Aldira Sunrise 3 Oktober 2024

Automotive: Gaikindo still maintains a 1.1M unit car sales target
The Association of Indonesian Automotive Industries (Gaikindo) has not revised its sales target of 1.1M car units by the end of the year, even though the domestic car sales trend is still sluggish. The association is still waiting for input from members before revising the target but hopes that it can boost car sales in the remaining 3 months by holding various automotive exhibitions. Nevertheless, the association also did not deny that the automotive market was sluggish, as a result of the manufacturing sector experiencing contraction. This was due to the decline in people’s purchasing power since the beginning of the year, the weakening of the rupiah exchange rate, and the high interest rate climate, even though the BI rate was cut to 6% last Sep. To boost sales, Gaikindo proposed to the government to provide fiscal incentives in the form of PPnBM discounts like in 2021-2022, post-COVID. (Bisnis Indonesia)
Multifinance: Electric vehicle financing reaches IDR 29.07T in 8M24
The Financial Services Authority (OJK) noted that the distribution of electric vehicle financing by multifinance companies reached IDR 29.07T in 8M24 or 5.53% of the total financing receivables. By looking at these developments and government support in building an electric vehicle ecosystem, financing for electric vehicles in the future is expected to continue to increase. Overall, OJK recorded multi-finance company financing receivables of IDR 499.29T in 8M24 (+10.18% yoy). Net NPF was recorded at 0.83% on Aug 24, improved from 0.84% on Jul 24. Meanwhile, Gross NPF was 2.66% on Aug 24, which improved compared to 2.75% on Jul 24. (Kontan)
MBMA’s revenue rose 162% yoy
Merdeka Battery Materials (MBMA) recorded revenue of USD 921.64M (+162.78% yoy). This was due to increased production and sales of saprolite and limonite nickel ore from the Sulawesi Cahaya Mineral (SCM) mine in 1H24, while the mine has not yet recorded revenue in 1H23. Apart from that, the company has fully operated three RKEF smelters in 1H24. The three smelters come from two factory facilities, Cahaya Smelter Indonesia (CSID) and Bukit Smelter Indonesia (BSID), respectively, with a capacity of 20,000 tons of nickel pig iron (NPI) per year. Next, the Zhao Hui Nickel (ZHN) smelter, with an installed capacity of 50,000 tons of NPI per year. In line with revenue, MBMA recorded a net profit of USD 20.39M from a net loss of USD 19.65M in 1H23. (Bisnis Indonesia)