TAIPEI (Taiwan News) — Taiwan's electric scooter maker Gogoro on Wednesday (Feb. 7) released its fourth quarter and full year 2023 financial results.

Gogoro said its 2023 fourth-quarter revenue was US$91.5 million (NT$2.87 billion), representing a 4.1% year-over-year decline. Hardware sales were US$59 billion during Q4, down 7.9% from a year earlier.

The company noted electric two-wheeler sales were affected by “deep discounts” offered by gas-powered scooter makers in Taiwan. While the company lowered its average selling price by 9.3% in Q423, it did not offer large discounts similar to its gas-powered peers, so as not to affect its long-term growth strategy.

Battery swapping revenue for the fourth quarter was US$32.5 million, up 3.7% year-over-year. The service had 587,000 subscribers by the end of December, up 11.6% from a year prior.

Meanwhile, total revenue for 2023 was US$349.8 million, down 8.6% year-over-year. Hardware sales were US$218 million, down 16.5% year-over-year.

The company added that sales of electric two-wheelers were down 9% compared to 2022, while Gogoro-branded vehicles were down 12.3%. Local competition from the gas-powered sector and overall macroeconomic uncertainty hindered the electric scooter market in 2023, Gogoro said.

Battery swapping service revenue for 2023 came in at US$131.8 million, up 8.3% year-over-year.

Net loss during the fourth quarter was US$27.5 million, while net loss for the full year 2023 was US$76.9 million.

Looking ahead, Gogoro said it expects to generate 2024 revenue between US$385 million to US$420 million. It said 90% of that revenue is forecast to come from the Taiwan market and 10% from the international market.