Gogoro CEO resigns as subsidy fraud investigation continues
Reading Time: < 1 minutesGogoro, the Taiwanese electric scooter manufacturer and battery-swapping giant, said its CEO and chairman Horace Luke has stepped down amid subsidy fraud allegations, according to a regulatory filing.
Gogoro allegedly used Chinese parts for e-scooters to reduce manufacturing costs, despite reporting that it used locally made parts to qualify for government subsidies. In a filing, Gogoro said internal investigations identified ‘certain irregularities’ in the supply chain that caused it to ‘inadvertently incorporate certain imported components in some of its vehicles.’
Luke resigned in an effort to show the company’s resolution to fully cooperate with the local authorities as the investigation continues, Gogoro said in the filing.
Since going public in 2022, Gogoro has suffered from poor financials due to currency exchange rates and a push into new markets 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.
Ref: techcrunch
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