The corporate has been struggling for a while, because the Tapei Instances writes, stating that “Losses ballooned from US$5.6 million within the second quarter final 12 months to US$20.1 million for a similar interval this 12 months. Gross margin additionally plunged from 15.2 per cent a 12 months in the past to five.2 per cent final quarter.”
The board of administrators has nominated Reuntex Group common counsel Tamon Tseng to step up as the corporate’s new chairman, Gogoro stated in a press release. The Ruentex Group is Gogoro’s largest stakeholder.
“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 imagine it’s the proper time for the corporate and I to transition management as we embark on the following part of progress,” the now-former CEO wrote in an inner e-mail to Gogoro workers. “My confidence in Gogoro’s brilliant future stays steadfast. I’ll at all times be Gogoro’s largest advocate, and I stay up for seeing the corporate proceed to develop and succeed from a brand new vantage level.”
The information that the corporate is struggling so badly is considerably stunning, as Gogoro had introduced its launch to a brand new market in July with Singapore. In June, Gogoro introduced an funding of US$50 million from Castrol. On the finish of 2023, Gogoro launched in India.
This final week has been damning for Gogoro, because the Taipei Instances report states: “Gogoro’s inventory worth has tumbled about 92 per cent from its closing worth of US$14.02 throughout its IPO in 2022 to US$1.05, indicating that traders have misplaced confidence within the firm’s prospects.” An investigation has additionally been launched by the Ministry of Financial Affairs about Gorogo’s alleged subsidy fraud.
taipeitimes.com