Automotive – Dec25 car sales jump 26% mom

Automotive – Dec25 car sales jump 26% mom Wholesale car sales (from factory to dealer) in Indonesia throughout December 2025 reached 94,100 units, a 26.9% increase compared to November 2025's 74,131 units. Retail sales (from dealer to consumer) also saw an increase of approximately 18.3%. Jongkie Sugiarto, Chairman I of the Indonesian Motor Vehicle Industry Association (Gaikindo), stated that car sales at the end of 2025 will surge, driven by massive promotions and discounts. "All [sales] are booming in December, probably due to all-out promotions. Big discounts," said Jongkie when contacted on Friday (January 9, 2025). According to Gaikindo data, wholesale sales also increased by 25.7% yoy, or 94,100 units, compared to 74,858 units in December 2024. Meanwhile, retail sales surged by 22.7% to 93,833 units, compared to 76,473 units in December 2024. Wholesale sales throughout 2025 reached 803,687 units and retail sales throughout 2025 reached 833,692 units. Best-Selling Cars December 2025: (1) Toyota: 26,412 units (2) Daihatsu: 11,903 units (3) Suzuki: 10,440 units, (4) Mitsubishi Motors: 7,863 units and (5) Honda: 3,199 units. (Source : Bloomberg Technoz) Comment : FY25A 4W sales came inline with our ‘25F forecast. Amid the continuing cautious stance, concern on spending power and consumer confidence, we believe the best scenario for 4W sales in ‘26F likely to arrive flat. Main driver will be the upcoming softer loan yield on car financing, continuing and various promotion from dealer as well as various policy support from government. Worth to note that EV related car will continue to play crucial role for ‘26F sales volume. We maintain our Neutral stance for automotive sector. Our pick on the sector remain ASII with BUY recommendation and SOTP TP of IDR 7,050 (8.6x ‘26F P/E).