Amid a sharp decline in domestic sales, Gogoro is set to enter Vietnam’s electric motorcycle market through a strategic partnership with Castrol.
This move underscores the Taiwanese electric vehicle manufacturer’s efforts to restructure and expand into the Southeast Asian region.
According to Gogoro, the company sold only 49,228 electric motorcycles in its home market last year, a 37.64% drop from the previous year’s 78,930 units. The decline is attributed to consumers tightening their spending due to prolonged global economic uncertainties, impacting demand for high-value products.
Despite this, Gogoro is not halting its growth plans. Instead, it is accelerating its international expansion strategy, with Vietnam identified as a key market. Under the announced partnership model, Gogoro will handle product design, core technology development, and supply, while Castrol, as the licensed partner, will manage sales and business operations in Vietnam.
Gogoro stated that this flexible partnership model allows the company to shorten its market entry time and reduce initial capital investment pressure. Castrol’s long-standing presence, extensive distribution network, and deep understanding of the local market are seen as critical advantages for rapid scaling.
Prior to formalizing the partnership, both companies conducted a small-scale logistics fleet pilot program in Vietnam last year to gather operational data and user feedback. Gogoro views Vietnam as a high-growth potential market, especially with ongoing discussions about policies restricting internal combustion engine motorcycles.
Hanoi is expected to ban gasoline-powered motorcycles from July, and Ho Chi Minh City may consider similar measures in the near future, creating significant opportunities for electric motorcycles.
Regarding future plans, Gogoro CEO Chiang Chia-wei announced that the company plans to launch three new electric motorcycle models this year, aiming to strengthen its product portfolio and enhance competitiveness in new markets, including Southeast Asia.
In Taiwan, electric motorcycle sales began to recover in December, with nearly 5,000 units sold, a 20% increase from the previous month. Gogoro sold 2,697 units in December, raising its market share to 4.24% in the two-wheeler market. This positive trend provides a solid foundation for the company’s international expansion strategy moving forward.
TH (Tuoitrethudo)
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