Gogoro, the Taiwanese electrical scooter producer and battery swapping large, stated its CEO and chairman Horace Luke has stepped down amid subsidy fraud allegations, in accordance with a regulatory submitting.
Gogoro allegedly used Chinese components for e-scooters to scale back manufacturing prices, regardless of reporting that it used domestically made components to qualify for presidency subsidies. In a submitting, Gogoro stated inner investigations recognized “sure irregularities” within the provide chain which induced it to “inadvertently incorporate sure imported parts in a few of its automobiles.”
Luke resigned in an effort to indicate the corporate’s decision to totally cooperate with the native authorities because the investigation continues, Gogoro stated within the submitting.
Since going public in 2022, Gogoro has suffered from poor financials as a result of forex alternate charges and a push into new markets just like the Philippines and Indonesia. In the second quarter, Gogoro recorded $20.1 million in losses, up from a $5.6 million shortfall in Q2 2023.
