Gogoro to make e-scooter bikes in India, rolls out battery swap network

Gogoro

12/12/2023 14:19

By Aditi Shah
       NEW DELHI, Dec 12 (Reuters) - Taiwan's Gogoro  GGR.O 
has started manufacturing electric scooter bikes in India and
will set up around 100 battery swap stations by mid-2024, its
CEO said on Tuesday, marking its entry into one of the world's
fastest-growing vehicle markets. 
    Gogoro has already committed to investing $1.5 billion in 
western Maharashtra state including in a factory where it will
build its CrossOver e-scooter in partnership with Foxconn
 2354.TW , Horace Luke told reporters in New Delhi. 
    It has begun production of the e-scooter which will first be
sold to delivery fleet operators and bike taxis, with a variant
for personal use to be launched next year, said Luke, adding it
will also export these vehicles from India.
    "We think the timing is right to come to India. It's very
strategic and very important to us," he said, ahead of the
vehicle's launch. 
    India's e-scooter market is small and makes up 4% of total
two-wheeler sales in the country but it is growing rapidly with
companies like Softbank-backed  9984.T  Ola Electric, Ather and
incumbent TVS Motor  TVSM.NS  launching new products.
    The federal government wants electric models to make up 70%
of all new two-wheeler sales by 2030 and is offering cash
incentives to buyers. Several state governments like Delhi are
also mandating fleet operators to shift to electric only over
time to curb pollution.
    Gogoro's swap model allows a customer to replace the
scooter's discharged battery for a fully charged one, making it
ideal for deliveries and taxis where riders need to refuel
quickly to avoid losing business.
    Selling to fleets first will also allow Gogoro to scale its
swapping stations in a "predictable" manner and build a base
load, making it a more viable business proposition, said Luke.
    In about five years, Luke expects half the sales of his
company's e-scooters to come from fleet operators and half from
personal buyers, and about 20% of the vehicles produced in the
country to be exported to neighbouring Nepal, Southeast Asia and
other regions.

 (Reporting by Aditi Shah
Editing by Frances Kerry)
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