Gogoro Professes Support For Taiwan's EV Subsidy Extension

Gogoro Inc GGR has conveyed its support for the Taiwan government's decision to extend its electric two-wheel vehicle subsidy program for four additional years.
The subsidy extension follows the government's approval of a new phase of its "Electric Scooter Industry Environmental Value-Added Subsidy Program."
Under the program, Taiwan will invest $191.5 million in funds from 2023 to 2026 to promote subsidies for purchasing electric scooters, installing battery charging and swapping facilities, and transforming traditional scooter shops.
Gogoro Network is a new generation of swappable battery refueling, supporting more than 520,000 riders with over 1.1 million smart batteries in circulation.
"With the Taiwan government's continued commitment to the transformation of two-wheel transportation to electric, Gogoro is committed to increasing its investment in new EV and battery swapping technologies and expanding its retail and battery swapping network coverage to provide a path to net zero emissions in Taiwan," said CEO Horace Luke.
Taiwan has mandated that all new passenger vehicles be electric by 2040, with a commitment to net zero carbon emissions by 2050.
Price Action: GGR shares closed lower by 4.16% at $3.46 on Monday.
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