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Gogoro Reveals Plan to Boost Profits and Expand into Southeast Asia
Gogoro, a Taiwanese manufacturer of electric scooters and provider of battery-swapping services, has revealed its plans for 2025 under the leadership of Interim CEO Henry Chiang (姜家煒).
Speaking at a media gathering on February 18, Henry Chiang outlined four key strategies aimed at driving the company’s recovery and expansion. These strategies focus on Product Optimization, Energy Services, International Growth, and Financial Milestones.
Streamlining and Enhancing Competitiveness
Gogoro, known for its electric scooters with removable batteries and a network of battery swap stations, is now focusing on improving its products to stay competitive. The company plans to streamline its product line, enhance battery swap services, and ensure that its scooters remain efficient and reliable as the electric vehicle market grows.
A core part of the company’s transformation involves streamlining its electric scooter offerings. Gogoro plans to reduce its product line to five core vehicle platforms, optimizing efficiency, and enhancing competitiveness. Utilizing modular designs to enable greater component sharing will reduce development cycles, lower production costs, and improve product quality.
With nearly 300,000 active users and over 640,000 vehicles sold, Gogoro is sharpening its focus on high-demand models. Henry Chiang emphasized targeting the premium segment, where there is greater potential for growth, while addressing the challenges of the entry-level market, where price competition is fierce.
New Subscription Plans to Improve Battery Swapping Accessibility and Reduce Costs
Gogoro is expanding its energy business, which has seen significant growth. In Q4 of 2024, its energy services surpassed scooter sales in terms of revenue for the first time, underscoring the growing importance of its battery swap stations.
The company plans to launch a new subscription plan offering unlimited off-peak battery swaps for NT$488 (about US$15) per month, allowing users 14 hours of free swaps during off-peak hours. This plan, expected to launch in Q2 2025, aims to reduce the cost of ownership and enhance the battery-swapping experience.
Moreover, Gogoro is advancing battery repurposing by converting end-of-life scooter batteries into energy storage systems for corporate clients. This strategy is aligned with the burgeoning energy storage market in Taiwan, projected to reach NT$250 billion (US$8 billion) by 2030.
Gogoro Targets Southeast Asia for Global Expansion Starting with Vietnam
Looking to international markets, Gogoro has identified Southeast Asia, especially Vietnam, as a key growth region. The electric scooter market in Southeast Asia is forecast to grow at over 30% CAGR from 2025 to 2030, and Gogoro intends to leverage this growth by expanding into the region.
In a strategic partnership with Castrol, Gogoro will provide electric scooter designs and battery solutions, while Castrol will manage local sales and operations. This collaboration marks a shift in Gogoro’s approach from building a complete supply chain abroad to focusing on partnerships with established global brands. Vietnam, where three million two-wheelers are sold annually, will be the first market for this joint venture, with further Southeast Asian expansion planned.
Achieving Profitability by 2028 Gogoro's Roadmap for Financial Sustainability
Despite a challenging year, with a reported net loss of US$123.2 million, Gogoro remains focused on achieving financial milestones. Chiang highlighted that the company aims to reach break-even for its energy business by 2026 and targets profitability by 2028. These goals are critical for ensuring long-term sustainability in both its scooter and energy sectors.
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