Taiwanese startup Gogoro Inc. sees huge scale for its battery-swapping technology in India, joining the race to get a slice of an electric vehicle market which is expected to reach 400 times its current size by the end of the decade.
(Bloomberg) — Taiwanese startup Gogoro Inc. sees huge scale for its battery-swapping technology in India, joining the race to get a slice of an electric vehicle market which is expected to reach 400 times its current size by the end of the decade.
“India represents the holy grail where we see our technology making an impact,” said Horace Luke, the chief executive officer and founder of Gogoro Inc. on Bloomberg TV Tuesday. The electric scooter and battery-swapping-station maker is going to get its “technology honed, fine-tuned and calibrated to the India condition.”
Last week the company tied up with India’s Zypp Electric and announced a pilot in New Delhi. Gogoro will watch out for how its technology fares in India’s climate conditions, Luke added.
This comes at a time when the government has been pushing for faster adoption of electric scooters and rickshaws in India, launching a battery-swapping program earlier this year. It expects investments in the Indian EV industry to more than triple to $20 billion by 2030 from $6 billion in 2021.
The company currently has more locations than gas stations in Taiwan, Luke said. He sees commercialization with its Indian partner Hero MotoCorp Ltd. “as well as other partners coming around the corner” as key to scaling the business in India.
–With assistance from Rishaad Salamat, Anand Menon and Haslinda Amin.
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