GGR Latest Report

Gogoro's Financial Performance

As of December 31, 2024, Gogoro's total operating revenue was RMB730.07 million, a year-on-year decrease of 20.17% from RMB915.3 million as of December 31, 2023. This significant decline may indicate that the company is facing tough challenges in the market competition and its overall financial health is affected.

Key Financial Data

1. Gogoro's total revenue in 2023 was US$349.8 million, a year-on-year decrease of 8.6%, mainly due to the decrease in hardware sales and other income, although the revenue from battery swapping services increased.

2. Gogoro sold 56,700 electric motorcycles in 2023, a year-on-year decrease of 12.3%, leading to a decline in market share from 8.8% to 6.5%.

3. The overall sales of electric motorcycles in Taiwan in 2023 were 79,800 units, a year-on-year decrease of 9.0%. The market faced fierce price competition from gasoline motorcycle manufacturers and the expectation of the end of government subsidies.

4. The overall market demand in the industry declined in both 2023 and 2024, with a significant drop in production and sales.

5. Policy changes in 2024 may affect Gogoro, especially the implementation of new national standards and the old-for-new policy, which may stimulate market demand.

Peer Comparison

1. Industry-wide analysis: The overall market for electric motorcycles and related fields faces challenges from technological upgrades and policy changes, leading to weak revenue growth due to demand fluctuations and cost increases. Production and sales of electric motorcycles both declined significantly in 2023, and the competition in the market remains fierce in 2024.

2. Peer evaluation analysis: Gogoro's revenue decline is significant, reflecting its disadvantages in market competition. Compared to peers, Gogoro's market performance is poor, and further analysis of competitors' revenue changes is needed to assess its relative performance.

Conclusion

Gogoro faces multiple challenges in 2024, with a significant drop in revenue, mainly affected by weakened market demand, fierce competition, and problems in sales channels. Meanwhile, the overall industry performance is also poor, indicating the uncertainty of the market environment. Gogoro needs to review its market strategy to find new growth opportunities.

Opportunities

1. The implementation of new national standards and the old-for-new policy helps stimulate market demand, and Gogoro as a compliant company may benefit from policy dividends.

2. The company plans to expand in international markets, especially establishing local manufacturing and battery swapping services in India, which may provide new growth momentum in the future.

3. The revenue from battery swapping services has increased, and the business can be further strengthened to enhance overall revenue.

Risks

1. Continued weakening of market demand may lead to further revenue decline, affecting the company's financial health.

2. Intense market competition and price wars may further squeeze the company's profit margin.

3. Changes in government subsidies for electric motorcycles may have a negative impact on sales, affecting financial results.