Astra’s Prospects Amid Influx of Chinese EVs

Indonesia’s largest automotive group, Astra, is predicted to take a hit from the accelerating rate of EV transition. In light of this, JP Morgan recommends caution to investors.

Redaksi

20 Des 2023 - 18.52
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Astra’s Prospects Amid Influx of Chinese EVs

Illustration - Toyota electric car./Bisnis/Credit: Toyota.

Bisnis, JAKARTA — According to JP Morgan, the electric vehicle (EV) transition trend across Asian countries, including Indonesia, will likely accelerate in 2024. PT Astra International Tbk. (ASII) is among companies projected to take a hit from this shift.

In its latest research, JP Morgan Analyst Benny Kurniawan said 2024 would be a turning point in Indonesia’s vehicle electrification. The growth of four-wheeled EV demand in 2024 is expected to reach 3% year-on-year (YoY), while electric motorcycle demand is predicted to grow by 7% YoY.

“We believe that 2024 can be a turning point for electric vehicles in Indonesia. More than 10 new EV models will arrive in Indonesia in 2023. And we project that more new models will be introduced in 2024 for both four-wheel and two-wheel vehicles,” wrote JP Morgan in its latest research quoted on Monday (12/18/2023).

Meanwhile, JPMorgan projects that the entry of BYD into Indonesia will stimulate automotive manufacturers such as Honda Motor, Mitsubishi Motors, and other Japanese automotive manufacturers, boosting their EV segment. Some Japanese manufacturers have announced plans to launch new affordable EV models.

Cek Berita dan Artikel yang lain di Google News dan WA Channel
Editor: Yusuf Waluyo Jati
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Astra’s Prospects Amid Influx of Chinese EVs

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