Automotive - Car sales growth surge, reached 80,776 units in April ‘26

Automotive - Car sales growth surge, reached 80,776 units in April ‘26 National car sales are starting to show signs of recovery after being sluggish during the Eid period. The Indonesian Automotive Industry Association (Gaikindo) recorded the distribution of cars from factories to dealers or wholesales reaching 80,776 units in April 2026. The figure surged by +55% yoy compared to the same period last year, which was only 52,108 units.
 The surge also reversed the situation in March when the automotive market was hit by the extended Eid al-Fitr holiday. In March, car sales were recorded to have dropped by -13.8% compared to the previous month due to the slowdown in public purchasing activities and vehicle distribution. On a monthly basis, wholesale sales in April grew by +31.8% mom compared to March 2026, which stood at 61,271 units. (Source : Cnbc Indonesia). Comment : The Indonesian automotive market in April 2026 experienced a significant "rebound effect" following the Eid al-Fitr holiday in March ‘26. The April ‘26 marked a historic upheaval as BYD and Jaecoo breached the top rankings, ending decades of Japanese-only dominance. We believe total 4W steady demand will remain intact especially fueled by a stable surging non-Japanese BEV segment and continuing softer auto financing yield. Additionally, the convergence of diverse new models and improved loan affordability is expected to anchor total 2026 sales. Maintain Neutral stance on the automotive sector and BUY rating for ASII, SOTP TP of IDR 6,950 (8.6x ’26F P/E).