Taiwan's Gogoro plans to expand its investments in the Indian market, locally manufacturing electric two-wheelers and building a battery transfer network to support these vehicles in the coming years.
“We have invested $650-700 million in Taiwan so far to set up 12,000 swapping stations, which have in circulation 1.3 million batteries for us and our partners. The Indian market is 20X that. The investments will run into several billion dollars to set up a swapping network pan-India. We are not shy of making investments given the potential in the market here,” said Horace Luke, Global CEO Gogoro.
Gogoro, which listed on Nasdaq last year, has invested $1.5 billion in Maharashtra and has confirmed plans to build vehicles and set up transit stations in the state within 10 years. The company will work hard to increase its presence in other countries, Luke said, without sharing details.
Gogoro, in partnership with Belrise Industries (formerly Badve Engineering), signed a strategic partnership with the Maharashtra government in January 2023 to invest $2.5 billion in developing smart energy infrastructure across the state.
Luke said the company will pursue three strategies to accelerate India's transition to electric power. “We will manufacture electric two-wheelers for the B2B segment in India and introduce mobility-as-a-service from Goa later this month. We have also signed an agreement with the MG group to supply electric two-wheelers from here to Nepal.