In a strategic move to capitalize on the burgeoning Indian electric mobility market, Taiwan’s Gogoro is set to make substantial investments in the country. The electric vehicle company, which recently listed on NASDAQ, intends to localize production of electric two-wheelers and establish an expansive battery swapping network.
Key Investment Highlights:
1. Investment Overview: Gogoro has invested USD 650-700 million in Taiwan, establishing 12,000 swapping stations with 1.3 million batteries in circulation. Recognizing India’s potential, the company is prepared to make several billion dollars in investments for a pan-India swapping network.
2. Maharashtra Investment: The company has already committed USD 1.5 billion for manufacturing vehicles and setting up swapping stations in Maharashtra. Additional investments will follow to expand operations in other states.
3. Three-Pronged Strategy:
- B2B Segment: Gogoro plans to manufacture electric two-wheelers tailored for the Indian B2B segment.
- Mobility-as-a-Service: The company will introduce mobility-as-a-service, starting with a rollout in Goa later this month.
- Export Partnership: Gogoro has partnered with MG Group to export electric two-wheelers to Nepal.
4. Collaborations and Initiatives:
- Zypp Electric Partnership: Gogoro collaborates with Zypp Electric to accelerate the shift to electric urban logistics fleets and last-mile deliveries using battery swapping.
- FutureEV Agreement: An agreement with FutureEV aims to launch a scooter-sharing service in Goa, exclusively utilizing Gogoro battery swapping and Smartscooters.
5. Product Launch Plans: Gogoro will introduce three electric vehicles – CrossOver GX250, CrossOver 50, and CrossOver S – in the coming year, initially targeting B2B customers in Delhi and Goa.
6. Market Presence and Growth Expectations: Gogoro aims to establish a substantial presence in India’s top 10 cities over the next five years, expecting significant sales from fleet operators and personal buyers.
Horace Luke, Global CEO of Gogoro, emphasized India’s immense growth potential in the electric mobility sector, highlighting the government’s target of achieving 80% electric two-wheeler/three-wheeler sales by 2030.
Gogoro’s ambitious plans underscore its commitment to contributing to India’s electric mobility transformation and capitalizing on the country’s drive toward sustainable transportation solutions.
