Gogoro, the Taiwanese electrical scooter producer and battery swapping big, stated its CEO and chairman Horace Luke has stepped down amid subsidy fraud allegations, in response to a regulatory submitting.
Gogoro allegedly used Chinese language components for e-scooters to scale back manufacturing prices, regardless of reporting that it used regionally made components to qualify for presidency subsidies. In a submitting, Gogoro stated inside investigations recognized “sure irregularities” within the provide chain which brought on it to “inadvertently incorporate sure imported elements in a few of its automobiles.”
Luke resigned in an effort to point out the corporate’s decision to completely 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 because of foreign money change charges and a push into new markets like the Philippines and Indonesia. Within the second quarter, Gogoro recorded $20.1 million in losses, up from a $5.6 million shortfall in Q2 2023.
