Gogoro Set for Q4 Philippine Launch, Expanding to Seventh Overseas Market – EQ Mag
Gogoro, in partnership with local Philippine companies Ayala and Globe Group, is announcing its entry into the Philippine market. Sales are expected to commence in the Metro Manila area during the fourth quarter of this year.
Their collaboration marks the first introduction of Gogoro’s battery-swapping transportation solution in the Philippines, setting a precedent for sustainable transportation in the country. The Philippines will be Gogoro’s seventh overseas market, following its move into China, India, Japan, Indonesia, South Korea, and Israel.
Gogoro currently has 540,000 customers in Taiwan, with 12,000 battery-swapping stations and over one million batteries in circulation. The company handles an average of 400,000 battery swaps a day, making it the largest battery-swapping network in the world. Unfortunately, Gogoro’s expansion into overseas markets has not always been smooth sailing.
Initially, the company aimed to penetrate high-consumption European markets with its premium product line. However, the products’ form factor was incompatible with the European lifestyle. In recent years, Gogoro has found heavyweight partners in China, India, and Indonesia, where the transportation landscape is far similar to Taiwan, paving the way for a new strategy in expanding to overseas markets.
The two Philippine companies collaborating with Gogoro are both major conglomerates. Ayala, has been a key collaborator in the Philippines’ national development since 1834. The company recorded revenues of US$4.6 billion in 2022 and employs over 80,000 people. Ayala is involved in a number of industries, including real estate, telecommunications, logistics, and insurance, making it a powerhouse in the Philippines. Similarly, Globe Group, another major telecom service provider in the country, reported revenues of $4.2 billion. They are joining Gogoro’s expansion in the Philippines through their subsidiary, 917 Ventures, recognizing the future potential of zero-emission transportation.
It is worth noting that Gogoro will not be partnering with an automaker this time for their Philippine expansion. This means Gogoro will be producing and selling its own vehicles in the country. As for the possibility of setting up overseas manufacturing facilities, no specific plans have been disclosed at this time.
Compared to Taiwan, fuel prices in the Philippines are considerably higher, with the current price of gasoline in Manila at approximately NT$42/liter (US$1.37). This price difference may be a significant incentive for local residents to switch over to electric scooters.
Source: energytrend
