Gogoro, a Taiwanese scooter company dubbed the Tesla of scooters, is now on Wall Street. The company made its debut on the Nasdaq on Tuesday, merging with Poema Global. The new company, now known as Gogoro Inc, will be listed under the ticker symbols GGR and GGROW.
Gogoro says it powers 97 percent of the electric two-wheeler market in its home market of Taiwan. This staggering accomplishment is in no small part down to the company’s innovative and convenient battery-swapping network.
Known as GoStations, they allow riders to quicking swap batteries, eliminating the need for a long recharge and allowing subscribers to go on their way in a matter of seconds.
The number of Gogoro GoStations will outnumber that of Taiwan’s gas forecourts in the near future. The Gogoro platform has proved so popular that it’s even used by other manufacturers, including Yamaha. They, and a dozen others, use the company’s propriety technology and network of stations — of which there are over 2,000.
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The company was founded by former Microsoft Xbox strategy lead Horace Luke. Backers include former Vice President of the United States, Al Gore, and Apple’s largest supplier, Foxconn.
Gogoro’s subsequent expansion plans include venturing into the Indian, Chinese, and Indonesian markets. Gogoro has tied up with the largest manufacturer of motorcycles globally, Hero Moto, which should see their battery-swap stations pop up across India — one of the largest two-wheeler markets in the world.
Speaking to CNN, Gogoro CEO Luke said that one of the company’s challenges in the U.S. is that many may not “understand the importance of two-wheelers.” But with the company’s sights on mobilizing nations where the vast majority can’t afford offerings from the likes of Tesla, Luke is confident that New York investors will be able to see the future. “That electrification of transportation, especially with Tesla leading the way, [creates] a great tailwind for us,” said Luke.
