Gogoro Ventures into India’s Electric Scooter Market, Eyes 100 Battery Swap Stations

By Editor


Gogoro, the Taiwanese electric scooter giant, has stepped into India’s burgeoning electric vehicle (EV) landscape, unveiling plans to manufacture electric scooters and establish approximately 100 battery swap stations across the nation by mid-2024. The announcement came from CEO Horace Luke during a press briefing held in New Delhi on Tuesday.

The company is set to invest $1.5 billion in western Maharashtra state, with a focus on a manufacturing facility in collaboration with Foxconn, aimed at producing their CrossOver e-scooter. Initial sales will target delivery fleet operators and bike taxis, with a consumer-focused variant slated for release next year. Notably, Gogoro plans to export these vehicles from India, marking a strategic move for the company.

“We think the timing is right to come to India. It’s very strategic and very important to us,” Luke remarked, underscoring the significance of entering India’s dynamic market.

While presently constituting only 4 percent of total two-wheeler sales in the country, India’s e-scooter market is rapidly expanding, fueled by companies like Ola Electric, Ather, and TVS Motor. McKinsey in a report on India electric two-wheel market forecasts indicate electric two-wheelers capturing 60 to 70 percent of new sales by 2030.

Aligned with the Indian government’s ambitious vision, which aims for electric models to represent 70 percent of all new two-wheeler sales by 2030, Gogoro’s battery swap model stands as an efficient solution for quick refueling—a crucial factor for delivery services and taxis seeking uninterrupted operations.

Luke emphasized targeting fleet sales initially as a strategic move to scale swapping stations in a predictable manner, creating a sturdy operational base. Anticipating future growth, he envisions 50 percent of their e-scooter sales coming from fleet operators and the remainder from individual buyers within the next five years. Furthermore, around 20 percent of the vehicles produced in India are earmarked for export to neighboring Nepal, Southeast Asia, and other global regions.

Gogoro’s entry into India marks a pivotal moment not only for the company’s global expansion but also for catalyzing India’s shift toward sustainable mobility solutions. As the country navigates towards an electrified future, Gogoro aims to carve a significant presence within this evolving landscape.

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