As Taiwan-based Gogoro and India-based Belrise Industries cannot reach an agreement regarding their joint venture, Belrise decided to leave, and Gogoro will go solo and continue with the project.
The Financial Express quoted Gogoro's statement, confirming the decision. The Autocar Professional quoted a Belrise spokesperson saying that after the MoU announcement, the company could not reach a joint venture establishment stage due to a lack of completion and fulfillment of several other variables and parameters beyond the control of the two partners, adding that both companies have good relationships and Belrise continue to be a strategic partner and supplier of the Gogoro CrossOver.
Gogoro and Belrise previously planned to form a 50:50 joint venture to build smart energy infrastructure in Maharashtra before June, when Gogoro announced the Ultra Mega Project, under which Gogoro will make vehicles, smart battery packs, and battery swap stations, as well as deploy an open and accessible battery swapping infrastructure in Maharashtra.
The departure of Gogoro and Belrise is the latest example seeing Taiwanese and Indian partners failing to collaborate in the growing Indian market. Earlier in 2023, Vedanta and Foxconn decided to go separate ways in their foray into the Indian semiconductor industry. Taiwan-based Kymco invested in 22Motors to explore India's rising electric two-wheeler market before 22Kymco, a joint venture formed by the duo, announced its dissolution in 2019.
India is the world's largest two-wheeler market, with an annual sales of 15-20 million units. In December, Gogoro unveiled the CrossOver, its first locally-made vehicle in India, in collaboration with Foxconn. Despite the failed joint venture with Belrise, Gogoro is talking with other partners in India to expand its energy network and sales of battery-swappable vehicles.
