Gogoro and Cycle & Carriage Launch Battery Swapping with Three Smartscooters in Singapore

Rhea-AI Summary

Gogoro Inc. (Nasdaq: GGR) and Cycle & Carriage are set to launch battery swapping and Smartscooters in Singapore this month. The partnership aims to introduce a new generation of two-wheel urban transportation and refueling, aligning with Singapore's proactive approach to EV adoption and the LTA's TR25 electric vehicle charging standard.

Three Gogoro Smartscooter models will be introduced: Viva Mix (150km range), Premium (170km range), and SuperSport (170km range with enhanced safety features). The Gogoro Network, which has been successful in Taiwan with over 610,000 riders and 1.4 million smart batteries, offers quick and safe electric refueling through its battery swapping stations.

With only 1% of registered two-wheel vehicles in Singapore being electric in 2023, there is significant market potential for growth. Gogoro Smartscooters are priced competitively, comparable to internal combustion engine two-wheel vehicles in the market.

Positive

• Introduction of three new Smartscooter models in Singapore market
• Partnership with Cycle & Carriage for distribution in Singapore
• Alignment with Singapore's Green Plan 2030 and EV adoption initiatives
• Competitive pricing comparable to internal combustion engine vehicles
• Potential for market growth with only 1% of two-wheel vehicles being electric in 2023

Negative

• None.

SINGAPORE, Oct. 16, 2024 /PRNewswire/ -- Gogoro Inc. (Nasdaq: GGR), a global technology leader in battery-swapping ecosystems that enable sustainable mobility solutions for cities and its exclusive Singapore distribution partner, Cycle & Carriage, today announced they will be launching Gogoro battery swapping and Smartscooters in Singapore later this month.

"Together with Cycle & Carriage, we are introducing a new generation of two-wheel urban transportation and refueling in Singapore. Gogoro battery swapping provides a quick, easy and safe electric refueling experience that doesn't require parking or time to charge," said Henry Chiang, CEO of Gogoro. "Singapore has taken a proactive approach to accelerating EV adoption and the Singapore LTA's TR25 electric vehicle charging standard has established a strong set of requirements for Southeast Asia to embrace."

"Gogoro is Cycle & Carriage's first foray into the two-wheeler electric mobility business here in Singapore and it highlights our commitment to support the Singapore Green Plan 2030," said Wilfrid Foo, Managing Director of Cycle & Carriage Singapore. "While battery swapping technology is relatively new here, we believe in the products and our partnership with Gogoro will accelerate the growth."

Three Gogoro Smartscooters
C&C is launching three Gogoro Smartscooter models:

• Gogoro Viva Mix - Gogoro Viva Mix is a lightweight, nimble Smartscooter that is compact and has a riding range of up to 150km.
• Gogoro Premium - Gogoro Premium boasts a range of up to 170km with a 6.4kW of power output.
• Gogoro SuperSport - Gogoro SuperSport comes with many Smart Features to enhance rider safety and up to 170km riding range.

Gogoro Battery Swapping
The Gogoro Network is a new generation of swappable battery refueling that is smart, safe and continually optimizing itself to be dynamic and versatile for riders, business, and communities. In Taiwan's cities, Gogoro has more battery swapping stations than gas stations and the Gogoro Network supports more than 610,000 riders and has more than 1.4 million smart batteries in circulation through its network of 12,500 battery swapping GoStations racks at over 2,500 locations. There are more than 400,000 daily battery swaps and more than 630 million total battery swaps to date. Gogoro battery swapping has avoided more than 1 million tons of CO2 emissions.

Singapore Market Demand
With only one percent of 2023 registered two-wheel vehicles on the road being electric, there is a strong market potential for more electric two-wheel vehicles in Singapore. With the Gogoro Smartscooters being priced competitively, the cost is comparable to internal combustion engine two-wheel vehicles in the market.

About Cycle & Carriage
At Cycle & Carriage, we are passionate about creating people-focused experiences and exceptional journeys. Founded in 1899 in Kuala Lumpur, we are now a leading regional automotive group in Southeast Asia. Cycle & Carriage distributes, retails, and provides aftersales services for passenger cars as well as commercial vehicles in Singapore, Malaysia and Myanmar. Cycle & Carriage is a member of the Jardine Cycle & Carriage Group.

From passenger cars and commercial vehicles to used cars, Cycle & Carriage Singapore is one of the most diversified automotive groups in the country. With a network of six showrooms and service centers, and representing world-class brands such as Mercedes-Benz, Mitsubishi, Kia, Citroën, DS Automobiles, Maxus, ORA, smart, Gogoro and used car arm, Republic Auto, we are committed to support our customers at every step of the way. At Cycle & Carriage Singapore, we are also dedicated to enable our people to follow their best paths. We have been one of HR Asia's 'Best Companies to Work For' since 2015.

Cycle & Carriage Singapore: www.cyclecarriage.com.sg

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 Fortune as a "Change the World 2024" company;  Fast Company as "Asia-Pacific's Most Innovative Company of 2024"; Frost & Sullivan as the "2024 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 2024, 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.

 

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SOURCE Gogoro Inc.

FAQ

When will Gogoro (GGR) launch battery swapping and Smartscooters in Singapore?

Gogoro Inc. (Nasdaq: GGR) and Cycle & Carriage will launch battery swapping and Smartscooters in Singapore later this month (October 2024).

What Smartscooter models is Gogoro (GGR) introducing in Singapore?

Gogoro (GGR) is introducing three Smartscooter models in Singapore: Viva Mix (150km range), Premium (170km range), and SuperSport (170km range with enhanced safety features).

How does Gogoro's (GGR) battery swapping network perform in Taiwan?

In Taiwan, Gogoro's (GGR) battery swapping network supports over 610,000 riders, has 1.4 million smart batteries in circulation, and has completed more than 630 million total battery swaps, avoiding over 1 million tons of CO2 emissions.

What is the current market share of electric two-wheel vehicles in Singapore for Gogoro (GGR)?

As of 2023, only 1% of registered two-wheel vehicles in Singapore were electric, indicating a strong market potential for Gogoro's (GGR) electric Smartscooters.