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| Statement |
|---|
| We've seen high demand in India for Gogoro's battery swapping technology, and we're excited about our commercial launch in collaboration with various partners |
| In India, we're really just getting started, but we are expecting during 2024 to make solid inroads in the B2B market segments |
| And I'm very proud of the work our team has done |
| In 2024, we're committed to continue development and deployment of the best technology, best vehicle, best battery swapping platform and ecosystem to ongoing innovation and performance leadership in electric two-wheeler industry |
| The Gogoro Pulse demonstrates a big leap in our industry leadership in both vehicle design, smart technologies, user interaction, and vehicle performance, and will extend our lead in the electric two-wheeler industry |
| As policies encourage or mandate this migration, Gogoro has ready-made solutions including a superior vehicle experience and a super-efficient battery swapping ecosystem ready to lead the transition in India's major cities |
| We continue to see the strength of our subscription-based business model to accumulate more customers to maximize our battery swapping network efficiency |
| These smart cities and second-life opportunities were exciting areas of development in 2023 and will continue to grow in 2024, providing additional revenue streams both immediately and in the future as batteries migrate from serving mobility to energy storage and second-life usage |
| But our number one focus as a company today is to really solidify our market position in Taiwan as we have done so greatly today with majority of the vehicles that are electric in the marketplace being electric powered by our battery swapping system |
| We're targeting growth from 2023 unit sales and market share and healthy growth in our Gogoro network from accumulating the subscriber base |
| We aim to deliver exceptional performance, efficiency, and reliability, both in Taiwan and the international markets that we're going into |
| I think you'll find that experience a very positive one |
| Developing new technology and services that can help consumers get excited about electric is a really great inflection point we can put in |
| And so that's a great opportunity for us, and battery swapping is the only solution to serve that B2B market |
| This unfavorable change was partially offset by the improved cost efficiencies of Gogoro's battery swapping service and improvements in other operational efficiencies |
| Battery swapping service revenue for the year was $131.8 million, up 8.3% year over year and up 13.3% year over year on a constant currency basis |
| In the fourth quarter, we achieved significant milestone in India and the Philippines also |
| The program is expected to accelerate the EV transition leading to improvement in air quality in cities across Taiwan, and it will contribute both to the Taiwan 2050 net zero emissions goals and to Uber Eats global goal of achieving emission-free deliveries by 2040 |
| We are grateful for our customer that have already been subscribers for Gogoro network, and we encourage anyone that hasn't tried an electric two wheeler to do so |
| The year-over-year increase in battery swapping service revenue was primarily due to our larger subscriber base compared to the same quarter last year and the high retention rate of our subscribers |
| Battery swapping service revenue for the first quarter was $32.5 million, up 3.7% year over year and up 6.0% year over year on a constant currency basis |
| As always, we're grateful for the support of the Maharashtra state government |
| I'm excited to confirm that we are also progressing smoothly with the facility fill out of our first battery pack factory in India and have begun moving our state-of-the-art robotics equipment into the factory |
| These allow for legacy scooter sales and repair shops to also sell and service Gogoro and partner-branded electric vehicles, creating upskilling and cross training opportunities for existing ICE scooter industry players |
| Total subscribers at the end of the fourth quarter exceeded 587,000, up 11.6% from 526,000 subscribers at the end of the same quarter last year |
| It is essential that we take advantage of all the policies there in favor of electrification, and we're working diligently |
| Gogoro is pleased to partner with Uber Eats to tailor vehicle purchases and battery swapping for delivery partners in Taiwan, encouraging more riders to deliver on a greener solution |
| All of these enhancement made the vehicle more rugged, safer, and more comfortable even under very demanding road conditions |
| We welcome the opportunity to work with B2G and B2B partners to achieve their sustainability and electrification goals |
| And we're working diligently to make sure that we're one of the first people to be able to roll that out to our customer |
| Statement |
|---|
| Economies around the world struggled to meet GDP growth projections and overall consumption slowed |
| Sales of hardware and other revenues for the year were $218 million, down 16.5% year over year and down 12.8% year over year on a constant currency basis |
| For the full year, total revenue was $34.9 million, down 8.6% year over year and down 4.6% year over year on a constant currency basis |
| For the fourth quarter, total revenue was $91.5 million, down 4.1% year over year and down 2.8% year over year on a constant currency basis |
| Sales of hardware and other revenue for the quarter were $59 million, down 7.9% year over year and down 7.1% year over year on a constant currency basis |
| For the fourth quarter, gross margin was 11.0%, down from 15.0% in the same quarter last year, while non-IFRS gross margin was 14.2% down from 17.2% in the same quarter last year |
| Local ICE vehicle price competition and overall macro economic uncertainty hindered the pace of electrification in the Taiwan market in 2023 |
| Compared to last year, sales of total electric power two-wheel vehicles were down 9.0%, while Gogoro-branded vehicles were down 12.3% |
| For the full-year 2023 gross margin was 14.4%, down from 15.1% last year, whereas non-IFRS gross margin was 15.8%, down from 16.8% last year |
| Compared to the same quarter last year, sales of total electric-powered, two-wheel vehicles were down 13.4%, while Gogoro-branded vehicle sales were down 6.5% |
| The decrease in gross margin was driven by a reduction in vehicle prices in the fourth quarter and ASP reduction resulting from a higher percentage of lower-priced vehicles sold, higher production cost per vehicle due to lower sales volume, decreased revenue associated with retail discounts, and some minor impacts related to our discounting charges for customers adversely impacted by voluntary and minor vehicle recall and battery upgrade |
| Question number one, there have been recently some setbacks on EV adoption for four-wheeler market |
| For the fourth quarter, adjusted EBITDA was $8.2 million, representing a decrease of $1 million from $9.2 million in the same quarter last year |
| 2023 was a year of relative economic and market challenges |
| Both electric powered two-wheelers and powered by Gogoro network markets were impacted by the continued deep discount and price war between the Taiwanese ICE vehicle manufacturers as well as the increased purchase of ICE vehicles as a last call effort from December 2023 discontinuation of certain government subsidies for scooter purchases |
| Both electric-powered two wheelers and powered by Gogoro network markets were impacted by the continued deep discounts on ICE vehicles offered by Taiwan's scooter manufacturers as well as the increased purchases of ICE vehicles as a last call effect given the discontinuation of certain government subsidies for scooter purchases |
| While we lowered prices, our average selling price reduced by 9.3% in the fourth quarter of 2023 compared to that in the same quarter of 2022, we refrain from matching the deep discounts provided by ICE OEMs as we believe that it's not in the best interest of our long-term growth strategy |
| For the full-year 2023, net loss was $76.9 million, representing a decrease of $22 million from a net loss of $98.9 million last year |
| Total electric scooters for the full-year 2023 was 79,766, down 9% from 2022 |
| Without the support and contribution of so many fellow travelers, our journey to electrification would be impossible |
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