Both of these technologies are initially available in Taiwan, but we will also be rolling them out to other markets in the future. We’re always looking for ways to improve and provide more innovative, smarter and more convenient riding experiences to our customers. Over the past few weeks, we participate in the Japanese Mobility Show within the MIH Consortium booth. The MIH Consortium is an open EV ecosystem that promotes collaboration in the mobility industry. During the event, we demonstrated our industry-leading battery swapping technology alongside with our new CrossOver and MUJI Smartscooter. Additionally, MIH unveiled the much-anticipated Project X concept car. The Project X, which features a unique fixed battery system integrated with Gogoro smart batteries that uses Gogoro battery swapping, is a significant step in addressing user concerns about urban range anxiety.
This marks Gogoro ‘s first entrance into four-wheel transportation and it’s another significant milestone. Last month, MIT Technology Review named Gogoro as one of the 2023 15 Climate Tech Companies to Watch. They award spotlights businesses that possess significant potential to make substantial reduction in greenhouse gas emission or tackle the challenges of global warming. We are honored to receive this recognition and congratulate the other winners as well. Collectively, we can make a difference for the future. In September, we’re delighted to announce a new Gogoro concept store in Taiwan. This store is uniquely centered around the use of recycled glass material, emphasizing the importance of second-life material and our continued commitment to the sustainable reuse of resources, making Gogoro retail experience relevant to the local community and promoting the awareness of sustainability.
We continue to use 40% to 50% renewable energy in our Gogoro factories and are committed to increase the number of fully renewable power-supplied retail stores in our channel. With that high level overview of our Q3 activities and results, I’d like to invite Bruce to provide an update on our international plans, as well as financial update.
Bruce Aitken: Thanks, Horace. We are actively expanding our presence internationally with a clear focus on our commercial launch in India, but we’re also launching in the Philippines and continue to expand our 12-city operation in Korea, as well as maintaining pilots in other markets. Our manufacturing capabilities in India are established and we are manufacturing our first vehicles using locally sourced components, which readies us for India’s FAME II Incentive Program, which is an incentive scheme for manufacturers of EVs intended by the government to spur EV adoption. We anticipate beginning our smart battery-packed manufacturing in the first half of 2024 and we’re thankful to the Government of Maharashtra for their ongoing support, as well as to our suppliers that are working with us to manufacture locally in India.
We’ve made a rugged, high-quality vehicle that meets local market pricing demands. The value proposition for a high-quality vehicle and for battery swapping is most evident in the B2B market segment, where vehicle downtime for traditional charging isn’t an option because of lost orders and lost revenue to both individual riders and fleet operators. We’re pleased to share that in the past few weeks, we’ve delivered our first vehicles to B2B partners for testing and we will be announcing more commercialization details about our Smartscooter and Gogoro Network battery swapping launch soon. As we launch services in new cities, ensuring sufficient swap station locations exist to meet customer needs and operate an effective Gogoro network is critical.
We can place stations at B2B delivery hubs, but open stations are a critical part of the overall infrastructure build-out as well. Last week, we announced a significant MoU with Hindustan Petroleum Corporation Limited or HPCL, one of India’s leading oil companies, to roll out Gogoro battery swapping stations at thousands of HPCL gas stations across India in the coming years, giving us potential access to HPCL’s 21,000-plus retail locations, a large customer-facing footprint. Earlier this year, we formed a joint venture in the Philippines with market leaders, Ayala Corporation, Globe and 917 Ventures, Inc., to launch Gogoro Smartscooters and battery swapping in the Philippines, starting with Manila. Just last week, we opened our first Gogoro Experience Center in Manila, which is located in the Greenbelt Mall in Makati.
The Gogoro Experience Center showcases both our vehicles and battery swapping. We welcome all of our Philipino fans to visit the store and personally experience Gogoro for yourself. This marks the beginning of our Philippines go-to-market campaign and we plan to begin sales and deliveries in December. The Philippine Government has demonstrated a commitment to electrification by reducing tariffs on imported batteries and swap stations to negligible levels. Extending that reduction to include two-wheel vehicles would make a big difference in the pace of EV adoption in the Philippines. In fact, import duties on four-wheel vehicles have been removed for a period of five years to spur growth and we hope the government will replicate this policy for two-wheelers.
This support would help speed the transition of Philipino consumers to clean electric vehicles and help with ongoing pollution challenges in densely populated Manila. Our business in Korea is stable and growing. We now have GoStations deployed in 12 cities and our vehicles are powering deliveries in individual customer’s needs across the country. I’m proud of the way the entire Gogoro team has rallied around our financial objectives. We have very intentionally monitored our cash position and conserved cash. We have aggressively sought to maintain our gross margin despite slightly reduced volume and we have again delivered positive EBITDA for the 19th quarter in a row and also delivered positive operating cash. Despite the drop in Q3 revenue associated with lower manufacturing volumes, the balance of our financial results are quite positive.
