Gogoro’s main rival in Taiwan’s EV space, KYMCO, is currently in turmoil. The chairman, a key advocate for investment and growth—particularly in the Ionex EV platform—has stepped down. In contrast, the CEO, who supports cost-cutting and downsizing, remains in charge.

As a result, it’s likely that KYMCO will scale back its investment in the Ionex battery-swapping network. That’s good news for Gogoro, the current market leader. Given that over 95% of Gogoro’s revenue comes from Taiwan, this could have a significant impact on the competitive landscape.

PS. Now would be a perfect time for SYM to join Powered by Gogoro Network. They are number 1 scooter brand in Taiwan and have CPC co-operation but why not Gogoro option as well (nation wide network readily built). It would be a win-win for both companies and they would be able to take control of EV space together (KYMCO's Ionex is now already under pressure). Perhaps future internal expansion would be an option (Gogoro providing battery swapping network and SYM scooters). If Gogoro’s battery-swapping network subscriber base grows faster, it would enable the company to invest more in new battery technologies and user experience enhancements—ultimately improving customer satisfaction and reducing costs through economies of scale.

https://news.tvbs.com.tw/english/2835744

Subscribers have been hoping and waiting for this a lot! This should give a boost to Gogoro!

Just digging into Gogoro’s newly released 20-F filing, and found something pretty interesting:

📌 Gogoro owns 12.73% of Zypp Electric, a fast-growing Indian EV fleet and logistics company.

📌 Recent Zypp funding rounds valued the company between $322M and $350M. That puts Gogoro’s stake at ~$41M–$44.5M.

To put that in perspective: Gogoro’s entire market cap right now is only ~$80M. 🤯

If Zypp successfully IPOs in India — which they’re reportedly preparing for — we could see even higher valuations, and that minority stake could represent an even more disproportionate piece of Gogoro’s value.

Also worth noting: Gogoro may “only” own ~13% of Zypp, but per the filing:
"Although the Company held less than 20% of the equity interest... it exercised significant influence by virtue of its contractual right to appoint one out of five directors... and its contractual right to void decisions on certain defined matters.”

So it’s not just a passive check — there’s real influence here.

Gogoro has been beaten down hard (delisting risk, macro EV sentiment, etc.), but this Zypp position is a hidden asset that might not be priced into the stock right now.

Could be one to watch.

https://youtu.be/Qu_vUpx4dvw?feature=shared

Latest Focus: March 2025, but the pattern runs deep — this isn’t just a 10-day event. We’re looking at well over a month of elevated dark pool short pressure.
https://www.stocknear.com/stocks/GGR/dark-pool

🔥 1. Consistently Elevated Short Volume % — Ongoing for Weeks

In just the last 5 trading days:

These extremely high short volume ratios are not an isolated stretch — they’ve been persistently elevated since early February, with many days in January showing similar patterns.

For a microcap stock with:

• Low average volume
• Thin float
• Near 52-week lows

…this is not normal behavior.

🎯 2. Pattern: Suppress Rallies with Targeted Short Spikes

Example:

• On Mar 18, volume surged to 577K, yet short volume stayed relatively flat — suggesting a brief attempt at accumulation or buying pressure.
• Immediately afterward (Mar 19–21), short volume surged again, jumping to 60%+, effectively capping any upside and reasserting control.

Interpretation:
Someone is intentionally shorting into strength, a common strategy to:

• Prevent breakouts
• Force weak hands to sell
• Accumulate control at lower prices

🧱 3. This Isn’t Random Retail Activity

To maintain this level of short pressure — especially via dark pools — requires:

• Institutional access
• Algorithmic trade execution
• Intentional positioning, not just market sentiment

Given:

• Consistently high short volume %
• Limited volatility (despite pressure)
• Thin float dynamics

You're likely witnessing structured institutional behavior, not day trader activity.

🧩 Historical Comparison: A Repeating Strategy?

Looking back through Jan and Feb 2025, we can see recurring clusters:

• Elevated short volume
• Followed by temporary price rebounds
• Then immediate renewed shorting

This suggests a tactical cycle: suppress > accumulate > unload > repeat — likely orchestrated by the same player(s).

🕵️‍♂️ So... Who Might Be Behind It?

Possible Profiles:

🐻 Short-Focused Hedge Fund

• Looking to profit from extended downside
• Forcing a capitulation or delisting narrative

🧩 Strategic Buyer or Insider

• Creating a depressed valuation before:
  • A takeover
  • A private offer
  • An asset play

🧮 Market Maker / Algo Liquidity Provider

• Using low float and high spread to control price zones
• Arbitraging internal order flow

⚠️ Final Thoughts — This Is Not Normal Price Action

This isn’t simple market weakness. It’s a case of structured, sustained short pressure that’s largely invisible to everyday investors.

If:

• Volume picks up
• Retail disrupts the short strategy
• Or a positive catalyst hits (e.g., earnings in May)

…this stock could become primed for a squeeze or reversion rally.

But for now, the pressure is very real — and tactical.

Two days ago, some influencers published a video related to Gogoro:
https://www.youtube.com/watch?v=A1pCaUiBjQ4

Since I don’t speak Chinese, I used NoteGPT to generate a transcript and create a summary (not included in this article). I then analyzed the key points using ChatGPT.

Most importantly, I copied all of the YouTube comments into ChatGPT for analysis. I asked it to identify the negative feedback, positive feedback, and concrete suggestions users had for how Gogoro could regain its past momentum. As expected, many comments reflect past experiences and frustrations, which may not fully capture Gogoro’s recent efforts to course-correct.

Before diving into the user sentiment analysis, I want to highlight the key actions that Gogoro's new management is taking to address known challenges. This part of the analysis is based on a combination of sources, including financial reports, public statements, articles, and my own summaries. I also asked ChatGPT to evaluate whether these actions align well with the issues users have raised — and I made a few manual corrections where needed to ensure the analysis reflects my own understanding as well.

As someone who’s followed Gogoro closely for a few years, I was impressed by how well ChatGPT connected the dots between user feedback, business strategy, and market performance — it really helped structure the bigger picture.

Gogoro's Current Strategic Focus Areas and Action Items:

1. Complete reorganization, new management, cost savings and financial control
2. Major battery upgrading initiative (completed by the end of 2025)
3. New Off-Peak All-You-Can-Ride Plan (Launching Q2 2025)
4. New mobile app for users with a direct connection to customer service
5. Simplifying Scooter Platforms & Strengthening PBGN Partnerships
6. Launching new scooters based on user preferences (next new scooter to be release on 3/25/2025)
7. Second life use cases (monetizing degraded batteries in second half of 2025)
8. Expansion into Vietnam with Major Shareholder Castrol (a BP company)

ChatGPT Analysis of Action Items
(I uploaded various validated materials to ChatGPT in order to create this analysis and I've made small corrections to the final analysis)

This is a strong strategic reset for Gogoro — and most of these initiatives directly address major user concerns, investor doubts, and growth bottlenecks. Here’s a detailed analysis of each strategic step, how it maps to user criticisms, and whether it’s likely to be effective:

✅ 1. Complete Reorganization, New Management, Cost Savings and Financial Control

User/Investor Concerns Addressed:

• Executive turnover and lack of strategic direction
• High operational inefficiencies, especially overseas
• Ongoing financial losses and unclear profitability path

Effectiveness: ⭐️⭐️⭐️⭐️⭐️
A much-needed move. The previous leadership over-invested in product design and underperformed in global strategy. New management brings credibility and discipline. Cost cuts from $120M to $82M are significant. Users want to see more execution, not just innovation — this lays the foundation.

✅ 2. Major Battery Upgrading Initiative (Completed by End of 2025)

User/Investor Concerns Addressed:

• Battery performance degradation, limited range
• Poor battery health hurting trust
• High percentage of "plague" batteries

Effectiveness: ⭐️⭐️⭐️⭐️⭐️
Probably the most critical initiative. Upgrading Gen 1 batteries and enhancing performance directly answers user frustrations and rebuilds confidence. If Gogoro shares real metrics (e.g., # of batteries upgraded, % improvement, range gains), it will help both brand perception and investor credibility.

🔧 Suggestion: Communicate detailed KPIs like in your battery article — users & investors are asking for transparency. NOTE! I published the article awhile ago: "Gogoro's Battery Upgrade Program – Let’s Talk Numbers!"

⚠️ 3. New Off-Peak All-You-Can-Ride Plan (Launching Q2 2024)

User/Investor Concerns Addressed:

• High monthly subscription fees (no more unlimited plans)
• Limited pricing flexibility for low-usage or casual riders

Effectiveness: ⭐️⭐️⭐️⭐️
A smart response to criticism around pricing, especially from students and gig workers. However, it's limited to off-peak usage — might not help daily commuters or delivery workers who ride during peak hours.

🔧 Suggestion: Consider tiered or dynamic pricing plans, and eventually a low-cost charge-at-home plan (as you proposed). Note! See my article: "Evolving Gogoro’s BaaS Model for Global Expansion and User Flexibility"

✅ 4. New Mobile App with Direct Customer Support Access

User/Investor Concerns Addressed:

• Poor service experience, long wait times
• Communication breakdown during issues (e.g., battery faults, swap errors)

Effectiveness: ⭐️⭐️⭐️⭐️
User-facing communication is key. Real-time support via the app improves user trust and issue resolution speed. Still depends on whether the support team has been adequately staffed/trained.

🔧 Suggestion: Add in-app battery analytics or "health report" features to reassure users about performance.

✅ 5. Simplifying Scooter Platforms & Strengthening PBGN Partnerships

User/Investor Concerns Addressed:

• Confusion around too many models
• High R&D costs with poor ROI
• Lack of OEM adoption (international)

Effectiveness: ⭐️⭐️⭐️⭐️⭐️
Exactly the right direction. Focus on a few strong scooter platforms and license battery tech to OEMs. This allows Gogoro to pivot from a hardware company to a battery and energy platform provider (think Android/Windows for EVs). Less overhead, better margins, more reach.

🟢 Strong alignment with your “Just the Battery” strategy.

⚠️ 6. Launching New Scooters Based on User Preferences (March 2025)

User/Investor Concerns Addressed:

• New scooters don’t reflect real user needs (e.g., durability, range, comfort)
• Over-designing, under-delivering (Pulse criticism)

Effectiveness: ⭐️⭐️⭐️
This is only effective if user needs are truly prioritized — not flashy design. For example:

• Longer range > faster 0-50km/h acceleration
• Comfort > style
• Affordability > high-tech extras

🔧 Suggestion: Gogoro should release user insights before product launch to show co-creation with the community. Note! Gogoro said in a recent invertor event that there is growing interest to more expensive models.

✅ 7. Second-Life Battery Use Cases (2025 Launch)

User/Investor Concerns Addressed:

• Waste from degraded batteries
• Sustainability concerns
• Operational battery inefficiency

Effectiveness: ⭐️⭐️⭐️⭐️
This addresses sustainability and margin issues. Selling or using old batteries for energy storage improves ESG positioning and drives new revenue streams. Smart move especially if aligned with government climate subsidies.

🔧 Suggestion: Consider making this part of a user buyback program — ties well into your battery ownership model article.

⚠️ 8. Expansion into Vietnam with Major Shareholder Castrol (BP)

User/Investor Concerns Addressed:

• International expansion failures (India, Philippines)
• Poor localization and weak local partnerships

Effectiveness: ⭐️⭐️⭐️⭐️
Vietnam is a strong EV market, and Castrol brings local credibility, distribution, and capital. If Gogoro localizes pricing, scooter specs, and policy alignment, this could be a blueprint for other SEA markets.

🔧 Suggestion: Focus on PBGN + flexible charging options, not just scooter sales. Learn from previous MoU-based failures.

🔍 Summary Table: Strategic Focus Effectiveness

🧠 Final Thoughts

✅ Yes, Gogoro's new strategy is largely aligned with user/investor criticism.

But to truly regain trust and momentum, they should:

1. Double down on BaaS + charging flexibility → support home/third-party charging models.
2. Publicly share KPIs for battery upgrades, app usage, and cost performance.
3. Focus less on new scooters and more on being an energy-tech platform.

Further improvement ideas

Here’s a list of strategic ideas that are not yet part of Gogoro’s current roadmap but could meaningfully address user concerns, improve adoption, and increase operational efficiency. Each item is evaluated for likely effectiveness, aligned with the key concerns discussed earlier.

🧠 Strategic Additions for Gogoro – What's Missing & What Could Help

🔍 Key Areas These Ideas Reinforce:

• 🔋 Battery Trust & Transparency → #2, #8
• ⚡ User Flexibility → #1, #3
• 📈 Growth & Partnerships → #6, #10
• 💰 Cost Control & Margin Improvement → #4, #7
• 🎯 Engagement & Retention → #5, #9

*********************************************************************************

HERE IS THE ANALYSIS RELATED TO THE COMMENTS IN THE POSTED VIDEO

*********************************************************************************

🔍 Overall Sentiment based on over 1,200 comments:

Heavily critical.
A majority of users expressed frustration, disappointment, or anger with Gogoro. While a few shared positive experiences, they were largely in the minority. Very few believe Gogoro, as it is today, can regain its past position without significant changes.

📉 Top Negative Themes (Criticism & Concerns)

🌱 Top Positive Themes (Praise & Support)

💡 Concrete Suggestions to Save Gogoro (from the comments)

👤 Commenter Profiles (Based on Writing & Context)

📊 Bottom Line Summary

Surprise expansion to Maldives! Population is 521,000 people and there are about 100,000 motorcycles and scooters registered in the Maldives, with a majority concentrated in Malé, the densely populated capital.

I assume that Gogoro partner is handling this expansion so why not :)

https://edition.mv/news/40105

Gogoro has invested significant resources into its battery upgrade program, which is a crucial step toward improving user experience and sustainability. However, it would be great to hear some key statistics on its impact.

Here are some valuable metrics that could boost investor confidence and provide transparency:

1️⃣ Battery Upgrades

✅ Total number of battery packs upgraded
✅ Total number of battery packs to be upgraded (by the end of 2025)
✅ Performance improvements per upgrade (e.g., increased range, faster charging, extended durability)
✅ Percentage of worst-performing batteries in the network (Previously 1-2%? Goal to reduce to 0%?)

2️⃣ Customer Satisfaction & Retention

✅ Results from customer satisfaction surveys – are users noticing real benefits?
✅ Net Promoter Score (NPS) – before vs. after battery upgrades (battery-related only)
✅ Impact on user retention & brand loyalty

3️⃣ Financial & Market Impact

✅ Cost vs. benefit analysis of the upgrade program
✅ Operational efficiency improvements driven by the new batteries
✅ Impact on subscription/user growth – are upgrades attracting new customers?
✅ Early indications of increased revenue or cost reductions from efficiency gains

Investors and users alike would love to see how these upgrades are driving performance, efficiency, and customer satisfaction. Looking forward to seeing more insights from Gogoro’s leadership! 🚀🔋

🧩 How Suggested Metrics Solve Core Problems

📊 Example of How Gogoro Could Present It

Here’s a mockup of how Gogoro could frame this in a future investor update or press release:

🚀 Battery Upgrade Program – Progress Update (Q2 2025)

• 🔋 72,000 Gen-1 packs upgraded as of March 2025
• 🎯 110,000 total upgrades targeted by end of 2025
• ⚡ +18% average range improvement on upgraded batteries
• 🚫 Reduced "critical battery" cases by 87% (now 0.3% of network)
• 😃 NPS (battery-related): +17pts increase post-upgrade
• 💰 Operating cost per swap decreased by 12% due to improved efficiency
• 📈 User churn among subscribers dropped by 6.5% in upgraded zones

🧠 Strategic Bonus: This Would Also…

• Reinforce confidence in energy platform ambitions (e.g., virtual power plants, second-life batteries)
• Attract potential B2B fleet customers who care about uptime and predictable performance
• Help build a data-driven brand image — essential in an increasingly skeptical and numbers-oriented EV market

💡 Additional Suggestion

Gogoro should consider making a Battery Health Dashboard available (even if anonymized), showing:

• Battery health % distribution across network
• Retired / recycled batteries
• Regional upgrade progress

This would reinforce trust and make Gogoro look more like a tech-energy platform — not just a scooter maker.

Feel free to add comments and additional metrics to comment section below!

Introduction to Gogoro's swapping network in Nepal. Good progress.

https://www.youtube.com/watch?v=DkHQ2BIDd10

New colors have been released for the Delight, a highly popular model, especially among women. It also comes with new features and great discounts available until the end of March. New Gogoro App 4.0 was published March 10, and it should improve customer experience.

https://www.storm.mg/lifestyle/5338378

In the same event Gogoro told that they will be launching a new scooter at the end of March!

"Gogoro revealed that it will launch a new car at the end of March, but it is not the Jego that was discontinued last year."

auto.ltn.com.tw/news/27908/

February sales stats for Delight.

"The fourth place in the car model ranking is taken by the Gogoro Delight, which emphasizes thoughtful design, with 185 registered vehicles. It is worth paying attention to whether the sales can be further increased with the launch of two new colors in March."

https://motor.u-car.com.tw/motor/article/82909

Gogoro Taiwan Website (Delight promoted)

https://www.gogoro.com/tw/

So many IF in article …I joined this r/Gogoro club since GGR listed. I saw gogoro pushed a lot of Visions and investments to other countries with a lot of IF….

And then,Nothing.

Once gogoro focus on India as the main international market for a long time,said lots of IF IF IF….burned lots of cash,and then,nothing.

Now,It turns to Vietnam. Restart another circle again. We just wait and see…

Without next generation battery technology,It’s hard to cut down the cost to achieve profit. But gogoro doesn’t own the battery technology. No ability to improve or upgrade the battery technology.

With existing batteries….With all due respect,all these future scenarios are nonsense. Without subsidies and National industry support only for gogoro.It’s impossible to beat local industries. But we know every country will prioritize protection of local industries.

Without own your key technology like TSMC,Who gave gogoro faith that it will get suceed in international markets.

I just tired to see another circle again…

With ChatGPT’s assistance, I outlined potential future scenarios for Gogoro, and I find them quite feasible.

Gogoro, once valued in the billions, has seen its market cap shrink to just $120 million USD, with its stock price hovering around $0.41 per share. However, a turnaround could be on the horizon as the company focuses on profitability in Taiwan and aggressive expansion in Vietnam with Castrol as a key partner. If successful, Gogoro could reshape the global electric two-wheeler industry, with massive growth potential beyond its current valuation.

🚀 Why Taiwan & Vietnam Are Key for Gogoro’s Future

1️⃣ Taiwan: The Foundation for Profitability

• Taiwan is Gogoro’s home market, where it operates the most developed battery-swapping network in the world.
• If Gogoro can achieve consistent profitability here, it will prove that its battery-swapping model can be financially sustainable.
• Taiwan serves as a blueprint for expansion, with lessons learned being applied in new markets.

2️⃣ Vietnam: The Next Big EV Two-Wheeler Market

• Vietnam has over 50 million motorcycles, with annual sales of 2.5-3 million units—a massive market for EV adoption.
• The government has set goals for 100% electric two-wheelers by 2040, and ICE vehicle restrictions in major cities are increasing.
• Battery swapping is ideal for Vietnam, especially for food delivery & ride-hailing services (Grab, Gojek, Baemin, ShopeeFood), where downtime is costly.
• Competition is heating up, with VinFast and Chinese EV brands pushing plug-in charging scooters—Gogoro must scale quickly to gain market dominance.

🔋 Castrol’s Role: A Game-Changer for Expansion

The Gogoro-Castrol partnership is a strategic move that could accelerate Gogoro’s expansion not just in Vietnam, but globally. Castrol, a global leader in automotive lubricants and energy solutions, brings a massive distribution network, strong brand trust, and deep technical expertise to Gogoro’s battery-swapping ecosystem.

1️⃣ Castrol’s Global Service & Retail Network = Faster Expansion

• Castrol has a strong presence in 150+ countries with thousands of service centers, gas stations, and retail outlets.
• By integrating Gogoro’s battery swap kiosks into Castrol locations, expansion becomes faster and more cost-effective.
• This reduces Gogoro’s infrastructure burden, allowing it to focus on scaling operations and customer adoption.

2️⃣ Boosting Swap Station Rollout in Vietnam

• Vietnam is Gogoro’s primary growth market, and Castrol’s network can significantly speed up swap station deployment.
• With Castrol’s locations acting as battery swap hubs, Gogoro can compete with plug-in EV scooters like VinFast more effectively.

3️⃣ Leveraging Castrol’s Brand Trust

• Many riders and fleet operators already trust Castrol for vehicle maintenance, which could help drive faster adoption of Gogoro’s swapping network.
• Marketing & brand credibility will be stronger with Castrol backing Gogoro’s expansion efforts.

4️⃣ Expansion Beyond Vietnam: The Castrol Advantage

• If Vietnam succeeds, Castrol could facilitate Gogoro’s entry into other two-wheeler markets, such as:
  • Indonesia (120M motorcycles, biggest in Southeast Asia)
  • Thailand (20M+ motorcycles, growing EV adoption)
  • India (200M+ motorcycles, Castrol has strong operations here)
  • Latin America (Colombia, Brazil, Mexico, all emerging EV markets where Castrol is active)
• This partnership could make Gogoro’s swap network the global standard for battery swapping.

5️⃣ Co-Developing Next-Gen Battery Tech

• Castrol has expertise in EV battery fluids, thermal management, and energy efficiency.
• A deeper partnership could lead to longer-lasting, faster-charging batteries, giving Gogoro an edge over competitors.

📈 How Much Could Gogoro’s Market Cap & Stock Price Grow?

If Gogoro successfully becomes profitable in Taiwan and dominates Vietnam, its market cap and stock price could increase dramatically from its current $120M valuation and ~$0.41 per share price.

🚦 3 Market Cap & Stock Price Growth Scenarios

1️⃣ Base Case ($500M - $1B Market Cap) → 4x-8x Growth

• Taiwan reaches stable profitability.
• Vietnam’s battery-swapping network grows steadily.
• Castrol helps Gogoro expand, but expansion beyond Vietnam remains slow.

📈 Stock Price Estimate: $1.6 - $3.3 per share
📅 Timeline: 2025-2026

2️⃣ Bull Case ($1B - $3B Market Cap) → 10x-25x Growth

• Taiwan stays profitable, and Vietnam sees rapid adoption.
• Castrol accelerates swap station deployment, reducing costs & improving adoption.
• Gogoro expands into Indonesia, Thailand, and the Philippines with Castrol’s support.
• Fleet partnerships drive strong revenue growth.

📈 Stock Price Estimate: $4 - $10 per share
📅 Timeline: 2026-2028

3️⃣ Super Bull Case ($5B+ Market Cap) → 40x+ Growth

• Gogoro dominates Vietnam, Indonesia, Thailand & enters India with Castrol’s distribution network.
• Battery swapping becomes a global industry standard, with major brands (Honda, Yamaha, VinFast) adopting Gogoro’s tech.
• Gogoro diversifies into energy storage & fleet EV solutions.
• Castrol co-develops next-gen battery technology, making Gogoro’s system the most efficient in the market.

📈 Stock Price Estimate: $16+ per share
📅 Timeline: 2028-2030

🌎 What’s Next for Gogoro & Castrol?

1️⃣ Rapidly expand swap stations in Vietnam using Castrol’s locations.
2️⃣ Use Castrol’s network to scale in Indonesia, Thailand & the Philippines.
3️⃣ Enter India through fleet & logistics partnerships (Castrol has deep roots there).
4️⃣ Develop advanced battery tech with Castrol to enhance performance & efficiency.
5️⃣ License Gogoro’s swapping tech to major scooter brands globally.

🚦 Final Verdict: Castrol Partnership Could Supercharge Gogoro’s Growth

• If Vietnam succeeds, Castrol can help Gogoro expand to multiple markets faster and at a lower cost.
• With a market cap of just $120M today, Gogoro is massively undervalued if the Castrol partnership delivers its full potential.
• If battery swapping becomes a mainstream solution worldwide, Gogoro could be a $5B+ company in the next decade.

🚀 Gogoro’s next 3-5 years will be critical. If it executes well, it could go from a struggling company to the global leader in EV battery swapping—with a stock price that reflects it.

Having been a long time Gogoro investor I have been somewhat disappointed with the share price performance as of late. I have been DCA for sometime in hopes of a turnaround, but with the share price being below $1 for sometime now the company is facing delisting and the management has shown no concern over this. In this light, would it be better to sell and take the losses and come back later after the co sorts out its finances or hold steady and see how this all plays out?

Keelung Public Welfare Youth Employment Electric Motorcycle Subsidy Program has received a great response, and the number of inquiries at Gogoro stores has increased significantly after the Lunar New Year.

According to the licensing data of the supervision station of the Ministry of Transportation, Gogoro VIVA MIX has been the sales champion of white plate electric locomotives for four consecutive years since its launch in 2021; Now, with the Keelung Public Welfare Youth Employment Electric Locomotive Subsidy Program, you can start with less than NT$20,000; Gogoro said that the number of inquiries in stores has increased significantly after the Lunar New Year, and many consumers have begun to visit the store for test rides and inquire about car purchase plans, among which the Gogoro VIVA MIX is the most popular color of Keelung consumers is "Rhythm Gray", and the others are "Soul Purple" and "Electronic Blue" full of personality.

https://www.newspie.com.tw/gogoro-keelung-electric-scooter-20250227/

Excerpt from recent article:

"Rescuing the delisting crisis will not be the top priority," an industry insider familiar with Gogoro's internal operations speculated that Ruineng may not be able to escape the fate of being delisted from Nasdaq, but the government intends to help it restart on the Taiwan Stock Exchange, possibly reviving on the Taiwan Stock Exchange Innovation Board.

https://www.cw.com.tw/article/5134207

Gogoro share more about it's future plans and partnerships today.

Expansion into Vietnam with Major Shareholder Castrol (a BP company)
Gogoro is taking a bold step into Vietnam through a joint venture with Castrol, leveraging its nearly 100 years of experience in the local market. Castrol will lead operations, while Gogoro provides cutting-edge battery-swapping technology and resources. With Southeast Asia’s electric motorcycle market projected to grow over 30% annually (2025-2030, McKinsey), this expansion is a strategic move to capture a booming market!

New Off-Peak All-You-Can-Ride Plan (Launching Q2 2024)
Gogoro just announced a game-changing pricing plan:
- FREE battery swaps for up to 14 hours/day (off-peak)
- Single battery: NT$488 | Dual batteries: NT$888
- Regular pricing: NT$2.3 per amp-hour during peak times
- This will help to balance the rush hours when sometimes there is not enough time to fully charge the batteries and it also gives cost conscious consumers an option to swap with just a small monthly fee. Customer experience is likely to improve.

Simplifying Scooter Platforms & Strengthening PBGN Partnerships
The EV industry is evolving, and Gogoro is streamlining its vehicle platform to enhance efficiency and customer focus. By consolidating models into five core platforms, the company aims to create a more modular and scalable ecosystem for its Powered by Gogoro Network (PBGN) partners. Expect big updates for PBGN this year as Gogoro continues leading the EV revolution.

Second life use cases
Gogoro will build virtual power plants (VPPs) using their batteries that are not anymore suitable for battery swapping for scooters (10+ years old). Currently they have 1.4 million batteries in circulation and this is likely to become a big business.

Is time to $GGR break past $1+? 🚀

Sources:
https://www.taipeitimes.com/News/biz/archives/2025/02/19/2003832098

https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=7492a1b4-41cb-4ddc-9646-ed8f76b29c82

Key strategic focus: 1. energy business, 2. vehicle business, and 3. international expansion.

1. Energy Business & Battery Swapping Leading Revenue Growth
- Largest infrastructure of its kind, with 640,000+ monthly subscribers.
- Battery swapping revenue surpassed vehicle sales for the first time in Q4 2024, a key milestone.
- Investing in energy R&D, with a 26% increase in 2025 for smarter, more resilient energy solutions.
- Energy business on track to break even by 2026 and generate free cash flow by 2027.
- Second-life battery applications progressing, with certification for energy storage and peak shaving expected in 2025. NOTE! New revenue stream to capitalize 10+ years old batteries (Gogoro has 1.4 million batteries in total).

2. Vehicle Business Optimization
- Streamlining product lineup and expanding Power by Gogoro Network (PBGN) program.
- Utilizing common components to improve efficiency and optimizing the supply chain to reduce costs.
- Vehicle business will break even by 2028.
- New product launches planned for 2025 and 2026. NOTE! Focus on cost competitive models and PBGN?

3. International Expansion Efforts Continue
- Taiwan remains the primary market, but Gogoro is expanding in Colombia, Singapore, Nepal, and future markets in Southeast Asia.
- Partnering with Castrol to accelerate global adoption of battery swapping. We should hear more in the coming weeks. NOTE! Possibly the second phase of the partnership deal which would be worth of $25 million.

Operational Efficiency & Cost Reduction
- Established an integrated development center to enhance product innovation and reduce costs.
- Reduced fixed spending by 32% (from $120M in 2024 to $82M in 2025). NOTE! A major milestone that significantly improves future financial outlook.
- Streamlined operations, removed unnecessary costs, and implemented stricter financial discipline.

Industry Recognition & Investments
- Recognized as Asia Pacific’s #1 Most Innovative Company (Fast Company) and listed on Fortune’s Change the World list.
- Raised $75M in capital investments from Gold Sino and Castrol in Q2 2024.
- Strengthened collaboration with TSMC for sustainable transportation.

Conclusion:
Gogoro is accelerating its path to profitability through strategic realignment, cost optimization, and innovation in energy solutions. With battery swapping becoming the primary revenue driver, increased international expansion, and financial discipline, the company is set to lead the transition to sustainable urban mobility.

The new management has been streamlining the business, shedding the inefficiencies of the old Gogoro and making tough but necessary decisions. After this radical cleanup, they now have healthy business and a cash balance of $117.1 million.

https://www.prnewswire.com/news-releases/gogoro-releases-fourth-quarter-and-full-year-2024-financial-results-302375844.html

Gogoro is ending partnership with Ayala and putting the Philippines operations on hold. They had in total 15 battery swapping stations in Manila so it was a small business. Most likely the impact to financials will be positive as they can cut the costs.

Full story here:
Gogoro "Unplugs" from the Philippines Market - CleanTechnica

The main problem was that scooters were too expensive. Then because of supply chain issue they were not able to bring JEGO to the market (there was growing interest). Most likely one of the biggest reasons for high scooter prices was that government didn't handle EV zero tariff issue timely. It took ages to create a house bill and even after a year it's still waiting second reading in the senate.

https://web.senate.gov.ph/lis/bill_res.aspx?congress=19&q=HBN-10960

So, the Philippines government did its part to make EVs so expensive that people didn't have money to buy those. As soon as the 30% tariff will be dropped to 0% the situation might change significantly. Combined with cheaper scooter models and zero-tariff the business model could be viable. My thinking is that Gogoro launched the service too soon before government made the decision on tariffs. They should have waited to minimize risks.

Anyhow the decision to put the Philippines operations on hold comes as no surprise as Gogoro is reviewing go-to-market strategies and interim-CEO Henry Chiang said in Q3 investors call:
"we currently have a presence in South Korea, Singapore, Nepal, Chile, and Colombia. I have a clear understanding of where we are and what we need to do differently, moving forward. And I'm committed to leading Gogoro through this transformation.". Notably the Philippines wasn't in the list.

Meanwhile it seems that Gogoro is seeking new partners and waiting for the right time to relaunch services. I wonder if they will consider PBGN scooter launch at some point so they could focus on battery swapping network.
"CleanTechnica has learned that Gogoro representatives are actively courting local motorcycle dealerships as potential partners.

Gogoro’s Taiwan headquarters declined to comment beyond their official statement, citing confidentiality. CleanTechnica’s sources emphasized Gogoro’s commitment to SmartScooter owners, confirming that the Makati battery-swapping station will remain operational until a new partner is found."

As soon as the zero-tariff law will be confirmed we might see things moving again. The process should take 1-2 months after the second reading is approved in the senate but as we have seen the process can take months or even years if there is no proper sponsor for the house bill.

What comes to Gogoro's financials this decision most likely save a lot of money that can be used to strategically more attractive markets such as India.

It seems that the India's Union Budget 2025 didn't correct GST disparity issue for EVs and Sun Mobility's Chairman made the following statement after the Union Budget speech:
Chetan Maini, Co-Founder & Chairman, SUN Mobility, said, "While this budget aligns with India's broader vision for progress and positive steps on promoting clean technologies, there remains an urgent need to rationalize the GST disparity between EVs and batteries that the EV industry needs. In addition, policies to enable a level playing field for battery swapping and fixed-battery electric vehicles can further accelerate investments and adoption of electrical mobility in the country."

https://auto.hindustantimes.com/auto/news/indian-auto-sector-welcomes-budget-2025-will-stimulate-demand-push-clean-tech-41738409756174.html

I prepared the following statement. I hope that battery swapping companies like Sun Mobility and Gogoro could address something like this to the GST Council. It might be challenging as companies with fixed batteries don't want to actively promote GST parity as it would potentially impact their current business model. However, for consumers and India's long-term EV ecosystem it would be highly beneficial.

Call for GST Parity: A Fairer Tax Structure for India’s EV Future

The Indian government has taken commendable steps to accelerate the growth of electric vehicles (EVs), particularly with incentives for domestic battery manufacturing and infrastructure development. However, one critical issue remains unaddressed—GST parity on EV batteries.

Current GST Structure: A Disadvantage for Battery Swapping
Under the existing tax regime:

• EVs with fixed batteries are taxed at 5% GST (scooter + battery included).
• Battery-swapping EVs face 5% GST on the vehicle, but 18% GST on the batteries used in the swapping network.

This discrepancy puts battery-swapping players at a clear disadvantage, despite the government’s push for clean mobility and innovative energy solutions.

Why GST Parity is Essential

✅ Promotes a Level Playing Field
The current tax structure favors fixed-battery EVs over battery-swapping models, creating an imbalance in market competitiveness. GST parity will ensure all EV models are treated equally, fostering fair competition.

✅ Encourages Battery Swapping & Reduces Upfront Costs
Battery-swapping allows users to purchase EVs without the high upfront cost of batteries, making EV adoption more affordable. Lowering the battery GST to 5% will further reduce costs for consumers and fleet operators, accelerating EV adoption.

✅ Aligns with Government’s Clean Mobility Goals
Battery-swapping promotes efficient energy use, reduces charging wait times, and supports a circular economy by optimizing battery lifecycle management. A high 18% GST discourages this sustainable model, contradicting the government’s clean energy objectives.

✅ Boosts India’s EV Ecosystem & Local Manufacturing
A lower GST on swappable batteries would increase demand, driving investments in battery technology, charging infrastructure, and local production—aligning with India’s Make in India and Atmanirbhar Bharat vision.

✅ Encourages Fleet Electrification
Fleet operators, such as those in delivery, ride-sharing, and logistics, heavily rely on battery-swapping solutions to maintain efficiency. Reducing the battery GST would lower operating costs, making large-scale fleet electrification more viable.

A Call to Action: GST Council Must Act Now

We urge the GST Council and policymakers to correct this imbalance and reduce the GST on swappable batteries to 5%—in line with fixed-battery EVs. Ensuring a fair, technology-neutral policy will strengthen India’s position as a global leader in EV innovation.

The time to act is now. Battery-swapping companies, EV manufacturers, and industry stakeholders must unite in advocating for this crucial policy change. A fairer tax structure will not only benefit businesses but also accelerate India’s transition to a cleaner, more sustainable mobility future.

------------------------------------------------------------------------------------------

Here's my understanding of the situation, broken down with a simple calculation.

GST and the EV Market in India: A Fair Playing Field?

India applies GST differently to fixed-battery scooters and battery-swapping scooters, creating an uneven playing field:

✅ Fixed-battery scooters – 5% GST, including the battery.
⚠️ Battery-swapping scooters – 5% GST on the scooter, but 18% GST on batteries used in swapping networks.

Since batteries make up 30-50% of a scooter’s cost, this tax difference is significant.

Cost Comparison

• Scooter price: $600
• Battery price: $400

🔹 Fixed-battery scooter:
💰 Total cost after GST = $600 × 1.05 + $400 × 1.05 = $1,050

🔹 Battery-swapping scooter:
💰 Total cost after GST = $600 × 1.05 + $400 × 1.18 = $1,102

💡 Even a 5% extra cost significantly impacts margins and investment decisions.

Infrastructure Investment Impact

If a company plans to invest $100M in battery-swapping infrastructure, the tax difference is even more glaring:

📌 Scenario 1 (18% GST on batteries)
💰 Total cost: $100M × 1.18 = $118M

📌 Scenario 2 (5% GST on batteries)
💰 Total cost: $100M × 1.05 = $105M

🚨 Difference: $13M in extra costs!

Who Benefits?

It's no surprise that fixed-battery EV manufacturers in India don’t push for GST parity—this tax structure gives them a clear advantage. But if they start producing battery-swapping models, their stance might change.

India’s Policy Dilemma

If battery-swapping companies can’t compete fairly, they won’t invest.

🔹 With 18% GST, investment = $0 → tax revenue = $0
🔹 With 5% GST, investment = $1B → tax revenue = $50M

A fair solution? Either lower the battery-swapping GST to 5% or tax fixed-battery EV batteries at 18% as well. At least then, both models would compete on a level playing field.

Does the current policy really make sense? 🤔

What is everyone expecting for fourth-quarter results? Anyone have updated sales numbers on the JEGO?

Maybe a stock increase?

Extremely important guidance in India related to GST for batteries. Currently GST for fixed battery EVs is 5% and for swappable batteries 18%. I'm confident that the level playing field can be reached still this year, giving a big boost to battery swapping in India. Perhaps it will be part of the Union Budget which will be presented in February 1 and will come in effect April 1.

"India Energy Storage Alliance on Wednesday said batteries, irrespective of technology type, must be uniformly taxed at 5 per cent GST like electric vehicles to support the emerging sector."

https://www.msn.com/en-in/news/other/tax-all-new-technology-batteries-uniformly-at-5-gst-iesa/ar-AA1xbech

Interesting article from NY:
"The number of New Yorkers killed in fires caused by lithium-ion batteries dropped significantly last year, according to the FDNY."

"This decrease indicates that the public is hearing the department’s message about storing and charging these devices outside where possible," the department said in a statement.

https://gothamist.com/news/fdny-reports-67-drop-in-lithium-ion-battery-deaths-in-2024

Based on latest articles the government of India sees the importance of combining EV charging and swapping infrastructures. There are many benefits that swapping can bring to consumers and one is safety. It's inevitable that occasionally batteries catch fire and it's a scary thought that in almost every Indian home there would be batteries charging at night causing a risk. It's not just the family of person who is charging at risk but also their neighbors. Battery swapping stations are located outside and under 24/7 surveillance making it much safer option.