TAIPEI (Taiwan News) — Taiwan’s Gogoro Inc. will form a joint venture with conglomerate Ayala Corporation to distribute and maintain electric scooters in the Philippines, reports said Saturday (Aug. 26).
Apart from importing Gogoro electric scooters into the Philippines, the venture will also open battery swapping stations, Nikkei Asia reported. The Ayala Group includes the largest property developer in the Philippines, but is also involved in banking, telecom, and shopping malls.
Gogoro will invest a share of 30% in the US$8.5 million (NT$270.53 million) venture, with 21% coming from Ayala, and 49% from 917 Ventures. The venture capital company is a subsidiary of the Ayala Group’s Globe Telecom.
The Philippines conglomerate also concluded a marketing agreement with China’s battery and electric vehicle (EV) maker BYD Co., Ltd. to help efforts to cut carbon emissions, the report said. The Southeast Asian country only counts 10,000 registered EVs, mostly scooters and three-wheel vehicles, leaving Ayala with an opportunity to expand its business.