Company Update

31 Agustus 2023

On The Ground Report - MNCS Updates August 31, 2023

Sustainable Mobility Solutions Gain Traction at GIIAS 2023

This year, Gaikindo again held the GIIAS with “Future Now” as their main theme, where various brands competed to introduce their hybrid or electric vehicles as the increasing popularity of green alternative vehicles. Gaikindo announced that there were ~462k visitors this year, or an increase of ~20% compared to the event in 2022.

▪️Indonesia's EV Industry: Growing at a Rapid Pace
Wuling Air EV achieved success by selling over ~8,000 units in 2022. Moreover, Hyundai Ioniq 5 sales also reported a significant increase of 108% in the 7M23, with more than 3,800 units being sold (Hyundai Ioniq 5 booked 1,829 unit sales in 2022). Several established and newcomer automotive brands are striving to emulate Wuling’s and Hyundai's success in dominating Indonesia’s EV market share.

▪️The Rise of New EVs at GIIAS 2023
At the GIIAS 2023 event, brands such as NETA and DFSK made notable debuts. The prestigious Volvo unveiled its XC40 Recharge and C40 Recharge, showcasing their latest EV models and emphasizing their commitment to sustainable mobility. Similarly, CITROEN and DFSK are ready to sell their electric lineup, CITROEN E-C3 and DFSK Seres E1. The DFSK Seres E1, previously known as MINI EV, competes with the Wuling Air EV, which has become the market leader in the electric vehicle sector in Indonesia.

▪️The Strengthen Traction in Indonesia Hybrid Car
The data from Gaikindo shows that there is an increase of 334% in Hybrid car sales in Indonesia with a total of 22,199 units of hybrid cars sold in 7M23 (vs 5,112 units in 2022). Meanwhile, EV car sales only increased by 45% with a total of 10,327 units sold in 7M23 (vs 7,096 units in 2022). The market share growth of hybrid cars is faster than EVs

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