Company: GGR
Filing Date: 2025-03-31
Form Type: 20-F
Source: 0001886190-25-000017
Chunk: 53

Company: Gogoro Inc.
Filing Date: 2025-03-31
Form: 20-F
Item: Item 3
Chunk 53
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 dividend payments or other payments by our Taiwan subsidiaries and branches to us involves the currency conversion from New Taiwan Dollar to US Dollar, such conversion would be subject to the foregoing foreign exchange control imposed by Taiwan authority.

Risks Related to Doing Business in India

Reductions or eliminations of government incentives, including the Faster Adoption and Manufacturing of Electric (“ FAME") subsidy, PM Electric Drive Revolution in Innovative Vehicle Enhancement (“ PM E-DRIVE”) subsidy, and benefits from the production-linked incentive (“ PLI”) scheme could increase the price of our products and consequently dampen the customer demand for our products.

FAME and PM D-Drive subsidies have been introduced by the Government of India, in furtherance to the National Mission on Electric Mobility, to bridge the price gap between traditional ICE vehicles and electric vehicles, thereby promoting electric vehicles (“ EV”) adoption in India. Further, the PLI schemes with respect to automobile and auto component industry and National Program on Advanced Chemistry Cell Battery Storage provide cash incentives which enable us to price the products at a concessional and competitive rate. Any withdrawal of the subsidies under FAME or PM E-Drive or any incentives provided under the PLI schemes will be priced into the retail price of the products sold by us in India which could make our products less competitive against conventional ICE vehicles and other competitors. According to the clarification issued by the Ministry of Heavy Industries, the FAME subsidies extended to eligible companies shall only be made available to vehicles manufactured by eligible companies sold until March 31, 2024 and no extension shall be granted on vehicles sold after March 31, 2024. Subsidies provided under PM E-Drive are in effect now and will remain effective until March of 2026. Additionally, any changes in government policies or regulations including any recall or scale back of the benefits available to EV manufacturers under the existing schemes and incentives could adversely impact our business and financial performance. Moreover, the availability of government subsidies plays a crucial role in driving EV adoption and competition with ICE vehicles. Without these subsidies, it is uncertain whether consumers will continue to prefer EVs over ICE vehicles, potentially affecting our ability to compete in the market, which may in turn materially and adversely affect our results of operations.

Electric vehicles manufactured by us are subject to motor vehicle standards prescribed by the Automotive Research Association of India (“ ARAI”) and any changes in the standards prescribed or any failure to satisfy such standards can materially and adversely affect our business operations.

EVs manufactured by us must meet or exceed the safety standards prescribed by ARAI.