Taipei: Gogoro, a Taiwan-based e-scooter brand and battery swapping services provider, announced plans to strengthen its presence in the Vietnamese market through an expanded partnership with British lubricant maker Castrol.
According to Focus Taiwan, Gogoro has revealed its strategy to introduce e-scooter models tailored to Vietnamese riders and has authorized Castrol to market and sell these models within the country this year. Gogoro will lend its expertise in design and technology to facilitate the launch of these new models by Castrol in Vietnam.
The deepened partnership stems from a February 2025 agreement between the two companies to establish a joint venture, leveraging Castrol's extensive experience in the Vietnamese market. Since the agreement, Gogoro and Castrol have initiated a pilot e-scooter logistics team in select areas of Vietnam to gather customer insights.
Vietnam's market, with annual sales of 3 million two-wheel vehicles, represents significant growth potential for Gogoro. Upcoming regulations, such as Hanoi's impending ban on gas-powered motorcycles in downtown areas starting July 1, aim to reduce carbon emissions and enhance air quality, making Vietnam an attractive market for Gogoro's expansion. Similar measures are anticipated in Ho Chi Minh City.
Gogoro's CEO, Henry Chiang, has outlined plans to launch three new e-scooter models this year and develop more advanced batteries to progress towards financial goals, including breaking even in the energy business by 2026 and achieving free cash flow by 2027. The company also aims for its vehicle business to break even by 2028.
Despite challenges in its home market, where e-scooter sales dropped by 37.64 percent in 2025, Gogoro remains focused on its strategic goals. Taiwan's slower economy has led to cautious consumer spending on big-ticket items like motorcycles. Gogoro's market share in Taiwan was 3.98 percent with 28,176 units sold out of 708,392 total motorcycle sales last year.
In terms of financial performance, Gogoro reported a net loss of US$60.03 million in the first nine months of the previous year, an increase from the US$51.43 million net loss in the same period a year earlier.