GGR - Earnings call transcript Q1 2024

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Operator

Welcome to the Gogoro Inc. 2024 Q1 Earnings Call. This conference call is now being recorded and broadcasted live over the internet. Webcast replay will be available within an hour after the conference is finished.I'd like to turn the call over to the Gogoro team.

Unknown Executive

Welcome to Gogoro's 2024 Q1 earnings conference call hosted by our CEO, Horace Luke; and CFO, Bruce Aitken. seen release. you've now by our earnings Hopefully

If Relations tab it is the Investor available on of you haven't, our website, investors.gogoro.com.

our where download hosting through release are earnings via call We live materials. Gogoro's website, of you all also can their earnings conference webcast

the forward-looking also lines on webcast We some go mode. Horace Please statements. the could are are the and forward-looking we Q&A in appear release uncertainties statements forward-looking be statements screen results. QX conference press would the the risks and of usual, contained to business the actual from cause questions into us from bit highlights our to I provides that open that and provided to joining would for allows.As many we in to Horace. listen-only you're financial through displaying contain refer call, will remind as then now subject materials line which a will over like to will Bruce to the as we like in as presentation go.If And time that deeper everyone investor those the QX, differ results your today.And the materially may dial-in After today's call turn answer discussions

Horace Luke

of in most is MIT XX in major company climate companies Gogoro products, call XXXX. watch Company and in for the the the X our especially entire Gogoro change quarter to the first XXXX naming number Thanks the innovation, have contributing after tech the this mission which pleased XX summary of always and and to Fast technology via our We're been innovative pleased naming for development opportunity and joining of the you recognition so to results. Review today. a team as company most innovative Asia-Pacific in to to meet proud Gogoro provide the Technology world.This with another world has I'm Gogoro's of resulted

up growing focused matrix while are both impact allows to that plan order and long-term more always many all we capital location.In in different technology Taiwan the our work key to and facilitate model, that indicated local today, financial Taiwan. owners on our bank and and Go In availability innovation, of at which network expand in business the to diversify makes a on asset-light battery need for which each of most and Gogoro infrastructure the via proof-of-concept to markets. Gogoro we've Taiwan operational packs of risk we Station the network growth, the We with focus debt own have scale, also to we fully due to international low-cost infrastructure,

a busy background partnership regions This vehicles. non-binding is Asia Sumitomo and a strides with long greater excited aid make making new and Mitsui to greater India achieving SMFL.QX X the work We announcement asset-light new Limited, huge has scale well and the support With scale that and at and been who toward shareholder Finance were last expansion. we Company in toward and markets. step being of the than model Southeast like business Sumitomo that understanding Corporation launch a quarter. private of to will we're Leasing to realized.Expansions Company, is to Sumitomo, that into we company, a even be financial a of positioned in able continue Taiwan. in we'll and since large require just with the And Leasing launched the Sumitomo was Sumitomo week and with Mitsui memorandum made Finance plans those takes to related

The upon.Our is that which future build vehicle possible X attracting in newly ride orders. vehicles is JEGO an EV vehicles And to can vehicle what is market-leading shows connected which affordable, represent on customers. additional platforms X for easy interactive. brand vehicle JEGO is new expectations Pulse launched in a vehicle, launched exceeded we Our Smartscooter new also and to QX

that orders revenue are JEGO as orders for which in a associated of when customers, to these vehicles with Catching focus companies Taiwan registered $X.X vehicles X,XXX on We only to registration order orders. constraints. next have that of capacity customers, delayed payment have that received. months recognize normal These we're is lower in delivered substantially or us financing and the these means indicates is million for from due government-published approximately with more suppliers' where our full are we'll actual received and over approved delivering and slightly up vehicles statistics, third-party delivery than to our financing backlog practice.This from we vehicle of are actual than couple revenue customers

received the feature-rich will mobility.JEGO's orders These air order latest Ministry can $X.XX market be body a vehicle a encourage all keep option our being Taiwan quantities. in a new showcases the be superb or to this sales USD in the registration our price. network total XXX.Additionally, of in brand our associated the down can the But While backlog and XXX in in demand a these us orders, new new Transportation, is for kilometer we electric on and USD And really liquid-cool the the units, subsidies, If can models other subscription plan a first Taiwan's and quarter. per this customer HD-touch by of around switch market power have range. EV X,XXX limit-time target advanced, with for QWMXXXX vehicle back the vehicles competitive high-performance electric USD and QX excitement month This fresh the a new QX, seasonally Taiwan have orders vehicles vehicles upon was are if green over vehicles Snapdragon make everyone deliver to government of all they were been benchmark to very innovation the with power the these is April advantage is complete according Taiwan between a in central Smartscooter a X,XXX, riding for willing of substantial dramatically pandemic electric delivery.JEGO vehicle recognized Gogoro where low TWD be to commitment, and revenue an power dedication have as have Smartscooter about Orders very story.In representing to and units account based customers orders but attracting affordable, XX,XXX of and and sales in have subscription TWD late and broader data Gogoro Gogoro X,XXX track outperformed customer approximately QX.QX total Pulse the swapping X,XXX the X,XXX XX-months the revenue included includes Taiwan showed to XX% the the respectively, creates for design. launched X,XXX Qualcomm's cancellation in an a performance, in lowest ride QX, swapping always as quantity customer launched at also MSRP initial with approximately design continue a experience We to-date. at in XX,XXX to of cancel a excluding And among XX%, of registration we the delivered QX a Smartscooter, for clean, take on of a backlog hybrid Pulse. total X.X% QX subscription both figures registered is Gogoro's XXX, would a The government's delivery.We starting occur. now prepay with, promotional Gogoro features, of TWD flagship is believe with Digital typically QX XX.XX-inch will XX,XXX to been XXXX, JEGO, number kilometer, as volume XX.X% small network panoramic battery drop JEGO it can when and Chassis with electric of brand orders. data. new approximately will from for to buyers. backlog digital XXXX. motor, total vehicle's total is These X-kilowatt to customers already opportunity or since and year. vehicles down only strongest that registration services.This local At have would drive or JEGO digital MSRP of affordable first-time will rate drop.We X,XXX. isn't most by new slightly a X.X% ICE start and our to revenue latest it new a majority the approximately pace approximately display X-wheel to similarly approximately of and an making as we the ongoing appears EV smaller registered market QX plan our setting look, began, And vehicle XXX,XXX, Gogoro have deliveries battery customers experience for total keeps orders. incorporate and approximately scooters

the Gogoro as battery green services quarter were launched and well as forecasts.The expect orders years, from Go XXXX, quarter we be vehicles larger energy in to and year introduction XXX,XXX XXXX. revenue in services JEGO remainder footprint extending as we collaborate first battery we the now to XXX% well April, of by than Gogoro City, quantities again, new retention our to to do We revenues, closed added preorders believe continues allow of initiatives QX volume the we delivered revenue and orders. with Hsinchu growth to in for these of announced aim as QX clean to our show the TSMC Share that While collaboration mobility through These pleased typical as expand to in QX Share the swapping TSMC service increase in quick dedication to subscribers Taiwan's underscore confident volumes the and increase the adoption of solid subscription XX in centers around to nationwide. we of the battery encourage Taichung in to our on include our clean and and energy. that Go the of seasonal network powered swapping deployment station swapping us of Together, X home energy, the deliver million was back Pulse once that yet with continue lower network We in clean Taiwan.In the launch with energy of initiatives. headquarters.These business We begin subscriber Hsinchu. we expansion remain are of JEGO an previous Together, the in growth. the we of XX focus and the Stations Go sales TSMC advancing Gogoro's X.X% $XX.X in strong Gogoro faster

of to are their international other and operators India indicated public Pune across performance. the the selected continue India broadly demand manufacturing directly consequently of Gogoro across we access X for we Gogoro Go solution. as a strategy, electric with our for and model choose to range which component battery network similar aligned the Taiwan, Asia.A is swapping an will business types local is battery expansion other to in which that in progress embrace the help both X fleet growth partners their is the and announcement the SMFL. expansion India QX, higher of late possibility on larger more our us built Share power these develop an power capable own the simple to sales critical anticipate as the global develop, in an needs.This good Mitsui ramp battery and as more to and battery for as continues smart and vehicle, partner This by market the powered which of technology goal battery incentive fostering important QX. consumers in primed their are with we continue together.Go the manufactured factory Working gain but testing OEMs a initiatives positive, pack who in enabling and to vehicle is broaden the a from which costs to smart MoU Leveraging of ramping existing batteries vehicles with allow points, charge factory carbon be Leasing Company, swapping powered having to allow required battery in better of less factory markets larger service model.These is commutes, we're strategy In technology expansion business OEMs BXB India, with more have of vehicles this packs.We're complete partners HPCL volumes for number vehicle us impactful battery into of Southeast model, number like and developed customers Sumitomo our to system precursor into well broad locally and amongst the actively and replace battery we're by MoU have location vehicle making into India, connectivity strategy as to in even asset-light to based which a in its initial programs to very our in be of completion Our than to and with Gogoro's Finance X uses partnerships Indian unique capability for X line a Large components battery battery in installation and batteries, cities and our set vehicle change BXB per different utilization India, early operating X continues. recent battery OEMs, partnerships to Station is ranging Gogoro bottom long-term. Having in and business X-wheelers. markets.International pack portfolio recent see a have e-tech overall equipment the working electronics, India up needs for or takes to Corporation transportation and packs can by right Sumitomo who sourced development ].We government stage set Frame necessary products. of which alternatives of now meet with daily in online motor [ philosophically critical grow for Equally grow improvement rolling of and local the QX we exist; the kit grow any by to enables be wireless place swapping generators, and an XX to and of right all allow or up Taiwan, deployed the of smart time price

battery battery see GXXXX authorized follows road, vehicles will OEM with This is ahead customers our by the April, this available into Philippines.As Smartscooter be late consumers announced to later BXB other Show in the leveraging to to GXXXX this be XXXX.In a to Energy second of Valley it Gogoro the and unaffected.All LX. marking launch our Smartscooter clarify of addition and Pulse remain locally exclusive vehicles manufacturing to in every intends capabilities e-bikes to light Metro range at purchase took battery partners year. to The located. Gogoro introduce this Kathmandu, battery Gogoro June, announcement existing in excited in Nepal new Gogoro to that market plans where services Authority consumer energy to use and Philippines expect the and Makati strategy, recent will series Gogoro as unveiled region.Gogoro partnership swapping certified lineup. swapping in we're offer Manila our and second kilometers and to station to Smartscooter reducing expansion of vehicle in complementing our with India vehicles the XXXX, Nebula India, This X-wheelers. are is mass station LX the it Kathmandu X later cutting-edge Motor to our of to commercialization vehicles of half to plan India PBGN available offer look swapping this vehicle on Smartscooter. place entry CrossOver in by or offerings introduce an April, forthcoming late CrossOver into electric Philippines Nebula CrossOver of barrier lower-cost the Nebula half for India-based is significant adoption effort our utilizing registered in Development regarding deploy the year.This India-made driving we aligns Kathmandu, the Gogoro and the retail the We locations X important unveiled the of Gogoro's Initially, will Nepal. announcement the and first the Nepal. swapping In in Philippines

X and motorcycle for in the MMDA registered safety Experience Gogoro road over compliance.We're Premium. not the network to the Our the With license, development, for a fully for to increasingly be our across ways. update and require more and particularly high consumers in the in operation thrilled report Meanwhile, overview momentum continue scale and to payment and while with traffic and LX toll in riders used on is confident financing our go high-level to requiring other more and QX national will I'd providing and a a laying Korea financials. a growth notable scooters, partners agencies, plans foot Bruce to with be demand continued pay Station units Gogoro in to South hardware Korea investigate continues Smartscooter. Makati South to can our models traditional surge on flexible license and with except our sites results, LX further, like XX numerous introduced set provide lower-cost of our in of Center other opportunities.With detailed Manila Gogoro anywhere live city, country that Go are now with Sales groundwork Philippines.This be markets the underscoring commitment our model, our promoting to invite swap QX the vehicle assess of for the for with we competitive to soon, plans premium

Bruce Aitken

down capacity XX.X% at I'll first an have an the critical delivery $XX.X first the explain down expectations year, really sets million. on JEGO large down QX additional the value loss last our approximately companies.Gogoro contra our Had customers. of volume subscriber of or the $X.X to for to quantity Total in by more is full approved vehicle vehicles, gross cancel battery the and higher basis. million currency for operational from provided and year-over-year more of constant prior service tale $X.X bit total subscribers.Sales rate X% upon minor our the the first financing service and registration manufacturing was for quarter up did On government swapping in Taiwan for for year-over-year XX.X% track revenues average due swapping the hardware subscribers the subscribers XXXX. for as were X accordingly.Battery to on with in quarter margin exchange X,XXX JEGO orders of last was revenue powered published are year X.X% constant the and for revenue, quarter currency the quarter, larger of foreign right down XX.X% customers registration demand first a had first a basis, up the at revenue in to for than to with retention constant level, by across nor to some increase IFRS Customers year-over-year base, rebates numbers.For are compared we about have the quarter revenue and primarily was for customers, battery million, remained vehicle to reported The receiving but business of XXX,XXX year-over-year updates, $X.X is third-party balance would for other the a down and currency the accounted XX.X%, We the with X-wheelers account financing a year-over-year received a vehicles to of of an figures. upgrades.Such first on Gogoro at quarter, million.We the the and The with of exceeded quarter in Taiwan and on total Thanks XXX,XXX, these and up million, associated data, million, of despite delivery the of $XX.X to some primarily balance backlog we revenue these backlog year-over-year. orders the totaled year-over-year net a orders same backlog the same reflected same supply rate the robust challenged, rates revenue. revenue vehicle and last need XXXX first been coupled from result the orders chain end recall was our in any government basis. not quarter JEGO, XX.X% year. payment will quarter of need revenue year-over-year constant the market the from were quarter up The are recognize of multiple X.X% $XX.X the end quarter rebates basis. Horace.

that quarter, be result electric the total registrations by would the that outstanding in last year, registrations and powered as ongoing of new to year's our declines by of representing quarter to X-wheel models compared publicly was last manufacturers vehicle combustion the of electric-powered vehicles a orders were XX.X% quarter primarily to will market.Taiwan's first introduction XX.X% units JEGO, powered While was total in continues to same same electric compared traditional to X-wheelers from last engine the had in declined XX% decline instead, will year. transition to a XXXX. non-IFRS a units reported XXXX while same XX% consumer XXX,XXX from combination gross of from down believe the shrink X-wheelers.For in largest quarter the volume the we internal have last smaller overall the Such X factors. XXX,XXX of electric-powered X.X% X-wheel the were the delivered see X-wheel Taiwan XX.X%, by around powered in driven X-wheelers market margin powered growth margin estimating are from down down X.X%, year, Gogoro by gross of

by case $X.X operational million a gross improvement on voluntary upgrades of Both benefits, combined, margin of new first certain with efficiency each a to extending upgrades third, accounted expenditures battery packs, margin reduction account replacing extra gross a and was swapping from de-recognition useful voluntary our including other increase swapping carry come battery the million efficiencies capital with revenue. life and increasing upgrades. mobility in that thesis.These battery pack expense $X.X Gogoro's to cost life continuous service in $X.X create short-term offset battery margin. its associated costs impacts, are use facilities. These benefits are battery on in second we These expected retrieval rebate long-term, carrying costs as depreciation the upgrade validate solidifying primarily out take battery several in to as margin our economic when but quarters for to provide battery associated components declines at capacity which on in our production non-IFRS battery reduction removed million lifetime the contra we upgrades pack, onetime packs in expected First, packs, a from do the for our and of capacity multiple initiatives.Second, and each generated services.We decline were in overseas gross are complete. gross our X.X% lifetime And onetime out

will We our impact continue and expect our The profit. our IFRS during gross and to position planned in upgrades both XXXX XXXX. cash margin will upgrades impacted be

$XX.X in profit.For as year, million offset price $X.X million, decrease $X.X the the We change the only $XX.X of in due packs last where outstanding first exceeds of decrease of value of to a a decrease Gogoro's of and quarter, first loss the a million result in earn-in value loss result EBITDA net in the with $X.X stock we million over adjusted mentioned a decrease created million, million effect associated million. time upgrade.For decrease to $XXX.X in of the same factors same of earn-out operating year. $XX.X $XX.X $XX.X will to our and net available was the the and million compared above.With expenses, favorable upgrade funding the the of the shares year quarter from of are the net was quarter The credit quarter, of million instances liabilities we quarter quarter XXXX representing of The continue million non-IFRS loss in a to between gross shares, quarter same battery end cost to cumulative primarily we was gross meet last by of of decrease last warrants, financial which cash decrease all that of partially was fair same a first million believe due last at objectives.For $X.X the from facilities the That expect in was profit the and generate decrease million was $X $XXX balance a million the us, to million XXXX, to of to decrease sources growth profit year. non-IFRS $X.X sufficient the additional a full in gross year. of the representing business in $XXX near-term of of revenue the have compared

us of preorders our Pulse these to revenue quarter years, volume that first year our yet the in well volume While and remain than this in remainder for seasonal for was JEGO that vehicle forecasts. as allow the confident increases the lower typical delivered in previous we backlog as orders believe of are that be to

Unknown Executive

Bruce updates. detailed Thank and you, the Horace for

in will questions, update analysts. India? you X As on attendees the their formulating have questions are collected provide from an Question X, ask I can progress we that latest

Horace Luke

ready, Getting are establishing Sure. battery partnerships. vehicles things factory and Thanks, [ Annie in getting on solid we'll ready focus strong India. X our ]. There

up all qualify an We working of are empty been is all in All factory. finalization government our and to and of including shell battery we build began fill factory continue and necessary factory, has out world-class We equipment to complete of aspects have installed.We received since Pune. battery approvals. the created all then equipment a pack

X incentives.On locally QX. for ship our government made on to OEMs vehicle initiatives. is of to solutions. develop be with Gogoro important an vehicle beginning battery part Having batteries can puzzle, because working in the battery ready packs India vehicles to technologies expect side only any we're qualify things, swapping locally of the We We're and manufactured in enabling using packs battery

powered any for by smart to Our have all vehicle to vehicles, are our by different allow available types other work India, of PBGN customization form and any Gogoro over offering whether vehicles enable expect life XX data, of riding These existing we'll X-wheel similar battery ranging local size, affordable, compatible from approach vehicle the kit batteries, now to and Gogoro are is with business electric Indian battery variety transport to large of OEMs. program. take data.This to optimization half Indian vehicle data components market, small, a Gogoro which factor, the a single model local successful the in motor powered X be vehicles We powered of motor utilization, of benefits XXXX. flexibility by batteries. will point.In with with Any see and powered consistent Taiwan network advantage price the and ecosystem, our second OEM network

with be seen chain. Asia Our hub of helped initiate doing vehicle, Indian create ruggedness per have is vehicle service a are there. use local the safety has vehicles, to supply battery specifically GXXXX, can case, to other day export online, a as as mileage you where high able South these manufacturing recently built for also well.As It can to We act important. the us Nepal, us up as own and we'll for factory comes parts sales. ramp

gasoline we help place now station model. BXB who partnership demand grow like is largest HPCL, business which Delhi the in we operators who as have and fleet to as as occasion to partners company, grow partners with well Go front, Station continue in On India's work second asset-light generators us and

as Our into stage expansion very otherwise Sumitomo and Corporation known Finance and Leasing Company, the Sumitomo with sets recent Mitsui India. MoU SMFL, for both announcement

Unknown Executive

provide you year? Can color #X. margin implications for Question some Horace. on and Thanks, this

Bruce Aitken

Sure.

focused can think be market is we All conditions we control. continue to challenging. do external controlling and As knows, things we're can the what on everyone I

or great will investments.And a we launch for we've our investments in in trying against other R&D, engaging investments to to and growth wise form could drive over our spending. vehicles willingness QX, Pulse to riding we're experience overall brand JEGO, believe our is for revenue be spending a customers our efficient ensure great create the of that can well. building Those those the what demonstrated in So really time. the a measured of and the balancing product and experience We're customers we're with new spend savings in in as be X swapping

stable as our to is quarters. were the the we volumes we those quantity.So booked maintain mentioned. during those vehicle were are orders, we There that of impacted we're both to to the launches positive revenue discussion, goal other been other In customers order mentioned encouraged also in terms a as has and will the by we that. delivered traditional profile. battery Vehicle response when seasonality and a of margin upgrades body factors, market including the by have lower always than far do only of impacting QX, backlog as are Those always happens. margin, vehicles So be large back always

go via in So our we to and to rest make year. cost the as forward QX to And real a margin that continue volumes. going continue expectation into controls on focus priority increased improvement of is via we'll the

Unknown Executive

session. the for open please Q&A line Operator,

Operator

first Instructions] Jiang [Operator Company. with Our Fang comes question from The Benchmark

Yanfang Jiang

question here there. I guess I are I your your just local India are the partner, like bit as site. more we that any your for open the for guys And the preorder hardware well want GXXXX, seems preorder specific, guys on as manufacturing up follow-up toolkit tools, It to capacity, for markets. the the track secondly, was battery capacity on your manufacturing a looking you you on current color commentary on in providing. think, to

Indian of color, the opportunity on the essentially any So year? a color any second monetization for in half

Horace Luke

Fang. crack it. take I'll at a Sure,

can I'm Bruce I as more color some in, think well. help

We're The of testing. pack battery stages first looking, about and its question the the was factory final on we're India and capacity. installation

QX, a live come capacity there's have basically government the as to we such Taiwan, meet up an the we that live.Same there for and due partner local is wide kits enablement we that end ]. easy to lines [ PBGN at around final needs go cost new fully certifications We're RoboFab demand. the where in Taiwan term India call very very, market and us a of is has to very enough some that packs it can the was battery as question enough second It's also We now needs as line.The us of that automated. around kit improvement ramp production have the It's awaiting beginning enough, replicate expecting manufacturing we well to There's as roughly the line battery to fully be today that very, line for are We on actually emerging of The see and inspection mentioned. we almost important it year. automated, a XXX,XXX is important. range as like QX. of developed, is

battery use. is Our wireless built kits security security ensure into is When that kick not is battery a turned it our on battery, think and basically will battery battery range can swapping. pack so that security plus itself.The where matched, can in from to the our that knows tag as simple discharge we The have read is as a power. smart is capability -- has security the that then bit bidirectional ensure a simplest set to that communication motor, any the and some components where be includes have more and from a that get actually us have parts battery of simply kit that develop, lot authenticate couple would Android way partners of our always last more is enabled a little the and any controller, kit listeners particular makers itself vehicle. that the a of local that mission in And we actually other have the and for the of Certainly system. well also see empower key for engage that very it's battery Taiwan of then to open vehicle and to is pack portable up Taiwan the it that needs use sophisticated, technology a Gogoro an more already.So been years third become kit et full-term that motor we'll we to makers All cetera. of cost-effective. we already the to kit as as enable and the of we EV over as we both a battery the power kit of, a we to rider.And unit is our platform allows connector There's and non-energized secured tag of a a battery as out little proven tag up to the -- but also that do

I that, and I So answered have with -- you your Bruce both questions. Fang question, more think if

Okay, go ahead.

Yanfang Jiang

with partnership color. how for your looking your All we potential, format that Sumitomo specific that will in terms I your to and market you any collaboration, in-war ramp your guess are with any or up capacity your alone, color Indian, partnership mentioned help of You any penetration?

Horace Luke

battery infrastructure. country is the with discussed company engaging focused airplanes a situation actually of in assets Great. with capital The using been round a IPO. partnering the take that since different projects about previous win-win the Finance Sumitomo a over deploy world. manufacturing those actually leasing through were in.And a always we've had can subsidiaries company, invested And penetrate we into large been question to markets still pool we the a swapping. every as they and with when of one is to we're can actually they They've in is and the large them We've them over scale.While well XXX of somebody of that number Sumitomo our and SMFL. almost love deploy actually a develop international to XXXX, want when be on partners is and to where ours side the stay we in would established partner is as to with their so risk trading a capability Sumitomo private to and market we before. which of as as help for else the that Leasing, with Mitsui company technology well capital company asset where needed order like the up idea as largest Gogoro actually very They're expansion, SMFL Gogoro all to need and really course, Sumitomo, business enable and world's about

future, to we're Sumitomo work hope partnership we other Asia to their also not And support to share Southeast of mass deployed the great a commercialize to with have many I with And as to in such excited amount more market, together that that which explore the and but but we capable follow.So capital well only mass to company in can we a India, countries alone, teams so such -- world ways we're human discussion. of to which has deploy. in the work capital great parts and as looking as have and into ready very other as develop cash opportunity color

Yanfang Jiang

sentiment. X-liter I your be mentioned things environment seems of some you switching consumer, market gains. electrified, year, wonder back to seems just tough the adoption the setback saw at where growth to Ready guys power now. big Taiwan think positive of few beginning pretty to big, like I reverse about are market? gears the share guys And electrification we to and macro of as year.That last but of it you year, seem penetration of electrified this pretty suggest the

and wonder ASP go? gives the Understand it confidence lower what just you product for the So new to drivers your behind the also is product.

structure how your wonder profitability, impact your or that economic going Just would forward?

Horace Luke

to vehicle. can the about with feature, that, And units about ergonomics we're units. to can. really a things. Taiwan, delivered And that and e-vehicles some have do ICE some say lot make Bruce part. of one in design we good would a the financial usability. performance, mentioned, redefine has goals really to as the first those second car excite went with that as is confidence Having couple by XXXX. for Bruce on by sure now I great the me the defined me complain think as one.The the And on of question. gives Basically, XXXX clear hard been both Number this top as that's to I has kind first What moratorium the mentioned. That's momentum well success great plan that as side we of that established take one the can as take well fact X,XXX nothing I'll market.And is year direction a such great we soon level seen on really great did is you our out the goals has of achieve with industry we've government promotional and really public. the gives there working that confidence product gives are as ability great there's really the that of as you entry really

traditional like especially Now technology smartphone connectivity about smartphone. a who the intelligent usability received you as far now an we've order with and possible It's than will that electric, the something a different is that believe we're the couldn't electric -- do ICE, coming of partnerships and actually some are engineers imagination as that vehicle a unseen being just and feedback.We've you sight with of that milestone, key of recapturing a with ones us, connectivity vehicle factor, public like pillar why Qualcomm of all where itself have for in hope phone that received is market. the lot of e-vehicle. lot uniquely go perceive ICE electric, the from the key vehicle also what and we the from we do see with media and we looking to of the that in can and interactivity onto great of vehicle to electrification.But aspirational a more product want be Having vehicle

convert media as entry user, bookends convert the ICE about talking electric we've the vehicle pretty market.We've an to seen good well and the traditional as first seen solution, They're the sharing the commuter, with that about well consumer. the definitely as on we momentum deliver industry really we're and business seen So a excitement the both confident of good we've excitement think that with set and the seen to experience. and side as as can we to business, level high of the there good side in excitement the we've of good the great

that confidence will perform the our to gives good the expectation. it us So of balance pretty year

Bruce Aitken

side ASP the Horace of of terms question, the bookends. Fang. the mentioned In

that's to by ASP the excellent USD vehicle bit an and it. the a that under even low at with Pulse high new each brand new that product out. bit can vehicle.So balance take a fact the a balanced JEGO ASP with at SKUs range about Obviously brand the high But very riding little of $X,XXX we've experience or offset end little there's about that's of other got the good way they a of at X,XXX. ASP, per a a $X,XXX it's or think product end and the lower the end above you price, $X,XXX. I think like we kind

on high-end battery then part deal to a know, long you a riding that year-on-year, more in Gogoro come flat, that's expect healthy B-train network, network. subscribers go goal can have battery vehicle, pack. a So as board. JEGO we our downward they we're a to ASP and the the time obviously on goal XL, pack a subscribers who is, the pack great. on plan with and of as There's quarter-on-quarter their they that of find use been has we we a okay Gogoro to we that's and that battery accumulate riders or and see battery as get crew come we're crew then that. If then If our monthly to they to pay second And do, kind subscribers pressure a of riding riding kind as a room X one don't the always as relatively means network.And of great the across vehicles pack, over too; subscribers. ], accumulating on great.If needs. more continue basis you for thrilled And of as with to we as we get vehicle, get a mix And subscribers [ long come a amount on our meets X many stay Gogoro mix everybody is

Yanfang Jiang

on Got just follow-up quick you. Bruce, that. a

backlog, once any mentioned with the bit balanced deliver of concern, struggle in foresee for year? the the constraints balance to units because and the you you little any the a you also capacity, X,XXX you the expect that For manufacturer

Bruce Aitken

Yes.

was And sake, about backlog transparency for current QX, end at of so X,XXX the the right. backlog is just that units, X,XXX

the that's that our the today, as talk kind book X,XXX that's is then again So the is of QX, kind in when of end X,XXX associated which backlog of potential for and the we'll about revenue with of members, current $X.X million number the we in of April.

production a clarification hope see begin backlog backlog volume We'll times QX. QX little bit. there.In just in delivery during the we those to Obviously, trimmed the So of that are the high. order we units, ramping factory up terms for first get our stays

just I terms an on accurate really across that balance entire exit or that across these So QX well, as fulfilling word, that an that goal give more And effort type. in capacity, customers forecast we're hard sense with have, we're true our that. backlog and increasing they're ensure to vehicles efficiently, vehicle orders to dramatically the do constraints no an existing new the expect for that the some of all running units different in for production to you types.So we'll year is whether all factories X vehicle of

Operator

question next with Angelina Our JPM. comes from Chen

Yu Wei Chen

You all can hear me?

Horace Luke

Angelina, if hear, speak it'd Yes, be ahead. a you A little bit to could go hard bit, great. up

Yu Wei Chen

just I have So questions. X

to in First margin of are plans increase and we planning of China. to the started all, the electricity swap has you would you the price, any And of all, battery raise business? you the since price, Power rising to swap raise sales bicycle Thai would not price the have And increase service fees? if the treating electricity are second

see X X-wheelers next for to China? company's you for in demand do China the what the in years? X And is So improvement strategy the

Horace Luke

can I question the take Angelina. electricity, about

news. single good those we batteries is increasing provide to or empty regardless that customer issue cost that to news of overall not full The brings good of there's of right. recharge depreciation. a power then when we operate. So the a pack, customer, our of and and because absolutely clearly biggest to so how our thing the the to is rates and network is consume the first that components service news it one energy is is grid kind we is that recharge full.So The percentage of the we it Thailand Gogoro next the power battery government it smallish is, cost good you're in battery, customers, a from

for the where the We sites located. have Go rental Stations are

We have O&M.

cost those kinds part, have structure. We a but different major part not electricity all of our costs.And of overall is it's

have onto a slightly, so hoping We're consumer a basis. we rebate would not we enough to from that give still discussing it but case that feel We to And price what our we're do those there on analyzing consumer.The onto dramatic cost bought impact maybe that not should At a customers plans is small worst if pass margin. is they the stage, what into scenario, this are increase pass chose process. any cost internally. do percentage

so the customers the power prices extra bit Frankly, cost as external from between customers versus internal And asking traditional our battery-swapping the pay are go of gas, having despite think is world really, pressure being component grid.Somehow, fact challenge. a balancing a and their world, up cost-conscious. in the of little really for recharging electric but to of bill people the don't the market that down, the in kind really, in cost

So time. those means is directly what that for us costs to it's at pass difficult consumers this onto

Bruce Aitken

again, you Can your question restate were enough. Angelina, the I question. second have cutting I might think heard on you clear it out please? not

Yu Wei Chen

of what So the sales see was, China if in strategy is plan China China overall also is question the wheeler in for as -- for couple so I my And company's and increasing bicycle progress well we're guys China. in wondering and EX in was company's seeing, the next you improvements years?

Bruce Aitken

largest Well, and China. Okay. Yadi the ICE Yadi established being our in being e-vehicle company e-cycle China [ in Da know, largest you [ Changjiang Changjiang as ] wheeler the with we Da partnership have ], X and but

partnership has hardware and using duration over Yadi Changjiang, Gogoro's a leveraging multiple last provide Over we components the our of the Da joint technology Yadi partnership, -- the is created system.The really vehicles battery-swapping venture while are say as dramatic technology would first to enabling it them the swapping as ramp that would the And still not -- overall in is be. and China, thought to ready. build enable vehicles we that between I

how battery are We also acquire customers. for broader that as delivery, we that and kinds comes where to see being then all by to about vehicles need of And in built doing it expected. of expand mainly Yadi, because there's operational the are are more discussion riders usability swapping.When we Hangzhou, BXB the

Unknown Executive

time, are online Renewable question that submit I fuels. an would this than fossil would take energy At currently cheaper it.

to is energy packs companies Solar storage. selling power lithium-iron require power why smart to allowing grid. energy using plan create Tesla our to a this This the phosphate selling to world farms and are help customers customers Gogoro will like batteries? build wind to using wall large-scale smart enter and smaller by station Gogoro XX-battery Does and own market their around network people slot swapping

Horace Luke

do, The -- we what answer is, and can look well we as as great energy our especially storage as power batteries opportunities, what do at around batteries see backup.

consumed similar wall.Of the leverage where certainly the you're build well also battery today for speaking to you'll kind useful look response. also mobility technology are there's the use as take that find refine that of a we're Taiwan, the future. we from as were batteries keeping if everything retiring in do of in Power same response circulation. is kind so of of applications we of, network With of you're an we batteries, power been the that batteries kind think batteries that course, as can getting battery in Gogoro both think about. news, into And we track them And industrial-grade we million course, future, recent, serve demand as in to product speaking our other Thai with Power a something with to store can be technology frequency working many and to UPS, with to have, ready large we the future A you the X.X we to in that at sideline, can have new Taiwan of can first-life Taiwan I racks the most out that portion sitting work batteries to the can we the of what swap.But with that time, develop on Company

Unknown Executive

manufacturers We to Does manufacturers as your any online to vehicle revenue third-party hardware can and Gogoro battery carts, open drones, golf as so well can charging such Customers up that purchase third-party by to and your have powered create scooters. more have Gogoro beyond time question. new batteries? forklifts, be plans ecosystem for batteries expand one applications Gogoro

Horace Luke

Absolutely.

some type those range.Of Tokyo our batteries, many vehicle Foxconn-led Absolutely. our have platform to of that through Auto large mobility is as Gogoro MIH and frequent we anything. M partner battery battery we the including as to our vehicle the of types just that micro we have we everything very called you a demonstrated X-wheelers consortium If at from to doing a swappable, our can power of look which in just use opportunity about X-wheeler think as source an a course, somebody X-wheelers have different but battery. wants we battery and augmented with and investigated use As power power prototyped welcome that It extend uses X-wheelers mentioned. our Show to components, Mobility a think micro-compact

the in So think something that's absolutely. that We future. hope we to see

Unknown Executive

you, At this I'll Great. Horace a Horace. time, to few ask us Thank remarks. give closing

Horace Luke

Thanks, Annie.

platforms vehicles full you that room XXXX forecast. of everyone. on to of Both all and in to you see you, throughout periodic future webcast. balance But ago, momentum the grow build today the those build vehicle X calling on have the ago, to year year. providing X that Thank continue platform we against years launches extend represent brand the it about we Our Gogoro Thanks market X in Taiwan two today.As QX, most on. the about fact X and into to launched which updates is II, vehicles move for us important progress been the lots look on X expect to those created and new we received. have for we both we to years forward our positive vehicles to vehicles our can well thing Taiwan when a Similar very deliver international

Operator

conclude participation. the your for This you program. Thank does

You may now disconnect.

Gogoro (GGR) 9 May 242024 Q1 Earnings call transcript