Taiwanese electric vehicle infrastructure giant Gogoro has decided to forge ahead independently in its $2.5 billion joint venture project in Maharashtra, as Belrise Industries and Gogoro have mutually agreed to part ways. Initially formed as a 50:50 partnership, the joint venture aimed to establish a smart energy infrastructure in Maharashtra through a battery-swapping system and smart battery stations.
While the original memorandum of understanding (MoU) outlined joint venture negotiations between Gogoro and Belrise, the companies failed to reach an agreement, prompting Gogoro to pursue the venture autonomously.
The joint initiative, initiated in January this year, was geared towards making significant investments in Maharashtra over eight years, focusing on manufacturing electric two-wheelers and developing a battery-swapping infrastructure. However, Belrise’s withdrawal from the battery-swapping project left Gogoro to navigate the path forward independently.
Gogoro, a key player in the e-mobility market since 2011, introduced battery swapping for e-scooters in Taiwan and went public in 2022 through a merger with Nasdaq-listed special-purpose acquisition company Poema Global. In June, the Maharashtra government extended an invitation to Gogoro to participate in an ‘Ultra Mega Project’ agreement, valued at over $1.5 billion, covering the manufacturing of vehicles, smart battery packs, and battery swap stations.
A Gogoro spokesperson stated, “Gogoro continues to form different partnerships across our broad value chain with a variety of partners. We are focused on commercializing our battery swapping system starting with Delhi NCR and Maharashtra.”
Belrise and Gogoro still maintain a partnership in manufacturing electric scooters, where Belrise is a key supplier for the new Gogoro CrossOver range. Belrise, with 14 manufacturing facilities and a clientele of over 32 companies, serves as a key player in the electric vehicle (EV) sector, catering to industry giants such as Bajaj Auto, Hero MotoCorp, Tata Motors, and others.
Gogoro, having entered the Indian market in collaboration with Hero MotoCorp, aims to power Hero’s electric two-wheelers with its battery-swapping system. The company has also initiated local production of electric scooter bikes and plans to introduce three models in the Indian market: CrossOver GX250, CrossOver 50, and CrossOver S.
Despite challenges in joint ventures, Gogoro has strategically aligned itself with Indian partners for various initiatives. The collaboration with Swiggy in August 2023 enabled the use of Gogoro smartscooters and battery-swapping infrastructure for cost-effective hyperlocal deliveries. In November 2022, Gogoro joined forces with Zypp Electric, an EV-as-a-service platform, to expand its electric scooter fleet and operations across 30 Indian cities by December 2025.
The electric vehicle (EV) landscape in India has witnessed substantial growth, with EV registrations reaching 13.29 lakh units in the current year, reflecting a significant increase from 10.24 lakh in 2022.
