Automotive - Car sales volume reached 1mn units

Automotive - Car sales volume reached 1mn units Car sales throughout 2023 reached 1,005,802 units. Data compiled by the Indonesian Automotive Industry Association (Gaikindo), retail sales (dealers to consumers) also experienced a decline of 1.5% yoy. Astra continue dominating the competition with sales of 560,717 units, or 56% market share. Of this total, the Toyota brand recorded sales of 339,292 units. (Source: Bloomberg technoz). Comment: We believe the declining figures is acceptable. As a matter of fact, FY23 4W sales war arrives inline with our expectation for ‘23F car sales. This year we expect car sales to remain arrives above 1mn units on the back of continuing various dealer promotion, lengthened credit installment, potential peaking interest rate as well as low down payment.