https://external-preview.redd.it/vP0xgY9WPKKU7ymTWjN51EHMwP6ov5L7MMOucJh1SWI.jpg?auto=webp&s=d964701ad6a17dfe1809ba08ff8584d638f85fdf

Gogoro is a battery swapping company for two wheelers which has accumulated over 500,000 customers in their BaaS network. Yearly revenue is around 400 million USD and almost fully coming from Taiwan market.

As a head up to all interested, they are on November 3 revealing their plans for India. As far as we know Gogoro is making co-operation with Indian company Hero Motocorp which is one of the largest two-wheeler manufacturers in the world and also with Foxconn which is world’s largest technology manufacturer and service provider (which has indicated that they would like to build the battery swapping network in India preferably with Gogoro). The potential would be enormous in case they success with go to market.

[https://www.bikedekho.com/news/breaking-gogoro-to-reveal-plans-for-india-on-november-3-15259](https://www.bikedekho.com/news/breaking-gogoro-to-reveal-plans-for-india-on-november-3-15259)

Let’s talk about the elephant in the room first. Taiwan and China relations are not the best at the moment. This is generating a substantion geopolitical risk for Gogoro. The ones who suspect that China will invade Taiwan anytime soon should stop reading at this point and skip to the next thread. However, the ones who think that China is far too busy with other topics at the moment than trying to invade Taiwan and risking their already poor economical performance with sanctions are free to check this opportunity out.

As a typical SPAC company Gogoro’s journey in Nasdaq has been a bumpy ride down (with very low volume). In addition to overall SPAC sentiment, geopolitical risks, covid restrictions and challenges in first overseas expansion efforts in China the financial performance is relatively good. The company has a solid revenue stream, finance muscles for expansion and increasing userbase (sticky users who pay monthly subscriptions). There is room to grow in Taiwan (population 25 million) but main opportunity lies in countries like India, Indonesia and other south east asian countires with high scooter usage.

Gogoro’s product is second to none in the market. In industry reviews Gogoro is in top position in battery swapping for two wheelers. I’ve been checking out multiple competitor products and my honest subjective opinion is that Gogoro simply seems to be the best. Marketing material etc. is top notch like Apple or Tesla for example. Other competitor’s products looks like some garage engineering start ups 🙂 As a clarification the main idea for Gogoro is to build battery swapping network so that other manufacturers could use the Powered By Gogoro Network (a bit like Android). They already have 10+ manufactures onboard.

Maybe the most serious competitor is Gachaco (I always need to Google the name as I can’t remember it). It’s based on Honda’s technology and looks pretty decent. There are also plenty of companies planning to build a scooter based on that product. However, just by checking the product and marketing material I’m not fully convinced. Compared to Gogoro there are additional steps when switching the batteries and the overall marketing material isn’t so good and appealing to public (my personal opinion). They have launced small pilots in Japan and India but there obviously seems to be a very long road ahead of them to improve their product and there surely is lot to catch up with Gogoro which has around 10 years experience of finetuning the product and services (AI etc.). Also even if the Gachaco would grow their market share then there still is a room for couple of players. It is also nice to know that scooters can have multiple battery variations as for example Yamaha has scooters in Taiwan which are based on Gogoro technology.

CEO Horace Luke who has background in innovating Xbox and succesfully launcing HMD phones in the past is very capable guy. He has a passion to sustainability and no suprise he was the one who initiated battery swapping for two wheelers in the first place by inventing the products. Btw, his name is in many of the patents so really this guy knows what he is doing and is really hands in the sand guy with can do attitude.

No doubt Gogoro is a risky bet but the potential is also enormous. In a long run two wheeler’s sustainability topic in big cities has to be addressed in a one way or another and battery swapping sounds much more practical than hundreds of millions of individual users charging with wires. Gogoro might or might not be the rainmaker in the industry in the next decade but it has a good chance. Successful India expansion would surely ensure a payday for all $GGR investors (especially for the ones who have loaded up shares with $3 prices). For the ones who prefer less risk then it might be good idea to follow up the financial performance for some time as you can always jump on board a bit later.

I own plenty of Gogoro shares and I’m willing to take the risk at this point. However, I’m not a financial advisor so make your own dd 🙂

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