Gogoro CEO resigns as subsidy fraud investigation continues

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Gogoro, 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 which 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.



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Gogoro CEO resigns as subsidy fraud investigation continues


Gogoro, 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 which 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.



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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