Wholesale data compiled by Gaikindo, the Indonesian automotive industry association, showed that in November this year, Indonesia’s new car sales fell to 74,347 from 84,390 in the same period last year, a year-on-year decrease of 12%.
Since the beginning of this year, domestic consumer sentiment in Indonesia has weakened significantly, and consumers are increasingly reluctant to buy commodities. Indonesia’s economic growth rate in the third quarter of this year was 4.95%, lower than 5.05% in the second quarter of this year due to increased government spending and fixed asset investment. In November this year, the Indonesian central bank kept the benchmark interest rate unchanged at 6.0%. In October this year, the Indonesian central bank cut the benchmark interest rate by 25 basis points, which was the first rate cut by the Indonesian central bank since it began raising interest rates in October last year.
In the first 11 months of this year, sales in Indonesia’s auto market fell from 920,518 units in the same period last year to 784,788 units, a decrease of 14%; among them, passenger car sales fell 14% year-on-year to 610,340 units, while commercial vehicle sales fell 17% year-on-year to 174,448 units. During the same period, Indonesia’s total automobile production fell 15% year-on-year to 1,097,157 units, while vehicle exports fell 9% year-on-year to 428,597 units. Taking into account the recent weakness of Indonesia’s auto market, the Indonesian Automotive Industry Association last month lowered the country’s full-year sales forecast for 2024 from 1.1 million units to 850,000 units.
From the perspective of automobile brands, in the first 11 months of this year, Toyota’s cumulative sales in the Indonesian market fell 14% year-on-year to 262,315 units; its subsidiary Daihatsu’s delivery volume fell 13% year-on-year to 149,975 units; Honda’s sales were 86,350 units, a sharp drop of 34% year-on-year; Mitsubishi’s sales were 65,743 units, a slight decrease of 8% year-on-year; Suzuki’s sales fell 18% year-on-year to 60,087 units.
From the perspective of pure electric vehicle sales, although the data of the Indonesian automobile market in November this year is not complete, in the first 11 months of this year, the total sales of pure electric vehicles in Indonesia have increased nearly three times year-on-year to 33,945 units, most of which are Chinese models, and the best-selling brand is China Wuling Motors, which has delivered a total of 12,400 units. It is worth noting that since BYD started selling in Indonesia in June this year, it has delivered 6,960 pure electric vehicles by the end of October.