What happened
Charging ahead in the first week of 2023, Gogoro (GGR 2.67%) provided investors with an auspicious bit of news on Thursday. The battery-swapping solutions specialist reported a strong performance in Taiwan in 2022, and investors took note.
As of the end of Thursday's trading session, shares of Gogoro are up 22% this week, according to data provided by S&P Global Market Intelligence.
So what
Based on research provided by the Taiwanese government, Gogoro ranked first in market share for electric scooter sales in Taiwan in 2022, the seventh consecutive year that it has earned that distinction.
Addressing the company's achievement, Horace Luke, founder and CEO of Gogoro, commented: "We are proud of the progress Gogoro and its partners are making to lead Taiwan into a smarter and cleaner future. With five out of the top six electric scooter makers using Gogoro Network battery swapping, Gogoro is powering 90% of all electric scooters in Taiwan and there are now more Gogoro Network battery swapping locations than gas stations across Taiwan's major cities."
With a dominant position in Taiwan, Gogoro is expanding into foreign markets. During the third quarter of 2022, Gogoro announced the launch of its network in Tel Aviv, Israel, for example.
Now what
While Gogoro's accomplishment is certainly notable, it's important for growth investors to recognize that how the company's success translates to its financials is equally important. In addition, Gogoro may reign in Taiwan, but it's critical to also see how well the company progresses in expanding into international markets -- a key strategy for the company's growth.
