As it is indicated, if you go to the website of Gogoro, you also see that we offer an option of charging also for our vehicle within Taiwan. But I can assure you that usability and the ease and convenience of battery swapping overwhelms the legacy charging, the [cumberness] and also the time it takes to actually charge a battery that everybody chooses to swap. And in Taiwan’s case, 100% of our vehicles sold is actually with swapping and the user opt not to charge at all even though the vehicle might be able to do that. And the last piece of the equation is really around the battery that needs to be made locally. And today, just earlier with Bruce and I highlighting to everyone, the battery factory in Pune, Maharashtra has been fitted out and the equipments are moving in and turning on as we speak.
We see that coming in sometime in Q2, and with that ready, all three pieces of component will be ready for us to qualify for FAME II. So I hope that answers your question. It is essential that we take advantage of all the policies there in favor of electrification, and we’re working diligently. Our team is working diligently to make sure that we check all the boxes and make it as flexible and as easy as it is for consumers to adopt electric.
Operator: [Operator Instructions] Long Lin, The Benchmark Company.
Long Lin: This is Long on behalf of Fawne Jiang. So I have a follow-up question on Indian market. Just wanted to ask, can management talk about more about your expectations on the ramp-up of the India markets and specifically the potential impact of the India market on the company’s performance in 2024?
Bruce Aitken: Sure, we can do that. So a couple of things that I’ll highlight, and Horace can add on as well. The first is, as we mentioned, we expect approximately 10% of our revenue in 2024 to come from international markets. So clearly, India is one of our focus areas. We’re not giving a specific revenue target for India, but we do anticipate starting to see penetration. The market that we’re targeting in India to begin with is the B2B marketplace. We’ve talked about this a number of times before. Penetrating the B2B space, the value proposition is extremely clear. The riders are clear that they want battery swapping. The fleet operators are clear they want battery swapping because it means no downtime. And so with these vehicles being on the road literally 12 or 10 or 14 hours a day, there’s no way you can keep a vehicle on the road that long without it being a battery swapping vehicle.
If you have to stop and charge, even if it’s for an hour, that makes a dramatic impact on the number of deliveries or the number of trips that a rider can make, and that directly impacts their bottom line, their take-home pay. So we view the B2B market as a baseload. We can, through the B2B sales, establish a broad network of Go Stations whether it’s in a city like Delhi or as we expand into other places like Bangalore or like Goa. We’re also targeting tourist-oriented, free float scooter services with a partner in the city of Goa and likely other cities to follow. So there’s a number of different things that we’re trying out from a B2B penetration standpoint. We do expect to see meaningful unit sales. We expect, again, 10% of revenue to be international.
As Horace mentioned, the critical components are that that vehicle is ready to go, that the charger is ready to go, that the battery pack is ready to go. And we’ll have all those pieces in place in the very near future and be able to start with the ramp in India.
Unidentified Company Representative: I have another question coming from online. Sales of electric generators have increased over the years due to global complex and extreme weather conditions. Why doesn’t Gogoro expand your product line into the battery energy storage market, where our customers can buy and use their own Gogoro batteries to provide backup energy for their homes or businesses, customers that only Gogoro battery can also become potential scooter purchase in the future?
Horace Luke: That’s a great question. We see our battery as just storage devices for energy. First, usability of that, of course. As everybody know, what we do is mobility. So we have also used those battery packs for other storage functionality such as backing up major intersections that’s serving as a generator, as well as backing up — we actually recently worked and turned on a SREG or a small regenerative energy generator service with the Taiwan Power, where we are turning on 1,000 of our location to do both spinning reserve as well as bidirectional, what we call, frequency response with the network, again acting as a generator. We do have about approximately 1.3 million batteries on the network, and when those batteries are in the stations, they’re part-time serving as standby ready for somebody swap but, at the same time, serving as a massive generator for the cities that they serve today.
As we look forward in what the batteries can do, obviously, there’s many other functionality we can do with the battery. 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. And as Bruce just said, the near-term focus is really to take what we have learned and what we’ve developed in Taiwan and expand into the mobility space into markets that we have already announced: markets such as India, markets such as Chile and Colombia, markets such as Korea, and others that we are actively participating within. Batteries are simply energy storage devices.
They are, like you said, generators. They can instantly take energy and instantly give energy. We will focus on that thesis with mobility as a first function and as storage and smart grid usability as the kind of ancillary services that they can provide. In the future — we don’t know what’s in the future for what batteries can do, but certainly what you mentioned as a storage device or generator can certainly be something that we look into for sure.
