Gogoro postponed its expansion plans into China, citing geopolitical and economic uncertainties. In a report written by Reuters, Gogoro stated that the trade dispute and ongoing lockdown there made the company put its expansion plans on hold.
According to Gogoro’s CFO, Bruce Aitken, nearly all of the company’s revenue is generated in Taiwan. However, the company sees great potential in China, India and Indonesia, the world’s three largest markets for electric motorcycles and scooters.
Indeed, some of the world’s biggest electric motorcycle brands are setting up shop in these countries, and it’s clear why they’re considered EV hotspots.
However, in the case of China, Aitken feels that now may not be the right time, given the unfavorable situation.
“There are so many uncertainties. Due to the unfavorable situation in the Chinese market, in general we are holding off on any expansion plans there. We have little certainty of survival going forward,” he told Reuters.
This delay doesn’t mean they don’t want to enter the Chinese market, Aitkens said that Gogoro is taking a more cautious approach when it comes to expanding operations in China.
Therefore, the company started taking steps to expand into other markets. More specifically, in early November 2022, Gogoro joined forces with Zypp to start operations in India, on a B2B scooter platform.