers (441227)

SIC

Motorcycles, Bicycles & Parts (3751), Motor Vehicle Parts & Accessories (3714)

akta.pro primary industry

Electric Motorcycles & Electric Scooters Manufacturing (IMACAEAB)

akta.pro secondary industries

Motorcycle, powersports & ATV parts and accessories distribution (CRAOANAK), Assembly, Conversion Kits & OEM/ODM Contract Manufacturing (IMACAOAL)

Keywords

• Motorcycle manufacturing
• Electric scooters
• Powersports vehicles
• Motorcycle financing
• Fleet rental services

Headquarters

HQ city

Santo Agostinho

HQ country

Brazil

HQ region

Latin America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Motorcycle Sales (Combustion): Sales of gasoline-powered motorcycles including Work 125, SHI series, JET series, Phoenix, and 250cc models (Iron, Denver, Titanium, 250F). Manufacturing at Suape factory with local assembly of Chinese components.
2. Electric Vehicle Sales: Sales of electric motorcycles (SE1, SE2), scooters (PT series), bikes (E-Bike, SHI Bike), and tricycles (SH3). Products range from R$ 5,390 to R$ 16,490 via e-commerce and Shineray Electric stores.
3. Motorcycle Rental (Top Locações): B2B fleet rental service with daily rates starting at R$ 18. Plan to register 12,000 motorcycles for rental in 12 months. Targets delivery and app-based transportation companies.
4. Direct Factory Financing: In-house financing arm offering direct factory financing with up to 48-month terms. Available at all own stores for motorcycles (not scooters). Quick credit analysis with facilitated terms.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels6 records

Core offering

Shineray do Brasil manufactures and sells motorcycles, electric motorcycles, scooters, tricycles, ATVs, karts, golf carts, and mini trucks, ranging from 50cc ciclomotores to 250cc motorcycles, under its own Shineray brand and sub-brands SBM and SWM. The company assembles vehicles at its Suape Industrial Complex plant in Pernambuco and distributes them through a nationwide network of own stores, multi-brand dealers, dedicated electric vehicle stores, an e-commerce platform, and a B2B rental subsidiary (Top Locações).

Product overview

Shineray do Brasil is a motorcycle and mobility solutions manufacturer operating as a multi-brand portfolio company. The core offering includes internal combustion motorcycles (50cc-250cc) under the Shineray brand, supplemented by the premium SBM (Shineray Big Motorcycles) sub-brand for higher displacement models (150cc-600cc), and the Italian SWM Motorcycles brand for the 300cc+ segment. Electric mobility products include electric motorcycles (SE1, SE2, SHE-S), electric scooters (PT series), tricycles (SH3), and personal mobility devices. Additional vehicle categories encompass minitrucks (TLUX, DTRUCK), golf carts (CGE series), ATVs (125cc-1000cc), and karts. Complementary services include factory-direct financing, a dedicated e-commerce platform for electric vehicles, the Top Locações rental brand, and a Test Ride customer experience program. The company operates manufacturing facilities in Suape, Pernambuco and maintains nationwide dealership and service networks.

Differentiator

Problem solved

Functional benefit

Brands

• SBM: Premium motorcycle sub-brand featuring higher displacement models including SBM 150S, SBM 250S, SBM 400S, SBM 400SS, SBM 600V, SBM 600C, SBM 600RC, SBM 600T, and SBM 250T
• Top Locações
• Shineray Electric

Products and services

• Combustion Motorcycles (50cc-250cc) Gasoline-powered motorcycles from 50cc ciclomotores to 250cc performance bikes, including JET, PHOENIX, RIO, FREE, JEF, URBAN, SHI, Iron, Denver, Titanium, and 250F lines for daily commuting, delivery, and urban riders in Brazil.
• Electric Motorcycles (SE1, SE2, SHE-S) Electric motorcycles including SE1 and SE2 scooters and the SHE-S motorcycle with brushless motors and lithium batteries for urban mobility in Brazil.
• Electric Scooters (PT Series) Electric scooter lineup including PT2XS, PTXR, PT3S, and PT1s with power ratings from 350W to 3000W for urban electric transportation.
• Electric Tricycles (SH3)

Quantifiable outcome

• 160% year-over-year sales growth in 2024
• +3 more outcomes

Named customers2 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature4 records

Partnerships

Two partnerships are on record, tiered moderate and core.

• SWM MotorcyclesmoderateStrategic or Co-development Partner · 21 November 2023Shineray preparing to bring Italian brand SWM Motorcycles to Brazilian market. First model will be Gran Milano 500 with 494cc twin-cylinder engine. SWM models (300-1200cc) to be sold through premium Shineray stores and dedicated SWM dealerships. Strategy positions Shineray for smaller displacement motorcycles while SWM targets higher cylinder capacity segment.
• Top LocaçõescoreStrategic or Co-development Partner · 1 June 2023Shineray subsidiary brand for motorcycle rental services targeting B2B customers. Plans to register 12,000 motorcycles for rental fleet in 12 months. Offers daily rates starting at R$ 18 for annual plans. Includes options for both electric and combustion vehicles from Shineray lineup (Phoenix, JET 125X, Worker 125, Worker 150, JEF 150s, SHI 175, SE1, SHE-S).

Scale indicators11 records

Recent moves11 records

Expansion highlights7 records

Direct peers

• Royal Enfield Brazil: Brazilian operations of Royal Enfield, targeting mid-displacement (350-650cc) classic and adventure motorcycle segment. Comparable to Shineray's expansion via SWM and SBM brands into premium positioning.
• Haojue (Sundown Motos): Brazilian motorcycle brand with Chinese manufacturing heritage (Haojue), offering affordable commuter motorcycles in similar displacement ranges as Shineray. Most direct value-segment competitor in Brazilian market.
• Bajaj do Brasil: Brazilian arm of Indian motorcycle giant Bajaj Auto, targeting value-conscious buyers with affordable commuter motorcycles. Highly comparable to Shineray's cost-leadership positioning and emerging-market two-wheeler strategy.
• Dafra Motos: Brazilian motorcycle manufacturer producing under several brands including Kawasaki partnership. Direct competitor in the small-to-mid displacement segment with similar value-oriented positioning to Shineray.
• Traxx (Jianshe/Yamaha JV): Brazilian motorcycle brand with Chinese manufacturing lineage, offering affordable 50cc-250cc models. Similar business model to Shineray with assembly of Chinese components for Brazilian market.
• Kymco Brasil: Brazilian subsidiary of Taiwanese scooter and motorcycle manufacturer. Direct competitor to Shineray's PT scooter series and Urban lineup in the urban mobility segment.

Emerging players

• Voltz Motors: Brazilian electric motorcycle manufacturer focusing on urban delivery and commuting segments. Competes with Shineray's SE1/SE2/SHE-S electric lineup in Brazil's emerging EV motorcycle market.
• Electra (Mobilidade Elétrica): Brazilian electric micromobility company offering e-bikes and electric scooters. Competes with Shineray's e-bike and electric scooter portfolio in the urban electric mobility segment.

Broad incumbents

• Honda Motos Brasil: Brazilian motorcycle manufacturing arm of Honda, the dominant motorcycle brand in Brazil. Competes with Shineray across all displacement segments but operates at vastly larger scale with deeper dealer network and financing arms.
• Yamaha Motor do Brasil: Brazilian subsidiary of Yamaha Motor, second-largest motorcycle manufacturer in Brazil. Direct competitor to Shineray across urban commuter and mid-displacement segments with established brand equity and nationwide service network.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@ShinerayMotos
• Facebookfacebook.com/shineraydobrasil
• LinkedInlinkedin.com/company/shineray-do-brasilbr/?viewAsMember=true
• Instagraminstagram.com/shineraydobrasil

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Shineray