Gogoro CEO Horace Luke resigns amid ongoing fraud investigation

Gogoro, a prominent Taiwanese manufacturer of electric scooters and battery-swapping technology, has faced serious allegations of subsidy fraud. The company reportedly used Chinese components in its e-scooters to cut manufacturing costs while claiming to use locally sourced parts to qualify for government subsidies. This discrepancy was uncovered during internal investigations, which revealed 'certain irregularities' in the supply chain that led to the unintentional incorporation of imported parts in some vehicles. In light of these findings, Horace Luke, the CEO and chairman of Gogoro, has resigned from his position. His departure is seen as a move to demonstrate the company's commitment to cooperating fully with local authorities as the investigation unfolds. The decision to step down reflects the gravity of the situation and the need for transparency in addressing the allegations. The ongoing investigation raises significant concerns about the integrity of Gogoro's operations and its adherence to government regulations. The use of imported components, despite claims to the contrary, not only jeopardizes the company's reputation but also puts its eligibility for subsidies at risk. This situation could have far-reaching implications for Gogoro's business model and its standing in the competitive electric scooter market. As the investigation continues, stakeholders are closely monitoring the developments. The outcome may influence investor confidence and the company's future strategies, particularly in relation to compliance with local manufacturing requirements and the pursuit of government support.