The corporate has confronted vital challenges just lately, as reported by the Taipei Instances. Losses have surged dramatically, growing from US$5.6 million within the second quarter of final 12 months to US$20.1 million for a similar interval this 12 months. Moreover, the gross margin fell sharply from 15.2 % the earlier 12 months to only 5.2 % final quarter.
In response to those difficulties, Gogoro introduced that the board of administrators has chosen Tamon Tseng, normal counsel of Reuntex Group, to grow to be the corporate’s new chairman. Notably, the Ruentex Group is Gogoro’s largest stakeholder.
The previous CEO communicated to staff by way of an inner e-mail, stating, “After a lot reflection, I’ve made the troublesome resolution to step down from my function as CEO and chairman of Gogoro. This resolution has not been simple, however I consider it’s the proper time for the corporate and me to transition management as we embark on the subsequent section of progress.” He expressed ongoing confidence in Gogoro’s future, asserting that he’ll all the time be the corporate’s strongest advocate and appears ahead to supporting its progress from a unique perspective.
The extent of Gogoro’s struggles comes as a shock, given the corporate’s latest market growth into Singapore introduced in July and a US$50 million funding from Castrol revealed in June. Moreover, Gogoro formally launched in India on the finish of 2023.
The previous week has been significantly grim for Gogoro, with the Taipei Instances noting that the corporate’s inventory worth has plummeted roughly 92 % from its preliminary public providing worth of US$14.02 in 2022, now buying and selling at simply US$1.05. This sharp decline signifies a lack of confidence amongst buyers relating to the corporate’s future. Moreover, the Ministry of Financial Affairs has initiated an investigation into alleged subsidy fraud involving Gogoro.
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