Hyundai Optimistic Of Stable Four-wheeled Vehicle Sales In 2024, Here's The Reason
JAKARTA - PT Hyundai Motors Indonesia (HMID), the single agent holding the Hyundai vehicle (ATPM) in Indonesia, managed to record positive results during 2023.
According to data from the Association of Indonesian Automotive Industries (Gaikindo), the South Korean manufacturer managed to record 35,736 retail sales in Indonesia over the past year, an increase of 18.4 percent from the previous year.
HMID also welcomes 2024 with optimism that the automotive market in Indonesia will remain stable.
Francis Soerjopranoto, Chief Operating Officer of PT HMID, expressed his joy at the potential movement of the automotive market, especially with the rapid growth of electric vehicles in Indonesia.
"We see that the automotive industry in Indonesia has begun to shift its focus on electric vehicles, so Presidential Decree 55 of 2019 has been revised to Presidential Decree 79 of 2023. Therefore, the automotive market will be better than before," said Soerjo in a brief explanation to the media in Jakarta, Tuesday, February 6.
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Soerjo also predicts that the Indonesian automotive market will survive at around 900,000 vehicles this year, considering Indonesia's auto retail sales will reach 998,059 units by 2023, according to Gaikindo data.
"We predict that the market will be stable at 900,000, but it is not impossible that it will increase to 1 million. We hope that with the entry of electric cars, this will be the third wave faced by the Indonesian automotive industry," added Soerjo.
HMID is also optimistic about the development of the battery-based electric vehicle (BEV) industry, where sales of Indonesian four-wheeled vehicles can increase so that they have the potential to reach 1.1 million units, according to Gaikindo's estimates.
If we look at the BEV, this segment generates up to 5,000 US dollars per capita, while Thailand can generate 7,000 US dollars. If we can get close to Thailand, then optimistically it can be said that the Indonesian automotive market can reach 1.1 million units," concluded Soerjo.