Gogoro's internal investigation revealed "certain irregularities" in its supply chain, leading to the inadvertent use of Chinese parts instead of locally made ones. This revelation has sparked allegations of subsidy fraud, forcing CEO Horace Luke to resign to demonstrate cooperation with authorities. Gogoro's situation worsened after facing significant financial losses, totaling $20.1 million in Q2 2023, which has raised concerns about its operational integrity and transparency.
Following Horace Luke's resignation amid subsidy fraud allegations, Gogoro's regulatory filing stated that the company is fully committed to cooperating with local authorities in the investigation. The decision to step down is part of Gogoro's efforts to manage its credibility during a tumultuous period, exacerbated by financial difficulties and challenges in new markets.
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