VKTR Receives Orders From SOEs For Electric Truck Supply To IKN

Illustration. (Photo: Doc. Antara)

JAKARTA - PT VKTR Mobility Technology Tbk (VKTR) entering its third quarter of 2024 received a number of product orders from a state-owned company to supply the first electric truck/compactor in the capital city of Nusantara (IKN).

"We announced that we will supply the first electric truck/compactor at IKN, and this is a new track record for VKTR in obtaining clients' trust after previously in the private sector, until now it has penetrated the BUMN," said VKTR President Director Gilarsi W. Setijono in a statement in Jakarta, quoted from Antara, Friday, July 26.

In addition, the company has also added a portfolio of bookings for other products outside buses and trucks, such as forklifts and transporters. Overall, the company remains on track to achieve optimal business performance, especially as a pioneer in the commercial electric vehicle sector.

The company continues to show a strong commitment in facing industrial challenges and innovating to meet the growing market needs.

Gilarsi also conveyed that the consolidated finance for the first half of 2024 (1H24) managed to record a net income of Rp409 billion with an increase in assets of Rp1.72 trillion in that period.

Despite the contraction in sales, especially in the electric vehicle (EV) and spare parts manufacturing segments, this is in line with the trend of national vehicle sales which recorded a decline of 19 percent YoY even deeper in the commercial vehicle segment which decreased by 26 percent YoY according to Gaikindo data.

This decline was influenced by external factors such as the political period and uncertain global macro conditions that greatly affected financial and banking conditions, but VKTR remains optimistic in running superior businesses.

On the balance sheet side, the company recorded an increase in total assets by 3 percent to Rp1.72 trillion in the first half of 2024, showing the company's commitment to developing its business. Despite an 8 percent increase in liabilities to Rp563 billion due to an increase in business debt, it remains focused on sustainable growth.

As a strategic step, VKTR has started the construction of the first commercial electric vehicle facility based Completely Knock Down (CKD) in Indonesia through its VKTS subsidiary in Magelang, Central Java.

The company is currently still in the process of building + Utility, and is targeted to be completed in August 2024. Machineries and Equipment will start installations in September 2024 and are targeted to be completed in October 2024. VKTS will be ready line production for commissioning in October November 2024. Currently, the progress of the construction of VKTS facilities is still on target.

In terms of innovation, VKTR has also successfully completed the first prototype of the Lightduty - Compactor electric vehicle targeted to be launched at the end of August. This success is a strong basis for expanding the company's expansion, especially in the B2B segment by selling electric trucks. This product will be a new track record for VKTR in expanding its previous client portfolio from private companies, to the current state-owned enterprises.

"Currently, the company is focused on meeting clients' needs for EVs, especially in heavy segments and light duty trucks. Therefore, fulfilling the manufacture of prototype products for client trials is one of the things we maximize. By completing the construction of VKTS facilities, God willing, it will greatly affect the speed of procurement of company products," he said.