Gogoro’s global expansion continues as battery swapping giant enters Indian market
Gogoro (NASDAQ: GGR) announced today that its highly-acclaimed battery swapping system designed for electric scooters and motorbikes is ready to rollout in India next month. The announcement came as Gogoro and local EV delivery company Zypp Electric unveiled a new partnership that will see Gogoro’s batteries and scooters soon zipping around Delhi.
Zypp Electric is India’s leading EV-as-a-service platform. The company’s mission focuses on decarbonizing last-mile deliveries in India with an ecosystem of electric vehicles and EV-based technology.
The company handles daily deliveries for everything from local merchants to e-commerce giants using its fleet of over 7,000 EVs.
India, like many Asian countries, relies heavily on fast and efficient two-wheeled vehicles including scooters and motorcycles that can weave through gridlocked traffic and take routes that are inaccessible to larger four-wheeled vehicles.
With the electric scooter and motorcycle market booming in India, Gogoro and Zypp are set to take full advantage of Gogoro’s battery swapping as an effective tool to keep those EVs on the road instead of parked at a charging station.
As Gogoro’s CEO and founder Horace Luke explained in a statement provided to Electrek:
“We are seeing an incredible global transformation of urban transportation and energy systems to smarter, cleaner, and safer electric power, and there is nowhere it will benefit more than India. With more than 350 million battery swaps to date, Gogoro is introducing its advanced battery swapping platform in India to establish a new generation of electric two-wheel transportation that is proven, safe, and reliable.
Today, we are announcing a strategic partnership with Zypp Electric, India’s leading EV-as-a-Service platform, to launch a B2B pilot in Delhi that will enable last mile delivery fleets to begin to adopt sustainable energy and transform their businesses for the future using Gogoro battery swapping.”
The model uses distributed battery swap stations called GoStations that constantly charge and deploy batteries. Riders simply roll up to a station, toss their nearly empty batteries into a receptacle and receive freshly charged batteries in return.
The entire process takes seconds and is quicker than a typical refueling stop on an ICE-powered motorcycle or scooter.
For last-mile deliveries where the vehicles are often on the road all day without time to stop and charge, battery swapping is the perfect solution.
As Zypp Electric’s co-founder and CEO Akash Gupta described:
“Climate change & rising pollution are a major global concern and many world leaders are committed to bringing a change with revolutionary measures that perfectly align with our vision at Zypp Electric. We are super excited to partner with Gogoro, a like-minded global EV player stepping into the Indian market and decarbonizing Indian last-mile deliveries with Gogoro’s state-of-the-art battery swapping platform that is proven at scale to be safe, easy for riders to use, easy to deploy in cities and open to all businesses.
We expect this partnership to set an example for how a network of battery swapping stations and EVs which will create a robust EV ecosystem towards solving the last mile problem efficiently across the country.”
Gogoro has previously listed India as a prime market for expansion, which makes sense considering there are more than 200 million motorcycles and scooters currently on Indian roads.
The company recently appointed Kaushik Burman as the general manager of India for Gogoro. Burman previously led Gogoro’s global expansion.
As Burman illustrated, Gogoro has already been working with the Indian government for regulatory approvals:
“Today’s strategic initiative and partnership with Zypp is a first step in validating and demonstrating Gogoro’s proven leadership in battery swapping while also learning from local businesses and riders. Gogoro is a founding member of the Indian battery swapping association (IBSA), and we are collaborating with multiple industry partners and regulatory authorities to contribute to a better India. Gogoro has been working to secure all of the relevant certifications for its batteries and battery swapping stations.”
Gogoro spent the better part of six years largely focused on expanding its proven battery swapping network within its domestic market of Taiwan. There the company operates thousands of battery swapping stations and has seen a total of over 350 million battery swaps. Each day there are more than 250,000 battery swaps in the country. Taiwan will soon have more Gogoro GoStations than gas stations.
Other companies have recently announced similar-looking battery swapping systems, but Gogoro’s early market entry and years of real world verification have helped it become a de facto battery swapping standard.
Over the last few years Gogoro has set its sights on international expansion. Some countries like Indonesia, India and Singapore are seeing B2B operations like the one announced today with Zypp Electric.
But just a few months ago Gogoro launched its first consumer retail expansion when it entered the Israeli market, offering its electric scooters for sale to riders who now subscribe to Gogoro’s battery swapping network.
I actually got one of the first Gogoro scooters in Israel (above) and I’ve already made a half dozen or so battery swaps in Tel Aviv, where the distributed swap stations are never more than 2 miles (3.2 km) from riders. With ranges of up to 60 miles (100 km) in the city, running out of charge is a non-issue.
Now that Gogoro is proving its system both at home and abroad, further expansion of the leading battery swapping company looks all but certain.
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Jack Dorsey, co-founder and chief executive officer of Twitter Inc. and Square Inc., listens during the Bitcoin 2021 conference in Miami, Florida, on Friday, June 4, 2021.
Eva Marie Uzcategui | Bloomberg | Getty Images
Block shares jumped in extended trading on Thursday after the fintech company increased its forecast for the year.
Here is how the company did, compared to analysts’ consensus estimates from LSEG.
- Earnings per share: 62 cents adjusted vs. 69 cents expected
Block doesn’t report a revenue figure, but said gross profit rose 14% from a year earlier to $2.54 billion, beating analysts’ estimates of $2.46 billion for the quarter. Gross payment volume increased 10% to $64.25 billion.
Block raised its guidance for full-year gross profit to $10.17 billion, representing 14% growth from a year earlier. In its prior earnings report, Block said gross profit for the year would come in at $9.96 billion.
The company expects full-year adjusted operating income of $2.03 billion, or a 20% margin. For the third quarter, the company expects gross profit to grow 16% from a year ago to $2.6 billion, with an operating margin of 18%.
Square payment volume in the quarter grew 10% from a year earlier.
Block faces growing competition from rivals such as Toast and Fiserv‘s Clover, though its Square business still gained share during the quarter in areas such as retail and food and beverage.
Block shares were down 10% this year as of Thursday’s close, while the Nasdaq is up 10%. Last month, Block was added to the S&P 500.
— CNBC’s Robert Hum contributed to this report.
Environment
The new Chevy Bolt EV will get cheaper LFP batteries from China’s CATL, at least for now
Until GM builds its own, the new Chevy Bolt EV will use lower-cost LFP batteries from China’s CATL. GM will temporarily lean on CATL to power its most affordable electric vehicle.
The new Chevy Bolt EV will use batteries from China
The new Chevy Bolt EV is set to begin rolling off the production line at GM’s assembly plant in Fairfax, Kansas, later this year.
GM’s CEO Mary Barra promises the new EV will arrive with “substantial improvements,” including longer range, faster charging, and a stylish new look. It will also be the company’s first EV based on the Ultium platform to launch with LFP batteries in North America.
Although the batteries were initially expected to be made in-house, it appears that GM will import them from China, at least for the next few years.
A new report from The Wall Street Journal claims GM will import LFP batteries from CATL to power the new Chevy Bolt EV over the next two years.
According to sources close to the matter, GM will rely on CATL for batteries until it begins producing more affordable EV batteries in collaboration with LG Energy Solutions in 2027.
“To stay competitive, GM will temporarily source these packs from similar suppliers to power our most affordable EV model,” a company spokesperson said. The statement added that “For several years, other US automakers have depended on foreign suppliers for LFP battery sourcing and licensing.”
Ford is licensing technology from CATL to produce LFP batteries in Michigan, which will power its next-generation electric vehicles.
Given Trump’s new tariff and trade policies, GM will face hefty import costs from China. According to Sam Abuelsamid from auto research firm Telemetry, combined with other cost-cutting measures, “the new Bolt with Chinese batteries may still be marginally profitable or “close enough.” He added that “It may be that the economics work for GM to do this on a temporary basis.”
Just over a week ago, Chevy offered a sneak peek at the new Bolt EV with the first teaser images. It’s scheduled to enter production later this year and will arrive at US dealerships in 2026.
Although GM has yet to announce prices and specs, the new Bolt EV is expected to start at around $30,000 with a range of around 300 miles. It will also be the second GM electric vehicle, following the Cadillac Optiq-V, with a built-in NACS port for charging at Tesla Superchargers.
Electrek’s Take
Chinese battery makers, including CATL and BYD, are dominating the global market with lower-cost and more advanced tech.
According to new data from SNE Research, CATL and BYD widened their lead in the first half of 2025. CATL held the top spot with a 37.9% market share while BYD was second at 17.8%.
The combined market share of South Korean battery makers, LG Energy Solution, SK On, and Samsung SDI, fell to 16.4%, a 5.4% decline from the first half of 2024.
Although the deal may work out in GM’s favor, it still highlights the significant gap between US auto and battery makers and their Chinese counterparts.
Meanwhile, GM’s current most affordable electric model, the Chevy Equinox EV, is expected to be among the top three best-selling EVs in the US this year, behind the Tesla Model Y and Model 3. GM calls it “America’s most affordable 315+ range EV” with starting prices under $35,000.
Will the new Bolt EV see the same demand? With prices expected to start at around $30,000, it will be one of the lowest-priced electric vehicles in the US.
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Despite a full lineup of electric models rolling out, Cadillac now plans to keep offering at least one popular gas-powered SUV.
Cadillac XT5 SUV will keep a gas engine in the US
GM’s luxury brand was supposed to go all-electric by the end of the decade. Although it already walked back its commitment last year, Cadillac has now confirmed which popular gas SUV will stick around a while longer.
The Cadillac XT5, the brand’s best-selling vehicle outside of the Escalade, will continue to be sold in North America.
The news was first reported by The Detroit Free Press, which cited a recent memo from GM to UAW workers. Although Cadillac had planned to end XT5 production at the end of the year, GM informed workers that it will continue to be built until the end of 2026.
The current Cadillac XT5 will continue to be sold until the 2027 model year arrives in the US, which will still feature a gas engine.
It could arrive as a potential hybrid, similar to the XT5 sold in China, which features a 2.0L turbocharged engine combined with a 48V electric motor. No fully electric version was mentioned.
GM will continue Cadillac XT5 production in Spring Hill, Tennessee, alongside the Lyriq and Vistiq electric SUVs.
Cadillac claims to be the leading luxury EV brand in the US with a full lineup of electric SUVs. However, that doesn’t include Tesla. The luxury brand now offers the entry-level Optiq, mid-size Lyriq, three-row Vistiq, and even larger Escalade IQ and IQL electric models.
In the first half of the year, nearly 25% of Cadillac vehicles sold in the US were electric. The XT5 was Cadillac’s second-best-selling vehicle, with over 12,700 units sold. The Escalade was its top seller with over 24,300 models sold through June.
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