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Taiwan’s Gogoro reports NT$2.92 billion Q3 revenue

Gogoro is expected to launch commercially in India and Philippines by end of year

Gogoro. (Taiwan News photo)

Gogoro. (Taiwan News photo)

TAIPEI (Taiwan News) — Taiwan's electric two-wheeler maker and battery-swapping infrastructure provider Gogoro announced NT$2.92 billion (US$91.8 million) in revenue for the third quarter on Thursday (Nov. 16).

Third-quarter revenue was down 10.2% year-over-year. Gogoro said sales of hardware for Q3 came in at US$58.2 million, representing a 19% decline from a year earlier.

The company noted that sales of electric scooters during the third quarter were negatively impacted by deep discounts for gas-powered scooters introduced by Taiwanese scooter makers. Gogoro said it decided against slashing prices for its vehicles as it was not in the best interests of its long-term growth strategy.

Compared to the same quarter last year, sales of electric scooters in Taiwan were down 13%, while Gogoro branded electric two-wheelers were down 18%.

Meanwhile, battery swapping service revenue for Q3 was US$33.6 million, up 10.4% from a year earlier. Total subscribers at the end of the third quarter were over 570,000, up 12.9% compared to the same quarter last year.

Gross margin for the third quarter was 18.3%, up from 17.4% in the same quarter last year. Net loss was US$3.1 million.

Gogoro said its 2023 estimated revenue guidance of US$340 million to US$370 million remains unchanged based on the current market outlook. It added the company will generate about 95% of its 2023 full-year revenue from the Taiwan market.

“Gogoro continues to see strong demand across Asia and internationally for smart electric two-wheel vehicles and battery swapping,” said Horace Luke (陸學森), Gogoro founder and CEO. “Following successful pilots in India and the Philippines, we expect to launch commercially in these markets by the end of the year.”