Gogoro to make electric two-wheelers in India; set up battery swapping network

economictimes.indiatimes.com:

Gogoro is looking to scale up investments in the Indian market to make electric two-wheelers locally and set up a battery swapping network to support these vehicles over the next few years.

“We have invested $650-700 million in Taiwan so far to set up 12,000 swapping stations, which has in circulation 1.3 million batteries for us and our partners. The Indian market is 20X that.

To set up a swapping network pan-India, the investments will run into several billion dollars. 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 already firmed up plans to invest $1.5 billion in Maharashtra to manufacture vehicles and establish swapping stations in the state by the end of the decade.

The company will make additional investments to grow its footprint in other states, Luke said, without sharing details.

Gogoro, in collaboration with Belrise Industries (earlier Badve Engineering), entered a strategic partnership with the Maharashtra government to invest $2.5 billion to develop smart energy infrastructure across the state in January 2023.

Luke said the company will pursue a three-pronged strategy to accelerate the shift to electric mobility in India. “We will make electric two-wheelers for the B2B segment in India, introduce mobility-as-a-service starting with Goa later this month.

We have also signed an agreement with MG Group to export electric two-wheelers from here to Nepal.”

Gogoro has a strategic partnership with Zypp Electric to focus on accelerating the shift of urban logistics fleets and last-mile deliveries to electric using battery swapping. The duo launched their B2B pilot in Delhi-NCR December 2022.

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