Foxconn And Gogoro Announce Strategic Partnership To Accelerate The Expansion Of Gogoro's Battery Swapping System And Smartscooters
Rhea-AI Summary
Foxconn and Gogoro have signed a Memorandum of Understanding to form a strategic partnership aimed at enhancing Gogoro's global expansion. This collaboration focuses on leveraging Foxconn's manufacturing capabilities to develop Gogoro's battery swapping technologies and Smartscooters. The partnership aligns with Gogoro's recent market activities in India and China, and it aims to meet the demand for sustainable urban mobility. Key projects will include smart batteries, vehicle engineering, and manufacturing enhancements.
Positive
- Strategic partnership enhances Gogoro's global expansion efforts.
- Leverages Foxconn's manufacturing capabilities to improve battery swapping technologies.
- Collaboration expected to accelerate Gogoro's market presence in India and China.
Negative
- None.
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On the day this news was published, HNHPF gained 3.22%, reflecting a moderate positive market reaction.
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TAIPEI, Taiwan, June 23, 2021 /PRNewswire/ -- Foxconn®, the world's largest electronics manufacturer, and Gogoro®, a technology leader that is accelerating the shift to sustainable urban mobility, today announced they had signed a Memorandum of Understanding (MOU) to form a strategic technology and manufacturing partnership. Together, the companies will accelerate Gogoro's global expansion by utilizing Foxconn's world-leading manufacturing capabilities to introduce new levels of manufacturing capabilities and scale for Gogoro battery swapping technologies and Smartscooters. The announcement follows Gogoro's recent market announcements in India and China and growing interest for its battery swapping ecosystem around the world.
"As the world embraces smart electric transportation in new ways, a key challenge is how to introduce these new innovative options to people in every corner of the world. The Foxconn -Gogoro partnership was established to meet this demand," said Young Liu, Chairman of Foxconn. "This partnership brings together Gogoro's global leadership in urban battery swapping and smart vehicle technologies with Foxconn's extensive global manufacturing capabilities to enable mass distribution of Gogoro's smart battery swapping ecosystem and vehicles."
Foxconn and Gogoro will begin collaborating on multiple projects including smart batteries, vehicle engineering and manufacturing. By integrating Foxconn's strong manufacturing, global capabilities and top quality, Gogoro will focus on its own product design, technology development, marketing and branding, expanded distribution and customer service channels.
"As the Gogoro ecosystem continues establishing itself as the industry leader in battery swapping and urban refueling, our ability to rapidly scale our manufacturing to meet global demands is vital," said Horace Luke, founder and CEO, Gogoro Inc. "Foxconn's global manufacturing leadership, focus on new innovative technologies and commitment to sustainable electric transportation made it the perfect fit for Gogoro. Together, our companies will be on the forefront of rolling out smart mobility solutions in cities around the world."
Key to Foxconn's vision for the future, is its 3+3 strategic initiative that focuses on three emerging industries and three major core technologies that include investments in electric vehicles, digital health, and robotics industries as well artificial intelligence, semiconductors and next-generation communication technologies, forming its key "3+3" (industry and technology) strategy. With this announcement, Foxconn is expanding beyond four wheels to include Gogoro's two-wheel Smartscooter vehicles as well as its battery swapping technologies. In the electric cars industry, Foxconn is assertively promoting the MIH Alliance by teaming up over 1,600 software and hardware partners. Foxconn also uses the global layout in ICT (Information and Communication Technology) to integrate the advantage of manufacturing ability and quickness to become the major partner for international automobile brands.
Foxconn has a formidable global supply chain, and possesses key component manufacturing capabilities, structural R&D capabilities and system integration services. This unique set of proficiencies allow Foxconn to vertically consolidate services, and also provide services on smart platforms. Foxconn will maintain its core ethos of sharing, and continue its dedication to innovative technologies to propel the sustainable development of our automotive ecosystem.
Gogoro has established itself as a global innovation leader in compact electric propulsion, smart battery design, battery swapping, and advanced cloud services that utilize artificial intelligence to manage battery availability and safety. At the heart of Gogoro's ecosystem is the Gogoro Network, a hyper-efficient battery swapping platform that was recognized by Frost & Sullivan with the 2020 Company of the Year Award for the Global Swappable Battery Electric Scooter Market. With nearly 400,000 riders and 2,100 battery swapping stations, Gogoro Network is hosting 270,000 daily battery swaps with nearly 200 million total battery swaps to date. In addition to the Gogoro Network, in 2015 Gogoro also unveiled its award-winning Gogoro Smartscooter as the world's first smart electric two-wheel vehicle. In 2019 it established the Powered by Gogoro Network Program (PBGN) that provides Gogoro's vehicle maker partners access to Gogoro innovations and intellectual property including its intelligent drivetrains and controllers, components and smart systems, so they can develop and roll-out unique electric vehicles that integrate Gogoro Network battery swapping.
About Foxconn Group
Established in Taiwan in 1974, Hon Hai Technology Group ("Foxconn") (2317: Taiwan) is the world's largest electronics manufacturer. Foxconn is also the leading technological solution provider and it continuously leverages its expertise in software and hardware to integrate its unique manufacturing systems with emerging technologies. To learn more, visit www.honhai.com
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 we distribute and consume urban energy. 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 intelligently manage battery availability and safety. The challenge is massive, but the opportunity to disrupt the status quo, establish new standards, and achieve new levels of sustainable transportation growth in our cities is even greater. For more information, visit www.gogoro.com/news or www.gogoro.com/investor and follow Gogoro on Twitter: @wearegogoro.
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SOURCE Gogoro
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