last yearAnnounceAfter strengthening its energy network development, simplifying its vehicle product line, and balancing the controversy surrounding the difficulty of swapping for fully charged batteries with its off-peak unlimited riding plan, Gogoro summarized its operating cash flow for last year at an event today (February 25). The cash flow reached US$31.1 million, a 216% increase compared to the previous year. Net loss decreased to US$80.8 million, a 34% reduction, marking a new low in the past two years. Adjusted EBITDA was US$59.9 million, a 34% increase compared to the previous year.
Continuing its focus on the vehicle business, overseas business, and deepening its energy business announced in 2025, Gogoro will prioritize achieving break-even in the energy business this year and accelerating its growth.
A new mid-to-high-end model targeting women and families is about to be unveiled.
Regarding vehicle products, Gogoro pointed out that the motorcycle market from 2022 to 2025 has shifted towards entry-level models dominating market share, accounting for 45.9% overall, with a growth rate of 4.5%. Meanwhile, the proportion of female users in the mid-to-high-end market continues to increase, currently reaching 56%, a growth rate of 7%, and Gogoro's female user base has maintained steady growth from 2015 to 2025.
In light of this trend, Gogoro CEO Chiang Chia-wei announced plans to launch a new mid-to-high-end women's car model this year, targeting the female market. Furthermore, in response to Taiwan's declining birth rate, they plan to launch a new car aimed at families on March 3rd, revealing a potential collaboration with a well-known IP. A silhouette image shown at the launch event suggests a possible collaboration with Disney on a Toy Story-themed design.
Regarding the user experience, Jiang Jiawei announced that more activities will be added to allow existing owners to participate and enjoy the ride more.
Improving the battery swapping experience through bottom-ranking management, first-generation batteries are being completely retired.
Regarding the energy business, Jiang Jiawei explained that Gogoro aims to replace 50,000 batteries per month by 2025, doubling the number of replacements in 2024. He also emphasized improving the satisfaction of GoStation battery swapping stations through a bottom-ranking management system, which focuses on improving the poor battery usage experience of individual swapping stations. Furthermore, the system will be flexibly adjusted according to the usage needs of individual swapping stations, such as expanding the number of battery slots and charging methods, to further improve the user satisfaction of charging stations. He stressed that the goal is to increase owner satisfaction by 26% within two years.
In addition, Gogoro plans to expand its battery swapping network by 100 stations in Taiwan by 2026 and invest NT$10 billion to improve the battery swapping experience. Regarding the first batch of Gogoro batteries put into use 10 years ago, Chiang Chia-wei announced that they will be completely retired, with plans to redirect their use to power smart transportation equipment or for recycling purposes as they may no longer be usable.
Focusing on the Vietnamese market, and conducting on-site testing of the new modular battery swapping station GoStation Q.
Regarding overseas business development, Jiang Jiawei emphasized that the focus will be on the Vietnamese market. In response to the Vietnamese government's regulations prohibiting the use of traditional fuel vehicles during specific periods and completely banning the use of fuel vehicles on commercial platforms, the ban will be implemented in parts of the first ring road in Hanoi starting in July 2026, and is expected to be expanded to the third ring road by 2030. It is planned to promote the introduction and application of electric motorcycles through the joint venture between Gogoro and Castrol, Castrol Gogoro Mobility, and accelerate the local layout in Vietnam through large-scale replication.
In its initial plans, Gogoro expects to build 24 battery swapping stations in Ho Chi Minh City in the second quarter of this year and promote commercial fleet pilot programs for local taxi, catering, freight services, and food delivery platforms.
In addition, Chiang Chia-wei also announced the expansion of the energy network product portfolio, launching a new small-scale battery swapping station called GoStation Q. Not only does it require only one-third the construction area of the original battery swapping station, but it also boasts that it can operate with only 220V power supply. This means that in Southeast Asian markets such as Vietnam, it can operate simply by connecting to the local grid power, without having to directly draw power from Taiwan Power Company and then perform voltage conversion as in the Taiwan market. This will allow for faster deployment. At the same time, because it uses a relatively low voltage, it also improves charging efficiency with optimized heat dissipation structure.
Gogoro will first test the use of GoStation Q in Vietnam, and may bring it back to the Taiwan market in the future. It may even combine it with modular design to accelerate the expansion and upgrading of GoStation battery swapping stations.
