Automotive - Feb26 car sales surge, Suzuki overtakes Honda-BYD

Automotive - Feb26 car sales surge, Suzuki overtakes Honda-BYD February 2026 car sales skyrocketed. Suzuki made a surprise. The Honda and BYD brands were overtaken. Data from the Indonesian Automotive Industry Association (Gaikindo) recorded a significant increase in wholesale vehicle sales, or distribution from factories to dealers, in February 2026. Wholesale car sales in the second month of this year reached 81,159 units. This figure represents a 22.1 percent increase compared to January 2026, which recorded only 66,472 units. Compared to February 2025, car sales in February 2026 were also higher. The increase in car sales in February 2026 reached 12.2 percent compared to the same month the previous year. Meanwhile, retail sales or sales from dealers to consumers also experienced a double-digit increase. Gaikindo recorded retail sales in February 2026 reaching 78,219 units. This figure represents a 16.7 percent increase compared to January 2026. By brand, Toyota remains the best-selling car brand in Indonesia in February 2026. Toyota recorded wholesale sales of 22,522 units and retail sales of 22,812 units. In second place remains Daihatsu with wholesale sales of 13,452 units and retail sales of 12,336 units. The surprise is in Suzuki brand. The Japanese manufacturer surpassed Honda, BYD, and even Mitsubishi. In February 2026, Suzuki became the third best-selling car brand, behind Toyota and Daihatsu. However, in January 2026, Suzuki's position was still below Mitsubishi, BYD, and Honda. (Source: Oto Detik). Comment: Suzuki's "victory" this month is a victory for the Commercial Vehicle (CV) segment. While others might often focuses on the "EV War" between BYD and Hyundai, the real volume in Indonesia still lies in vehicles that "work." Suzuki leveraged this perfectly, in our view. Meanwhile, BYD and Honda are playing a longer game focused on technology shifts and brand loyalty. The "BYD vs. Hyundai vs. Wuling" triangle has been disrupted by Jaecoo. While Suzuki won the month on the back of commercial utility, we still believe that the "private car" conversation is now almost entirely driven by Chinese EV technology and Japanese Hybrid efficiency. Maintain our Neutral stance on the sector with ASII as our pick, SOTP TP of IDR 5,850 (pegged at 7.7x ‘25F P/E).