OJK: Electric Vehicle Financing Recorded To Reach IDR 29.07 Trillion Until August 2024

JAKARTA - The Financial Services Authority (OJK) noted that the distribution of electric vehicle financing as of August 2024 reached IDR 29.07 trillion or 5.53 percent of the total financing receivables.

"By looking at these developments and government support in building an electric vehicle ecosystem, financing electric vehicles in the future is expected to continue to increase," said OJK Agusman, Chief Executive of Financing Institutions, Ventura Capital Companies, Micro Financial Institutions, and Other Financial Services Institutions in Jakarta, quoted from Antara, Thursday, October 3.

Agusman said that the increase in the distribution of electric vehicle financing in the future could contribute to accelerating the formation of a green financing ecosystem in Indonesia.

Meanwhile, the distribution of two-wheeled motorized vehicle financing as of August 2024 increased by 12.94 percent year on year (yoy) to Rp108.49 trillion.

By looking at the positive growth amid the decline in sales of motorized vehicles, the financing of two-wheeled motorized vehicles is projected to still have the opportunity to grow until the end of 2024.

According to him, factors that can support demand for two-wheeled motorized vehicles include increasing people's purchasing power and personal transportation needs.

The outstanding cost of two-wheeled motorized vehicles as of August 2024 has a portion of 20.63 percent of the total financing of motorized vehicles.

Meanwhile, the outstanding financing of new and used four-wheeled motorized vehicles as of August 2024 increased by 12.58 percent (yoy) to IDR 240.86 trillion.