Jakarta. Indonesia's automotive industry is showing signs of recovery. Data from the Association of Indonesian Automotive Industries (Gaikindo) in August 2024 revealed national car wholesales (factory to dealer) reached 76,304 units, a 2.8 percent increase month-on-month (MoM) from 74,229 units in July. Retail sales (dealer to consumer) also rose by 1.6 percent MoM to 76,808 units.

Despite the monthly rise, year-to-date (YTD) national car wholesales from January to August 2024 saw a 14.2 percent year-on-year (YoY) decline to 560,300 units, reaching only 50.9 percent of Gaikindo's 2024 target of 1.1 million units. Gaikindo has not yet revised its target.

"The annual 14.2 percent drop is due to the high base effect from last year’s Gaikindo Indonesia International Auto Show (GIIAS), which took place in August 2023, compared to July this year," Stockbit Sekuritas said in its research note on Tuesday.

Meanwhile, motorcycle sales performed well with 573,900 units sold in August, down 4.2 percent MoM but up 7.4 percent YoY. Cumulative sales reached 4.3 million units, up 3.1 percent YoY, keeping pace with the Indonesian Motorcycle Industry Association's (AISI) target of 6.2-6.5 million units.

Top car brands for January-August 2024:

Wholesales:

• Toyota: 182,917 units
• Daihatsu: 113,173 units
• Honda: 61,394 units

Retail:

• Toyota: 192,047 units
• Daihatsu: 117,358 units
• Honda: 67,905 units