04:16 PM EDT, 06/05/2024 (MT Newswires) -- MercadoLibre ( MELI ) expects to exceed its initial investment plan of 23 billion reais ($4.35 billion) in Brazil this year due to better-than-expected sales, Reuters reported Wednesday, citing local marketplace head Fernando Yunes.

Yunes said during a press briefing that the new capital expenditure plan is still in progress and cannot be fully disclosed presently. However, he noted that MercadoLibre ( MELI ) plans to recruit 11,000 employees in Brazil this year, up from the previous estimate of 6,500, Reuters reported.

The company plans to utilize a portion of the new workforce for two additional distribution centers slated to open in Brazil this year, according to the report.

MercadoLibre ( MELI ) is also implementing a strategy to automate distribution centers using robots, potentially speeding up same-day deliveries by 30 minutes to an hour, the report said.

MercadoLibre ( MELI ) didn't immediately respond to MT Newswires' request for comment.

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