Gogoro reportedly in trouble
A little over a year ago, Globe’s 917Ventures Inc., Ayala Corporation, and Gogoro formalized their partnership for a transformative deal with the establishment of a Joint Venture, Gogoro Philippines Inc. (Gogoro Philippines). The JV was envisioned to revolutionize the Philippine transportation landscape and deliver clean and sustainable mobility, utilizing Gogoro's electric two-wheel vehicles and battery-swapping network.
Unfortunately, with Gogoro e-bikes having a price tag starting at PHP 255,000, the Taiwanese brand has never really taken off here in the country. This already includes the fact that the government had already imposed ZERO tariffs on electric vehicles (EVs) until 2028.
For the same amount of money, Filipinos would rather buy a decent 2nd hand car or van that could carry more people and goods.
Regarding its battery swapping network, Gogoro Philippines has established 15 GoStations across Metro Manila, with an additional station in Nuvali, Sta. Rosa, Laguna.
That said, industry insiders say that the Ayalas are already contemplating shutting down Gogoro to cut on losses. And it’s no good news in abroad for Gogoro as well.
Last month, Gogoro’s founder and CEO, Horace Luke, stepped down amid allegations of fraud. The allegations claimed that Gogoro – being eligible for government subsidies for using only domestically sourced parts and components – has been sourcing parts and components from China.
Investors were not happy, of course, and the company’s stock price dropped dramatically as a result.
In Indonesia, which is the largest two-wheel market in Southeast Asia, the company’s joint venture with Gojek has reportedly been abandoned three years after they announced the strategic partnership. Insiders from Gojek claim that “Gogoro wasn’t really interested in doing a joint venture” and that the two companies’ expectations didn’t align in the end.
So what’s next for Gogoro here in the PH? Would offering budget-friendly products make Juan Dela Cruz consider buying a Gogoro?
