Jakarta, 24 March 2025 - The report shows a slight contraction in net revenue by 5.4% YoY, from IDR 1,062 billion in 2023 to IDR 1,003 billion in 2024. This is in line with Indonesia's economic downturn, which saw a decline of 5.03% in 2024, lower than the previous year. According to Gaikindo data, the pressure on the national automotive industry has also grown, with total vehicle sales dropping by 14% YoY, while the commercial vehicle segment experienced a deeper decline of 15%. This situation has affected the demand for manufacturing spare parts, contributing to the contraction in the company's revenue, which is expected to improve along with market demand development and product diversification.

Despite these challenges, the company successfully recorded a 39% YoY growth in net profit, reaching IDR 7.6 billion compared to IDR 5.4 billion the previous year. Meanwhile, total assets saw a 3.5% YoY decline to IDR 1,608 billion, accompanied by a 13% YoY reduction in total liabilities to IDR 452 billion, attributed to the settlement of obligations with related parties.

Despite facing external pressures from the economic slowdown and the decline in the automotive industry, the company has maintained strong financial performance through efficiency, cost optimization, and prudent management of obligations.

Business and Product Performance

VKTR reported a 44% YoY revenue growth from the electric vehicle sales segment in 2024, signaling an increase in market demand. VKTR continued its client diversification strategy by expanding its consumer portfolio to include both B2G (Business to Government) and B2B (Business to Business) segments for its product lines.

In the electric bus product line for the government sector, VKTR completed the sale of 21 electric buses to TransJakarta operators and also achieved its first sale of electric buses for airport mobility. In the private business sector, VKTR achieved the sale of 7 electric buses for transporting employees of a pulp and paper industry company.

In other product lines, VKTR expanded its contribution in the electric truck sector by making its first sale of a compactor truck to a state-owned enterprise for the National Capital City (IKN). Furthermore, VKTR, through its subsidiary, recorded the sale of 7 electric forklifts to both internal group companies and private companies. This success further solidifies VKTR’s position as a key player committed to meeting the various industry sectors' needs for environmentally friendly transportation solutions.

In the spare parts manufacturing business, VKTR reported a 16% YoY sales contraction in 2024. Since most of VKTR’s spare parts are for commercial vehicles, this trend has also impacted the business performance. However, with disciplined and efficient cost management strategies, the company remains optimistic that the component manufacturing business will stay stable and resilient amidst the industry dynamics. As the parent company of a business with over 40 years of experience, VKTR has a solid foundation to continue growing and maintain its position as a key player in the commercial vehicle component industry.

Business Strategy

The company's CEO, Gilarsi Wahju Setijono, stated that throughout 2024, VKTR has been providing prototypes to strengthen its product portfolio to face the dynamic market changes. From 12-meter and 8- meter electric buses, transporters, tractor heads, heavy-duty trucks, light-duty trucks, to electric forklifts, all have been developed to meet the diverse market needs. The presence of these prototypes is expected to accelerate the adoption of electric vehicles by customers through direct trials, while also providing the sales team greater flexibility in offering solutions tailored to various industries.

Throughout 2024, VKTR conducted unit trials as part of a proactive market penetration strategy. This initiative allowed potential customers to directly evaluate the performance, efficiency, and reliability of VKTR’s electric vehicle technology in supporting their operations. Several units, including transporters, buses, and trucks, were successfully tested across various sectors, with results demonstrating the superiority of the sustainable transportation solutions offered by the company.

Sustainable Industrialization

As part of its sustainable industrialization strategy, VKTR continues to strengthen its position as a pioneer in the commercial electric vehicle sector by completing the construction of the first Completely Knocked Down (CKD) electric vehicle assembly facility in Magelang, Central Java, which will begin operations in early 2025. The 12-meter electric bus assembled through this facility has been certified with a Domestic Component Level (TKDN) of more than 40%. This factory is designed to produce more CKD-based products with a TKDN of over 40%, while increasing production capacity, accelerating operational efficiency, and strengthening Indonesia's role as a regional electric vehicle production hub.

Along with the establishment of the assembly facility, the company is also improving service quality by hiring and training skilled labor in both technical and operational areas. In line with the government’s vision to accelerate transport electrification and achieve Net Zero Emissions by 2060, the development of this facility and workforce enhancement reflects VKTR's commitment to supporting a stronger and more sustainable electric vehicle ecosystem while reinforcing its competitiveness in the commercial electric vehicle market.

Emission Prevention

VKTR’s electric vehicles not only offer quality but also provide innovative solutions in emission prevention initiatives for stakeholders. As of December 2024, VKTR has demonstrated positive performance in emission prevention through its products. Based on the company’s data, 61 electric buses have been operating, covering a total distance of approximately 7.7 million km. With this achievement, the electric buses are estimated to have prevented 7,400 tons of CO2 emissions, equivalent to planting about 336,000 trees.

Achievements and Targets

Throughout 2024, VKTR has received several awards, including The Fastest Growing New Public Company 2024 in the Automotive Component Industry for The Capacious Market Capitalization for Sustainability Business (Sector: Consumer Cyclicals) from Warta Ekonomi Research and Consulting, the 2nd Implementation & Development EV Ecosystem Innovation Award 2024 at the 2nd annual EV Industry Summit Indonesia 2024, and First Place in Partner with the Most Pedanaan Funds from 2021-2024 at the Vokasi Berinovasi 2024 event. Additionally, VKTR’s subsidiaries received various awards, bringing the total number of awards to more than 20 across different categories for innovation, business performance, and quality performance. These awards serve as a symbol of the company’s role and dedication in making a significant impact on the electrification of mobility and its ecosystem in Indonesia.

The company is focused on sustainable growth strategies for 2025, with its primary goal being to increase sales and marketing efforts to expand the electric vehicle market share in Indonesia. VKTR will also optimize financial management by enhancing operational efficiency and expanding funding access through the capital markets to support the activation and operation of its larger CKD-based electric vehicle assembly facility. As part of this effort, VKTR will increase production capacity at the assembly facility to meet growing demand. Moreover, the company is committed to enhancing the quality and competence of human resources through continuous training and talent development to ensure a skilled workforce ready to meet the ever-evolving electric vehicle technology demands. With these steps, PT VKTR aims to strengthen its position as a leader in the sustainable mobility industry in Indonesia in 2025.

“On behalf of the company's management, we would like to thank all stakeholders who have continued to support the growth of VKTR. We are committed to continuously improving our performance, which can only be achieved through strong synergy between all stakeholders and policymakers. We hope that the government can provide more concrete support for this sector, by referring to the success of other countries in accelerating the transformation towards low- emission mobility. Therefore, we are optimistic that the government can formulate targeted policies and incentives, which will bring long-term benefits to Indonesia,” said Gilarsi.

About PT VKTR Teknologi Mobilitas Tbk

PT VKTR Teknologi Mobilitas Tbk. (VKTR – pronounced "Vektor") is a pioneer in the electrification of the commercial vehicle segment in Indonesia. VKTR officially listed its shares (IPO) on the Indonesia Stock Exchange on June 19, 2023, becoming the first commercial electric vehicle issuer in Indonesia. VKTR is committed to accelerating sustainable mobility through manufacturing innovation and strategic partnerships with the world’s best electric vehicle manufacturers.

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