Connect with us

Published

on

Horace Luke, the founder and CEO of the world’s leading electric vehicle battery-swapping company Gogoro, just announced his resignation. The move comes during a period of growing financial losses for the company and follows accusations of potential subsidy fraud in its domestic market of Taiwan.

The Taipei Times described the announcement as a bombshell. Luke had built Gogoro largely from the ground up while maintaining major influence over the company’s designs and operations, from minute details to major strategy.

“After much reflection, I have made the difficult decision to step down from my role as CEO and chairman of Gogoro,” Luke explained in the announcement. “This decision has not been easy, but I believe it is the right time for the company and I to transition leadership as we embark on the next phase of growth. My confidence in Gogoro’s bright future remains steadfast. I will always be Gogoro’s biggest advocate, and I look forward to seeing the company continue to grow and succeed from a new vantage point.”

Luke nor the company provided a reason for the departure.

Gogoro’s board appointed Henry Chiang as the interim CEO. Chiang served as the general manager of Gogoro since 2022 and head of the company’s sharing operations GoShare team from 2018 to 2022.

The Board also appointed Tamon Tseng as the new director and Chairman of the Board to replace Luke.

Gogoro’s electric scooters and iconic green-on-black batteries have become famous around the world, demonstrating hundreds of thousands of battery swaps a day from a large user base. The system has been touted as the first practical battery-swapping initiative to demonstrate successful operation on a massive scale, counting hundreds of millions of battery swaps to date.

However, during its period of rapid growth and international expansions over the last several years, the company has seen ballooning financial losses.

Reports also began swirling last week of subsidy fraud, with accusations that Gogoro received subsidies from the Taiwanese government intended for domestic manufacturers while failing to disclose that some of its components were actually produced in China.

Gogoro, which trades on the NASDAQ, filed a Form 6-K report with the SEC after Luke resigned, explaining that the company had conducted an internal investigation into the accusations of subsidy fraud.

“During such investigations, the Company has identified certain irregularities in supply chain which caused the Company to inadvertently incorporate certain imported components in some of its vehicles,” says the filing. “The Company has reported the irregularities in supply chain to the local authorities and is fully cooperating with the local authorities in their investigations, while also continuing with its internal investigations.”

Electrek’s Take

Well, this is not the news I was hoping to cover today.

I’m a Gogoro rider myself (my Gogoro is my and my wife’s daily driver vehicle) and have long been a fan of the company’s technology. Gogoro’s spread around much of Asia and, more recently, into the Middle East and South America speaks to how well the technology works – something I’ve known from using it each day.

But running such a massive operation is not cheap, especially when investing in massive local factories for the scooters and the batteries. Gogoro’s own statement to the SEC describes its use of foreign-made components in some vehicles as “inadvertent,” and we haven’t yet heard from Luke on whether there was any wrongdoing. But as the leader of a company, especially one that proudly involves himself in nearly every aspect and regularly pores over the small details, the buck obviously has to stop with him.

Hopefully, Gogoro can move past this, as the company’s electric scooters and important battery-swapping technology have proven to be such a major weapon in the reduction of emissions in countries all over Asia that are heavily reliant on combustion engine motorcycles for transportation. Many Westerners have asked me when Gogoro would be expanding to Europe and North America, and so the international demand is obviously there. Now we just need to hope Gogoro is able to sort things out and continue on with its important mission of bringing affordable, high-tech electric vehicles and battery-swapping technology to areas of the world where it makes the biggest difference.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Tesla’s retro-futuristic diner and Supercharger is here and it looks sick

Published

on

By

Tesla's retro-futuristic diner and Supercharger is here and it looks sick

Tesla’s retro-futuristic diner with Superchargers and giant movie screens is ready to open, and I have to admit, it looks pretty sick.

This project has been in the works for a long time.

In 2018, Elon Musk said that Tesla planned to open an “old school drive-in, roller skates & rock restaurant at one of the new Tesla Supercharger locations in Los Angeles.” It was yet another “Is he joking?” kind of Elon Musk idea, but he wasn’t kidding.

A few months later, Tesla applied for building permits for “a restaurant and Supercharger station” at a location in Santa Monica. However, the project stalled for a long time, apparently due to local regulations.

Advertisement – scroll for more content

Nevertheless, Tesla still moved forward with a Supercharger at the location, but it had to move the diner project to Hollywood. In 2022, Tesla filed the construction plans with the city, giving us the first look at what the automaker intends to build.

In 2023, the automaker broke ground on the site of the diner.

7 years after being originally announced, the project appears now ready to open:

Musk said that he ate at the diner last night and claimed that it is “one of the coolest spots in LA.” He didn’t say when it will open, but Tesla vehicles have been spotted at Supercharger and people appear to be testing the dinning experience inside.

A Tesla Optimus Robot can be seen inside the diner on a test rack. It looks like Tesla might use one for some tasks inside the diner.

Earlier this year, Tesla integrated the diner into its mobile app – hinting at some interaction through the app – possibly ordering from it.

Electrek’s Take

I think it looks pretty cool. I am a fan of the design and concept.

However, considering the state of the Tesla community, I don’t think I’d like the vibes. That said, it looks like Tesla isn’t prominently pushing its branding on the diner.

You can come and charge there, but it looks like Tesla is also aiming to get a wider clientele just for dining.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Westinghouse plans to build 10 large nuclear reactors in U.S., interim CEO tells Trump

Published

on

By

Westinghouse plans to build 10 large nuclear reactors in U.S., interim CEO tells Trump

Plant Vogtle Nuclear Power Plant in Waynesboro, GA, August 15, 2024.

Van Applegate | CNBC

Westinghouse plans to build 10 large nuclear reactors in the U.S. with construction to begin by 2030, interim CEO Dan Sumner told President Donald Trump at a roundtable in Pittsburgh on Tuesday.

Westinghouse’s big AP1000 reactor generates enough electricity to power more than 750,000 homes, according to the company. Building 10 of these reactors would drive $75 billion of economic value across the U.S. and $6 billion in Pennsylvania, Sumner said.

The Westinghouse executive laid out the plan to Trump during a conference on energy and artificial intelligence at Carnegie Mellon University. Technology, energy and financial executives announced more than $90 billion of investment in data centers and power infrastructure at the conference, according to the office of Sen. Dave McCormick, who organized the event.

Trump issued four executive orders in May that aim to quadruple nuclear power in the U.S. by 2050. The president called for the U.S. to have 10 nuclear plants under construction by 2050. He ordered a “wholesale revision” of the Nuclear Regulatory Commission’s rules and guidelines.

The U.S. has built only two new nuclear reactors over the past 30 years, both of which were Westinghouse AP1000s at Plant Vogtle in Waynesboro, Georgia. The project notoriously came in $18 billion over budget and seven years behind schedule, contributing to the bankruptcy of Westinghouse.

The industry stalwart emerged from bankruptcy in 2018 and us now owned by Canadian uranium miner Cameco and Brookfield Asset Management.

Westinghouse announced a partnership with Google on Tuesday to use AI tools to make the construction of AP1000s an “efficient, repeatable process,” according to the company.

Catch up on the latest energy news from CNBC Pro:

Continue Reading

Environment

Hyundai’s electric minivan sheds its camo: Check out the new Staria EV

Published

on

By

Hyundai's electric minivan sheds its camo: Check out the new Staria EV

Hyundai’s electric minivan is finally out in the open. The Staria EV was caught without camo near Hyundai’s R&D center in Korea, giving us a closer look at the electric minivan undisguised.

Hyundai’s electric minivan drops camo ahead of debut

The Staria arrived in 2021 as the successor to the Starex, Hyundai’s multi-purpose vehicle (MPV). Although the Staria has received several updates throughout the years, 2026 will be its biggest by far.

Hyundai will launch the Staria EV, its first electric minivan. Like the current model, the 2026 Staria will be available in several different configurations, including cargo, passenger, and even a camper version.

We’ve seen the Staria EV out in public a few times already. Last month, we got a glimpse of it while driving on public roads in Korea.

Advertisement – scroll for more content

Despite the camouflage, new EV-like design elements were visible, including updated LED headlights and a full-length light bar. Although it’s still unclear, the electric version appears to be roughly the same size as the current Staria from the side, but slightly wider from the front.

New images posted on the South Korean forum Clien reveal a test car, expected to be Hyundai’s Staria electric minivan, without camo.

Like most Hyundai test cars, the prototype has a black front and a grey body. It still features a similar look to other prototypes we’ve seen, but you can clearly see the new facelift.

Earlier this year, a Staria EV was spotted in a parking lot in Korea, featuring a similar look. The electric version is nearly identical to the Staria Lounge, but with an added charge port and closed-off grille.

The Hyundai Staria EV is expected to make its global debut later this year. Technical details have yet to be revealed, but it’s expected to feature either a 76 kWh or 84 kWh battery, providing a range of around 350 km (217 miles) to 400 km (249 miles).

Hyundai's-first-electric-minivan
Hyundai Staria Lounge (Source: Hyundai)

Hyundai’s electric SUV arrives after Kia introduced its first electric van, the PV5, which launched in Europe and Korea earlier this year.

In Europe, the Kia Passenger PV5 model is available with two battery pack options: 51.5 kWh and 71.2 kWh, providing WLTP ranges of 179 miles and 249 miles, respectively. The Cargo version has a WLTP range of 181 miles or 247 miles.

Source: TheKoreanCarBlog, Clien

FTC: We use income earning auto affiliate links. More.

Continue Reading

Trending