Gogoro says JEGO's initial sales show strongest demand for a Smartscooter since the pandemic began with the majority or pre order customers being first time EV buyers.
Gogoro expects to realize the fully-paid JEGO preorder revenue in Q2 2024.
TAIPEI, Taiwan, April 24, 2024 /PRNewswire/ -- Gogoro Inc. (Nasdaq: GGR), a global technology leader in battery-swapping ecosystems that enable sustainable mobility solutions for cities, has begun deliveries of its new JEGO Smartscooter in Taiwan. Exceeding 6,500 fully-paid preorders, JEGO sales are showing the strongest demand for a Gogoro vehicle since the beginning of the pandemic.
"JEGO has touched a positive chord with a new market segment of Taiwan riders - nearly all of our 6,500 pre order customers are first time EV riders. They are looking for a smart, convenient and sustainable vehicle and are not just embracing JEGO's innovation and design but also access to Gogoro's vast battery swapping network," said Horace Luke, founder and CEO of Gogoro. "Initial JEGO sales are surpassing our expectations and showing the strongest demand we've seen since the beginning of the pandemic. With deliveries beginning this week, we expect to realize JEGO's pre order revenue this quarter."
The 6,500 fully paid JEGO pre-orders received are not reflected in the Taiwan government's Q1 vehicle registration data. As JEGO deliveries have just begun, the vast majority of sales will not be included in April vehicle registration data which will be published in early May. These pre-orders will be included in Taiwan registration data when the vehicles are registered and Gogoro will account for the vehicle revenue upon customer delivery.
The new JEGO Smartscooter has a new body design and is equipped with many of Gogoro's core vehicle innovations. Yet, it is available at an aggressive starting price of USD$760 after government subsidies. Gogoro also introduced a new promotional battery swapping subscription plan that starts at USD$7 per month for 1,000km of range when prepaid for 36 months, its lowest priced subscription plan ever.
For more information on the JEGO Smartscooter, visit www.gogoro.com/smartscooter/JEGO.
ABOUT GOGORO
Founded in 2011 to rethink urban energy and inspire the world to move through cities in smarter and more sustainable ways, Gogoro leverages the power of innovation to change the way urban energy is distributed and consumed. Recognized by Fast Company as "Asia-Pacific's Most Innovative Company of 2024"; Frost & Sullivan as the "2023 Global Company of the Year for battery swapping for electric two-wheel vehicles"; and, MIT Technology Review as one of "15 Climate Tech Companies to Watch" in 2023, Gogoro's battery swapping and vehicle platforms offer a smart, proven, and sustainable long-term ecosystem for delivering a new approach to urban mobility. Gogoro has quickly become an innovation leader in vehicle design and electric propulsion, smart battery design, battery swapping, and advanced cloud services that utilize artificial intelligence to manage battery charging and availability. The challenge is massive, but the opportunity to disrupt the status quo, establish new standards, and achieve new levels of sustainable transportation growth in densely populated cities is even greater. For more information, visit www.gogoro.com/news and follow Gogoro on Twitter: @wearegogoro.
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Gogoro's future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "going to," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern Gogoro's expectations, performance, strategy, priorities, plans or intentions. Forward-looking statements in this communication include, but are not limited to, statements by Gogoro's founder, and chief executive officer, such as the market opportunity and transition to electric mobility, the capability of Gogoro's technology and products, Gogoro's ability to realize the relevant revenue on time, and Gogoro's business plans and opportunities including the plans and opportunities to maintain the momentum of sales. Gogoro's expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks related to the impact of the COVID-19 pandemic, risks related to macroeconomic factors including inflation and consumer confidence, risks related to the execution of its business plans including its business plans to incentivize consumers to purchase Gogoro two-wheeled electric vehicles or to use battery swapping service, risks related to the Taiwan scooter market, risks related to political tensions, risk related to purchase order cancellation by customers, risk related to any infringement of other companies intellectual properties including trademark or patents, Gogoro's ability to effectively manage its growth, Gogoro's ability to launch and ramp up the production of Gogoro battery swapping stations and two-wheeled electric vehicles and control its manufacturing costs and manage its supply chain issues, Gogoro's risks related to ability to expand its sales and marketing abilities, Gogoro's ability to develop and maintain relationships with its partners, risks related to operating in Taiwan market, regulatory risks and Gogoro's risks related to strategic collaborations or alliances including Gogoro's ability to enter into and execute its plans related to strategic collaborations or alliances in order for such strategic collaborations or alliances to be successful and generate revenue, the ability of Gogoro to be successful in the consumer and B2B market, risks related to Gogoro's ability to achieve operational efficiencies, the risks related to the need for Gogoro to invest more capital in strategic collaborations or alliances, and the risk related to tentative or permanent suspension or termination of government subsidies for purchasing two-wheeled electric vehicles. The forward looking statements contained in this communication are also subject to other risks and uncertainties, including those more fully described in Gogoro's filings with the Securities and Exchange Commission ("SEC"), including in Gogoro's Form 20-F for the year ended December 31, 2022, which was filed on March 31, 2023 and in its subsequent filings with the SEC, copies of which are available on our website and on the SEC's website at www.sec.gov. The forward-looking statements in this communication are based on information available to Gogoro as of the date hereof, and Gogoro disclaims any obligation to update any forward-looking statements, except as required by law.
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SOURCE Gogoro Inc
Gogoro Media contact: Jason Gordon, +1 206 778 7245, jason.gordon@gogoro.com
