Taiwan's Gogoro has started manufacturing electric scooters in India and will set up around 100 battery-swapping stations by mid-2024, marking its entry into one of the world's fastest-growing vehicle markets.

Gogoro has already committed to investing $1.5 billion in the western state of Maharashtra, including a factory where it will build its CrossOver e-scooter in partnership with Foxconn, Horace Luke told reporters in New Delhi.

The company has started production of the e-scooter, which will be sold first to fleet operators and bike taxis, and will also launch a personal use variant next year, Luke said, adding that it also exports these vehicles from India.

India's e-scooter market is small, accounting for four percent of the country's total two-wheeler sales, but is growing rapidly as companies like Ola Electric, Ather and now Softbank-backed TVS Motor launch new products.

The federal government wants electric models to make up 70 percent of all new two-wheelers by 2030 and is offering financial incentives to buyers. Several state governments, such as Delhi, also require fleet operators to use only electricity for a period of time to reduce pollution.

With Gogoro and the exchange model, the customer can swap a dead battery scooter for a fully charged battery, making it ideal for deliveries and taxis where drivers need to refuel quickly to avoid losing business.

Selling to ships also allows Gogoro to climb its stock market position predictable way and build baseload, making it a more viable business proposition.

In about five years, Luke expects half of his company's electric scooter sales to be from fleet operators and half to private buyers, and about 20 percent of domestically produced vehicles will be exported to neighboring Nepal in Asia and other regions.