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Taiwanese electric two - wheeler maker Gogoro has deferred itshighly ambitious plans for India , as New Delhi has not yet launched an anticipated scheme for assault and battery swapping , a company executive said . In the meantime , the company has started a bike - taxicab pilot with aggregator Rapido to test its vehicles before their commercial release .
Gogoro is “ forced to wait for the finalization of incentive scheme ” from the Indian government before ramping its vehicle sale and bombardment multitude production in the country , conscientious objector - founder and CEO Horace Lukesaidduring the company’sQ2 earningscall on Thursday .
“ We had forecasted revenue from India for 2024 , but due to the postponement in carrying out in subsidies to include battery swapping vehicles , most of it is now projected for 2025 , ” the executive told investor .
Luke also underscore the ship’s company was working with the Amerindic heavy industries ministry to ensure that the expected iteration of the government ’s Faster Adoption and Manufacturing of ( Hybrid & ) Electric Vehicles ( or FAME 3 ) will propose the same benefits to battery - switch vehicles and infrastructure that it gave to charging electric vehicle earlier .
In 2019 , the Native American government released FAME 2 with a budgetary apportioning of $ 1.19 billion ( 10,000 crores Amerindic rupees ) to provide subsidy to EV purchaser in the country . It wasexpanded to over $ 13 billionin February this year , though the scheme live on until March 31 .
Despite delaying its original plan , Gogoro is bullish on India , as its homegrown grocery is moribund . In December , the companylaunched its battery - swop connection and three bright scootersin the Indian market to begin its expansion .
“ We are still operate at a loss and still investing for growth because we believe the markets that we are targeting . India , Southeast Asia , and other markets are ripe for galvanic vehicle disruption , ” Luke said on the net call .
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Gogoro has plunge a pilot programme with ride - herald startup Rapido , the executive tell , without disclosing further details .
Rapido co - father and CEO Aravind Sanka confirmed to TechCrunch that the original is currently live in New Delhi , with plans to have around 1,000 Gogoro vehicles .
Depending on the pilot ’s winner , the companies will decide on its expansion , Sanka said .
Gogoro started look at India as its next swelled food market in 2021 bytying up with Native American machine hulk Hero MotoCorp . It also invest $ 1.5 billion in Maharashtra last yr andbacked EV fleet management startup Zypp Electric in its $ 25 million roundto test operations in the country .
On the net income call , Luke said Gogoro is “ actively collaborating with five Amerind local electrical two - wheeler OEMs and have start vehicle examination for the deployment of these powered by Gogoro internet solutions ” in the country .
“ These collaborations impart to market a variety show of products at humble price point , and the initiation of try out these solutions marks an exciting step forrad in expanding our bearing and provide a wider range of fomite options to B2B customers in India , ” he said .
In an audience with TechCrunch last twelvemonth , Luke express the company had invested “ decade of zillion ” of clam in India and is prepare to put more money in .
In Q2 , Gogoro saw over 6,500 reserve Order for its Pulse and JEGO vehicle , valued at $ 12.3 million . However , the ship’s company noted in its 2024 guidance that the Taiwanese two - wheeler mart is softer and “ strong sales ” of its JEGO put the average sales damage pressure .
