Gogoro Inc (睿能創意), an electric scooter and battery network supplier, yesterday said it has signed an agreement with Castrol Holdings to form a joint venture, aimed at making inroads into the Vietnamese electric scooter market, leveraging the British oil company’s local market knowledge.
The joint venture is an essential part of Gogoro’s turnaround efforts by streamlining its overseas expansions and product portfolio, acting chief executive officer Henry Chiang (姜家煒) told an annual media gathering in Taipei.
Gogoro’s goal is to reach a break-even point for its battery business next year and turn a profit in 2028 on a consolidated basis, he said.
Photo: CNA
For the full year last year, Gogoro reported a wider net loss of US$123.2 million, compared with a net loss of US$76 million in 2023.
Regarding its electric scooter business, Gogoro plans to reduce its product lines to five and optimize its platform to shorten development cycles in response to customers’ purchasing behaviors, he said.
On the overseas expansion, Gogoro is making a strategic shift to concentrate its resources on one overseas market at a time, Chiang said.
In addition, Gogoro would team up with local partners to build a foothold, he said, adding that Castrol is a suitable candidate as it has built a strong presence in Vietnam.
That is a major shift in the company’s overseas expansion strategy as Gogoro has been ambitiously trying to create the whole supply chain overseas, aiming to duplicate its domestic success, Gogoro said.
“We now want to play a key role. We do not have to be all-around,” Chiang said.
Under the agreement with Castrol, Gogoro would be responsible for the development of electric scooters and providing battery solutions, while Castrol would handle major business decisions and operation of the joint venture, he said.
The Vietnam project is just the first step, he said, adding that 3 million two-wheelers are sold in Vietnam yearly.
The company is eyeing the massive Southeastern Asia market, which is forecast to grow at an annual rate of 30 percent from this year to 2030, Chiang said, citing a McKinsey & Co forecast.
“Southeastern Asia is a market Gogoro cannot miss out on,” he said. “The electric-vehicle market is taking shape there.”
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