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Gogoro, the darling of the electromobility world in Asia and elsewhere, faces turmoil, loses its CEO, and is revamping itself.
Global research and consulting firm Frost & Sullivan has recognized Gogoro AS with its 2024 Global Company of the Year Award for its leadership in the electric two-wheeler (E2W) battery-swapping market.
The recent shakedowns at Gogoro, ending with the interim replacement of its CEO, Horace Luke, with Henry Chiang, GM of its Taiwan operations, did not affect the outcome of the awards, decided earlier this year. The judging period for the award was far in advance of the September 13 shakedown.
Gogoro’s battery swapping leadership unaffected by recent events
Insiders at Frost & Sullivan (F&S) contacted by CleanTechnica stressed that “Gogoro deserves the award. It isn’t person-centered but valued the contributions of the company in moving forward and initiating changes in the category.”
Frost & Sullivan’s award considered a broader range of factors, including its technological innovation, specifically its battery-swapping model which remains a unique and potentially disruptive approach to electric vehicle charging. The company’s demonstrated market impact, evidenced by its extensive network and high volume of battery swaps, signifies a substantial influence on urban mobility in its operational areas. Also contributing to the award decision is Gogoro’s growth strategy, encompassing its expansion efforts, strategic partnerships, and the development of its open platform.
“Frost & Sullivan praises Gogoro for maximizing customer value through enhanced personalized support. The company’s inclusive approach to technology adoption and diverse partnerships, including collaborations with over ten vehicle manufacturers, expands its reach. This commitment to innovation fosters comprehensive and sustainable urban ecosystems, delivering solutions that transcend mobility,” Chan Ming Lih, industry analyst at Frost & Sullivan, said in a press statement.
More than the challenges, are the results
The challenges Gogoro faced outside of the judging period — regarding its supply chain procurements from China, manufacturing practices, and alleged discrepancies related to government subsidies in Taiwan — did not affect the decision. These issues have resulted in leadership changes and placed financial pressures on the company. But they have not taken away what the company has achieved.
The award-giving body goes on to say that Gogoro’s core offering addresses key challenges inherent in electric vehicle adoption — notably, range anxiety and the limitations of traditional charging infrastructure. By establishing a network of battery-swapping stations known as GoStations, Gogoro enables users to quickly exchange depleted batteries for fully charged ones. This system provides a convenient alternative to the often time-consuming process of plugging in and waiting for a charge.
“With over 650 million battery swaps conducted globally and a network of more than 12,000 GoStations across 2,600 locations, the company has achieved substantial market penetration in its operational areas,” Frost and Sullivan says.
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