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Gogoro Retires First Generation Batteries and Invests US$31 million to Reinvent Its Energy Network
Last year, Taiwan’s scooter market was hit by geopolitical tensions, tariffs, and weaker consumer spending. Total registrations fell to 708,000 units, the lowest level since 2016.
Against that backdrop, Taiwan’s leading electric scooter brand Gogoro is launching what it calls its largest overhaul yet. On February 25, CEO Henry Chiang announced that the company will invest NT$1 billion, approximately US$31 million, this year to upgrade its energy business. The plan includes retiring Gogoro’s first generation batteries after ten years of service, rolling out a new compact battery swapping station called GoStation Q, and accelerating expansion into Vietnam.
Has Gogoro Improved Its Financial Position
One of the biggest questions surrounding Gogoro has been its losses. Despite a shrinking overall scooter market, the company reported signs of structural improvement in its 2025 financial results.
Full year revenue reached US$281.5 million, with gross margin improving to 8.3 percent, up from 2.6 percent the previous year. Operating cash flow increased from US$9.9 million in 2024 to US$31.1 million in 2025, a 216 percent jump. Net loss narrowed from US$123 million to US$80.8 million, a 34 percent reduction. Adjusted EBITDA rose to US$59.9 million, the highest in company history.
Henry Chiang said the improvement reflects the company’s focus strategy introduced last year, which narrowed vehicle platforms and deepened the battery swapping experience. Compared with years of consecutive losses, he noted, the company is now seeing clear structural changes in its financial profile.
Gogoro maintains its targets of reaching energy business breakeven in 2026, generating free cash flow in 2027, and achieving vehicle business breakeven in 2028. However, the company has not yet turned profitable. Over the next two years, whether it can meet those milestones will depend largely on sales growth and energy network utilization.
Chiang expects total scooter registrations to accelerate this year. Gogoro aims to exceed last year’s 28,000 vehicle registrations by at least 10 percent. A new family oriented model will launch on March 3, followed by a premium model designed for female riders in June.
Phasing Out First Generation Batteries and Upgrading the Network
As part of its 2026 growth strategy, Gogoro is launching a large scale energy transformation program. First generation batteries, introduced in 2015, will be fully retired in 2026. The company will simultaneously invest NT$1 billion to upgrade its energy infrastructure.
Gogoro plans to add more than 100 new battery swapping stations in high demand areas across Taiwan. It will also tighten its internal bottom tier management system, which removes underperforming batteries from circulation.
Chiang cited an example in Luzhou, New Taipei City, where a parking lot station once had a full battery availability rate of only 81 percent. After removing the lowest performing 10 percent of batteries, availability improved to 98 percent.
These reforms aim to increase user satisfaction, improve battery performance at high load stations, and ensure the safe retirement of older batteries. According to internal surveys, user satisfaction with battery swapping has improved by 26 percent over the past two years.
Vietnam Becomes Gogoro’s Overseas Test Ground
Looking abroad, Vietnam has become Gogoro’s primary expansion focus.
The Vietnamese government is aggressively promoting transportation electrification. Beginning in July, certain time periods within Hanoi’s first ring road will ban gasoline vehicles. Commercial logistics platforms will also prohibit new gasoline vehicles from joining their fleets.
Riding intensity in Vietnam far exceeds Taiwan. The average daily distance for riders in Taiwan is 34.5 kilometers, while in Vietnam it reaches 210 kilometers. Average riding time in Taiwan is about 7.2 hours per day, compared with 10 to 12 hours in Vietnam. Traditional plug in electric scooters that require four to eight hours of charging cannot meet the demands of commercial riders.
“In the Gogoro system, higher efficiency means higher income,” Henry Chiang explained. Through battery swapping, commercial riders in Vietnam can increase their daily income by 50,000 to 100,000 Vietnamese dong.
Last year, Gogoro formed a joint venture with Castrol called Castrol Gogoro Mobility. Gogoro provides the technology and products, while Castrol handles local operations. A Vietnam specific electric scooter model is scheduled to go on sale in the fourth quarter of 2026.
To adapt to fast changing commercial districts, Gogoro also unveiled its new compact swapping station, GoStation Q. The station requires only one third of the footprint of a traditional station, making site selection faster. It operates on standard 220 volt power rather than requiring dedicated high capacity electrical infrastructure, speeding deployment. A redesigned airflow system allows batteries to cool more efficiently and charge faster.
GoStation Q will undergo pilot testing in Taiwan later this year, with full deployment in Vietnam planned for 2027.
After a decade of hard-earned growth, Gogoro is shifting this year from purely technology-driven innovation to a more demand-driven approach. With NT$1 billion, approximately US$31 million, in capital expenditure to strengthen its battery swapping network and a flexible overseas strategy to improve its financial structure, whether the company can achieve true profitability, as Henry Chiang projects, remains to be seen.
This article is republished with permission from Business Next. Original article: 第一代電池退役！Gogoro投入10億升級能源網，換電體驗成勝負關鍵
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