Chinese home appliance maker Midea Group's new factory in Brazil will enhance its competitiveness in the local market, senior company executives said.

"We have great confidence in the Brazilian market and will further strengthen our investment in the country," said Felipe Costa, CEO of Midea Industria do Brasil.

The company held a groundbreaking ceremony for its new factory in Pouso Alegre, Minas Gerais, on Wednesday local time, with an investment of over 700 million yuan ($102.29 million).

The new factory is Midea's third in Brazil. Covering an area of over 70,000 square meters, the factory is designed to have an annual production capacity of up to 1.3 million units.

The factory will integrate digital production technologies and innovative science and technology, and the first batch of intelligent refrigerators will be produced and launched in July 2024 with simultaneous entry into local and other South American markets.

According to Wang Jianguo, Vice-President of Midea Group, the factory is Midea's first investment in Pouso Alegre, covering product categories such as refrigerators and washing machines.

"Our goal is to become one of the leading brands in the Brazilian refrigerator industry within four years - Midea will provide Brazilians with more choices for intelligent home appliances and improve the quality of life of local consumers," Wang said.

While attending the ceremony, Garcia Renato Andrade Garcia, mayor of Pouso Alegre, said he believes the investment will bring new growth to the city and further promote the development of the local community.

Midea already operates two factories in Brazil, the largest white goods market in South America - one located in Manaus, producing household air conditioners and microwaves, and another in Canoas, producing commercial air conditioners.

In the past two years, Midea's overseas revenue has accounted for over 40 percent of the company's annual total revenue.