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Latin America is Gogoro CEO Horace Luke’s last official function
After opening shop in Bogota, Colombia, last May, Gogoro launched in Santiago, Chile, just last month. In both instances, the battery swapping and smartscooter company inked deals with fuel and lubricant companies — Tepel in Colombia and Copec in Chile.
In 2010, Empresas Copec began acquiring a controlling stake in Organización Terpel S.A. By the next year, it became the majority shareholder. This acquisition expanded Copec’s presence in the fuel retail and convenience store market in Latin America.
Latin America is the last stop for Luke
The launch of the Gogoro-Terpel partnership in Bogota, Colombia, was timed almost when the woes of the Taiwanese scooter maker began brewing.
The company was already suffering financial losses — some $20 million — in the second quarter of this year. CommonWealth Magazine reports that the company’s gross margins were down to a tiny 5%, compared to 15% in 2023. The cause of the financial difficulties? Over-reliance on government subsidies, the cost of its battery technology, and the depreciation of production facilities.
Eventually, in early September of this year, Gogoro CEO Horace Luke stepped down, replaced by the company’s Taiwan general manager, Henry Chiang. Before the Latin America campaign and his departure from office, Luke had launched Gogoro services and scooters in Kathmandu.
Despite the shakeup, Gogoro remains viable.
Its NASDAQ attempt hit as high as $14 per share, but it is now priced at less than a dollar. However, according to Gogoro’s Q3 2024 financial results, the company ended the third quarter with more than 625,000 accumulated subscribers — an increase from 570,000 subscribers at the end of the same quarter last year. Over 90% of its subscribers and scooter owners are from Taiwan. Its battery swapping services account for over 40% of its total revenue, with 1.4 million smart batteries in circulation. There are more battery swapping GoStations than gas stations.
With over 400,000 daily battery swaps and a total exceeding 570 million, Gogoro’s system has already saved over 870,750 tons of CO2 emissions.
Back to Chile
Copec launched in Santiago, Chile, with 10 Gogoro battery swapping stations and plans to reach 18 stations by year end.
The Copec–Gogoro tie-up in Chile aligns with the country’s ambitious electric vehicle vision — Estrategia Nacional de Electromovilidad — which plans to hit 100% zero-emission vehicles sales for commercial vehicles and public transportation by 2035, making them a leader in Latin America.
Copec is heavily investing in expanding its charging infrastructure. It is actively developing an extensive network of public charging stations across Chile, with a focus on strategic locations like service stations, shopping malls, and key routes. The company claims to have the most extensive charging network in South America, with chargers found in secured locations with many of its gasoline stations.
A subsidiary company, Copec Voltex, has been a major partner in initiatives to electrify public bus fleets in the Santiago Metropolitan Region and other cities, building and operating electric bus terminals, providing charging infrastructure and energy supply.
In both Chile and Colombia, under the Copec and Terpel brands respectively, the focus is on fast charging technology as well as segmenting charging solutions all the way up to industrial vehicles, especially in the mining sector.
Through Copec Voltex, the Gogoro Network of battery-swap stations has been deployed in strategic locations across Santiago, ensuring fast and convenient access for riders. Currently, stations are available at Copec service stations in the boroughs of La Reina, Ñuñoa, Santiago, La Florida, Huechuraba, Vitacura, Lo Barnechea, and Estación Central.
“At Copec, our commitment to Chile drives us to develop sustainable, scalable solutions that anticipate people’s needs. Implementing this ecosystem aligns with our goal to lead the energy transition toward carbon neutrality, which includes transitioning to electric and hybrid vehicles over the next decade. Achieving this requires urban charging infrastructure across all segments we’re working to convert to electric vehicles,” Andrea Castro, CEO of Copec Voltex, commented.
The Chile launch is one of the first official functions of Gogoro’s interim CEO, Henry Chiang, while Colombia was one of Luke’s last.
And in Colombia
The Terpel-Gogoro partnership in Colombia will deliver a comprehensive solution. Terpel is deploying its trusted Terpel Voltex brand to introduce Gogoro’s battery swapping stations, initially at four locations in Bogota. Plans are already underway to expand to 14 stations by the end of 2024, with further expansion to cities like Medellin on the horizon.
Gogoro will also introduce its popular electric 2 Plus and VIVA MIX smartscooters, offering an alternative to traditional gas-powered scooters and motorcycles.
“Gogoro Swap & Go battery swapping is a game-changer,” Luke said in a press statement. “It eliminates the need for lengthy charging times, making electric scooters a truly convenient option for Bogota residents.”
Terpel echoes this sentiment. “Gogoro’s technology complements our existing services perfectly,” said Oscar Bravo, president of Terpel. “By offering quick and convenient battery swaps, we hope to encourage more people to embrace electric mobility and contribute to Colombia’s decarbonization goals.”
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