Company: GGR
Filing Date: 2025-03-31
Form Type: 20-F
Source: 0001886190-25-000017
Chunk: 84

Company: Gogoro Inc.
Filing Date: 2025-03-31
Form: 20-F
Item: Item 4
Chunk 84
---
 electric two-wheel vehicles and high fuel economy gasoline powered vehicles. In the electric two-wheeler space, we often partner with other manufacturers to provide the technology to build “swap-capable” ePTWs PBGN, thereby directly participating in the success of our partners’ branded sales. In 2024, Gogoro’s branded sales in combination with our PBGN partnerships represented approximately 71.7% of all ePTW sales in Taiwan.

We continue to strengthen our market presence in Taiwan, where we have deployed over 12,600 racks of GoStations across more than 2.6 thousand locations. At the same time, we are expanding our international reach. In South Korea, our collaboration with PBGN partners have successfully developed a localized operational model, showcasing how strategic partnerships drive market success. Additionally, our partnership with Castrol leverages Gogoro’s cutting-edge technology alongside Castrol’s extensive global expertise and leadership. Meanwhile, in Nepal, we are actively building the fundamental infrastructure necessary to support long-term market growth, further extending our ecosystem's impact.

Our subscription battery swapping business primarily competes with other local battery swapping operators. This business is also indirectly affected by the level of demand for other charging methods, such as direct charging and home charging. However, our battery swapping network offers significant advantages over direct and home charging; swapping is over 100 times faster than traditional charging, eliminates the possibility of home fire safety incidents, and separates the price of the battery from the vehicle, which allows us to lower the price of our vehicles.

Table of Contents

In the past three years on average, approximately 95% of our revenue has been generated in the Taiwan market. We estimate that we will generate approximately 95% of the revenues in 2025 from the Taiwan market, and 5% from international markets.

Regulatory Changes

We operate in an industry which is subject to extensive environmental, safety and other regulations. The law and regulations to which we are subject include vehicle emissions, battery-charging and storage as well as battery disposal. The execution of our business plan by our management team will be significantly impacted by our ability to navigate changing regulatory contexts in each of our target markets.

C. Organizational Structure

The following table illustrates our current corporate structure, which includes our significant subsidiaries and certain significant branches of our subsidiaries as of the date of this annual report:

Below is a description of our operating entities.

                                                                                                                                                                                                         % of Ownership              
                                                                                                                                                                                                            December 31              
  Investor                                Investee                                              Principal Activities                                                                                               202