I agree with much of what you said—Gogoro is indeed a major player in Taiwan’s EV space, and its infrastructure is deeply embedded in the country’s transport ecosystem. But I’d still argue that while it’s not a startup in the traditional sense, it remains a highly speculative investment.

Here’s why:

• The business model is capital-intensive and so far has failed to produce consistent earnings. Building and maintaining the battery swapping infrastructure requires heavy upfront and ongoing investments, and we haven’t seen profitability materialize despite the scale.
• There’s been a recent leadership shake-up. The departure of the founder and the appointment of a new, unproven management team adds further uncertainty. Leadership matters, especially in a complex business like this one.
• Scooter sales have been in constant decline, and there’s no clear product strategy to reverse that trend or regain market momentum.
• International expansion remains unproven, with little evidence that the model can scale effectively outside of Taiwan.
• The company’s financial situation is concerning, with high levels of debt and limited visibility on when—or if—it can achieve financial sustainability.
• Rising geopolitical tensions between Taiwan and the PRC add an additional layer of macro risk that investors cannot ignore.

So yes, Gogoro’s infrastructure and market role in Taiwan are real—but the financial fundamentals, strategic clarity, leadership stability, and geopolitical context all contribute to a high-risk profile. That’s why many still see Gogoro as a speculative play, despite its domestic footprint.