Gogoro is undeniably one of the fastest-growing electric two-wheeler brands in Asia. It’s one of the only manufacturers to have such an efficient and easily accessible battery swapping system, and it serves as a benchmark for many other manufacturers looking to come up with swappable battery infrastructure. The brand has developed a strong presence across Asia, and continues to expand like wildfire.
Having said all that, expansion is no easy feat, and Gogoro has had its fair share of stumbling blocks. For instance, the Taiwanese company is, for now, delaying its expansion into China, citing issues surrounding geopolitical and economic uncertainty. In an article by Reuters, Gogoro stated that because of trade disputes and continuous lockdowns in China, the company was, for the meantime, looking to prioritize its expansion into other Asian markets—India and Indonesia in particular.
According to Gogoro’s CFO Bruce Aitken, nearly all of the company’s revenue was generated in Taiwan. However, the company sees massive potential in China, India, and Indonesia, three of the world’s biggest electric motorcycle and scooter markets. Indeed, some of the world’s biggest electric two-wheeler brands set up shop in these countries, and it’s clear to see why they’re regarded as EV hotspots.
However, in the case of China, Aitken feels that now may not be the right time given the current situation. “There's so much uncertainty, I think I would say, with regards to the China market in general that we're delaying our expansion plans until we have a bit more certainty and a bit more viability into what follows," he told Reuters. While they’re not abandoning plans of expansion into China altogether, Aitkens said that Gogoro is taking a more cautionary approach when it comes to expanding operations in China.
Having said that, the company has already begun taking steps towards expanding into other markets. More specifically, earlier in November, 2022, Gogoro joined forces with Zypp to set up operations in India, with a unique B2B scooter platform that leverages Gogoro's innovative battery swapping technology. Meanwhile in Indonesia, Gogoro and Gojek have been in a strategic partnership since November, 2021.