Zoomcar, an India-based marketplace for renting cars, is exiting Vietnam; while Gogoro, a Taiwan-based provider of battery-swapping ecosystems, is expanding its partnership with Bikebank in Korea.
Zoomcar ceases operations in Vietnam
India-based marketplace for rental cars Zoomcar announced that it would cease operations in Vietnam at midnight on May 24 after over a year of operations.
The company said it will fulfil its obligations to all customers, car owners, and suppliers shortly. It will stop accepting rides from May 24 and will pay weekly payments and bonuses to car owner partners until June 30.
“This decision was reached after thorough consideration and evaluation of the market dynamics,” Nhut Nguyen, operations lead for Zoomcar in Vietnam said in a LinkedIn post.
Founded in 2013 and headquartered in Bengaluru, India, Zoomcar provides car sharing services across India, Southeast Asia and the MENA region, with over 25,000 cars, as of October 2022, available to guests using its platform. It launched its services in Vietnam in late 2021 as part of its plan to extend its reach in Southeast Asia.
Last year, Zoomcar said it would go public in the US through a blank-cheque merger valuing the combined company at $456 million including debt, as it seeks to expand into new markets.
Gogoro, Bikebank to launch smart-scooter services in S Korea
Gogoro, a Taiwan-based provider of battery-swapping solutions for electric vehicles, is expanding its partnership with Bikebank in South Korea.
Under the partnership, the companies will introduce Gogoro Smartscooters and battery swapping to Korean consumers in Q3 2023 under the Dotstation brand, expanding their battery-swapping network to seven additional cities beyond Seoul. Gogoro Smartscooters and battery swapping have been operating in Seoul for food deliveries since 2019.
To better support growth, Bikebank has opened two Dotstation retail stores for consumers and last-mile delivery riders and expanded the battery-swapping network to more than 70 battery-swapping stations across Korea in the cities of Seoul, Daegu, Sejong, Changwon, Incheon, Gyeongsan, Gyeonggi, and Ulsan.
Founded in 2019, Bikebank aims to improve Korea’s two-wheeled vehicle environment and to develop and supply the eco-friendly mobility that customers want.
Founded in 2011, Gogoro has quickly become an innovation leader in vehicle design and electric propulsion, smart battery design, battery swapping, and advanced cloud services that utilise AI to manage battery availability and safety.