Gogoro announced the resignation of its Chief Executive Officer Horace Luke on September 13, 2024. Mr. Luke’s resignation followed “internal investigations into allegations in recent media reports that the Company incorporated imported components into certain of its vehicles in violation of the requirement of the Taiwan government that certain core components of the electric scooters shall be produced domestically in order to be qualified for the subsidies to purchasers.” Gogoro stated that “during such investigations, the Company has identified certain irregularities in supply chain which caused the Company to inadvertently incorporate certain imported components in some of its vehicles.”

Following this news, Gogoro’s stock price fell over 14% on September 16, 2024.