According to its CEO on Tuesday, Taiwan’s Gogoro has begun producing electric scooter bikes in India and plans to establish about 100 battery swap stations by the middle of 2024, launching the company into one of the auto markets with the fastest rate of growth in the world.
Horace Luke told reporters in New Delhi that Gogoro has already committed to investing $1.5 billion in western Maharashtra state, including in a plant where it will construct its CrossOver e-scooter in collaboration with Foxconn.
According to Luke, the company has started producing e-scooters, which will initially be supplied to delivery fleet operators and bike taxis. A personal version will be introduced the following year, and the vehicles will also be exported from India. We believe that now is a good time to visit India. Before the vehicle was launched, he stated, “It’s highly significant to us and very strategically sound.”
Gogoro’s impact on Indian e-scooter market
The e-scooter market in India is tiny, accounting for only 4% of all two-wheeler sales, but it is expanding quickly because of new product launches from established brands TVS Motor, Ather, and Ola Electric, which is supported by Softbank.
By 2030, the federal government wants 70% of all new two-wheeler sales to be electric versions, and it is providing consumers with financial incentives. To reduce pollution, a number of state governments, including Delhi, are requiring fleet operators to gradually convert to electric vehicles exclusively.
Gogoro’s switch model is perfect for delivery and taxis where riders need to refill rapidly to risk losing business. It lets a customer swap out the scooter’s exhausted battery with a fully charged one.
According to Luke, Gogoro will be able to increase its base load and expand its switching stations in a “predictable” way by selling to fleets first. This will make the company’s business plan more feasible.
Luke projects that in five years, fleet operators would account for half of sales of his company’s e-scooters, with the remaining 20% going to private consumers. Additionally, he anticipates that 20% of the vehicles made in the nation will be exported to neighbouring Nepal, Southeast Asia, and other countries.
