While social media marketing opens a variety of new windows for enlightening brand–customer relationships, a gritty puzzle is that brand recognition does not invariably echo with customers’ perceived value. This provokes the need to uncover the missing pieces in bridging the gap between brand recognition and customer perceived value. This research falls within the innovative new work in the marketing literature in positing co-creation as a crucial mediator in facilitating the impact of brand recognition on customers’ perceived value. Based on social identity theory, we also investigated how co-creation is moderated by virtual communication identification in influencing customers’ perceived value towards a brand. We conducted a survey via a sample of 386 current Gogoro customers. Gogoro is the biggest and most well-known Taiwanese producer of electric scooters. Our findings contribute to the extant marketing research by emphasizing that the key stimulus of increased customer perceived value towards a brand is active co-creation initiatives via virtual brand communities, and that the effects of co-creation are further strengthened when customers’ virtual communication identification is high.