Company: GGR
Filing Date: 2025-03-31
Form Type: 20-F
Source: 0001886190-25-000017
Chunk: 77

Company: Gogoro Inc.
Filing Date: 2025-03-31
Form: 20-F
Item: Item 4
Chunk 77
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 at more than 2.6 thousand locations that provide battery swapping coverage accessible within minutes to all riders in Taiwan. For the years ended December 31, 2024, 2023 and 2022, revenues in Taiwan accounted for 95.9%, 93.9% and 94.2%, respectively, of total revenues.

The capital expenditures for this network build-out were principally comprised of Gogoro Smart Batteries and GoStation® on our network. Because we own our battery swapping network in Taiwan, 100% of all recurring Swap & Go subscription revenue is paid to Gogoro by end customers. This is the case whether the customer rides a Gogoro-branded ePTW or partner OEM-branded ePTW.

Growing into a mature and execution-oriented business requires a shift in mindset, clear vision and a new level of discipline for how we operate as a business. We have strengths to build on and we are growing Gogoro to the next phase where we are focusing on our core competency, simplifying our business operations and leveraging our more-than-a-decade of experiences and knowledge in electric energy swapping industry to serve our riders and to deliver an unparalleled battery swapping experience.

Marketing Channels

Gogoro employs marketing and retail channels for selling our vehicles. Marketing efforts focus on advertisements which are used to drive both awareness of our products as well as specific promotions. Additionally, we maintain an active presence on social media, including on Facebook, Line, Instagram, to quickly reach our target audience. Other than specific pricing discounts or other specific at the point of sales promotions. we generally do not engage in any other sales initiatives. While customers may take advantage of bank loans, deferred credit card interest payment schedules, or other incentives, these are offered by third-party service providers and not by Gogoro directly.

Competitive Strengths

▪Large and Growing Market Opportunities. We are beginning to enter large PTW markets in the world backed by strong regulatory tailwinds in mobility electrification. In addition to the Taiwan market, other international markets we are targeting represent a total available market of over 500 million units (installed) and annual sales of more than 50 million units of two-wheelers. In some of these markets (such as India, Vietnam and other Southeast Asian nations), PTW penetration rates are approximately 85-90% of all registered vehicles on the road (including 4-wheel vehicles), making these attractive markets for expansion.

▪ Differentiated Technology and Best-in-Class User Experience. By developing every