Jakarta, March 7, 2024 – PT VKTR Teknologi Mobilitas Tbk (VKTR) today announced its consolidated financial report for the 2023 fiscal year. The company's consolidated financial statements recorded net revenue of IDR 1,062 billion in 2023 compared to IDR 1,071 billion in 2022. This adjustment was primarily due to a shift in bus procurement by the government sector, which is expected to recover in the coming period. Total assets rose by 62% to IDR 1,668 billion from IDR 1,033 billion, mainly driven by funds raised through our initial public offering in mid-2023. Meanwhile, total liabilities decreased by 31% to IDR 521 billion in 2023 from IDR 758 billion, primarily due to a significant reduction in short-term liabilities.

Our commercial vehicle spare parts manufacturing business continues to grow, fueled by strong demand from our key customers in the commercial vehicle sector. This growth was mainly driven by the transition from EURO 2 to EURO 4 vehicle technologies and supported by post-pandemic transportation market recovery as well as increased OEM sales. Initiatives to expand component variety have yielded positive results, strengthening VKTR’s position as a preferred supplier in the industry. In addition, synergies with our subsidiary focusing on Commercial Electric Vehicles are expected to support future revenue growth as the Commercial EV industry expands.

Meanwhile, in the Commercial Electric Vehicle segment, the company expanded its client portfolio beyond B2G (Business to Government) to B2B (Business to Business), marked by the sale of electric buses to private companies in 2023.

Recognizing current market challenges and opportunities, VKTR has expanded its focus into the B2B sector, targeting industries that require vehicles for operations such as mining haulage, plantation logistics, and log transport. These efforts are supported by prototype development and promising product trials, signaling VKTR’s commitment to innovation and operational excellence. While the B2G sector remains an important part of VKTR’s strategy, this diversification aims to reduce dependency on government procurement, which may be influenced by political and economic factors.

The potential for commercial vehicle electrification is immense—there are over 6 million trucks and 260 thousand buses in Indonesia, with electrification rates for both types currently below 0.1%.

In addition, industrialization continues to be one of our strategic initiatives to strengthen our position as a pioneer in the commercial electric vehicle sector. This was marked by the groundbreaking ceremony of Indonesia’s first Completely Knocked Down (CKD) Commercial Electric Vehicle facility on February 27, 2024. Located in Magelang, Central Java, this facility is a joint venture between our company and body manufacturer Karoseri Tri Sakti under PT VKTR Sakti Industries (VKTS). The construction of this facility aligns with the government’s vision to implement Presidential Regulation No. 55/2019 in conjunction with Presidential Regulation No. 79/2023 on the Acceleration of Battery Electric Vehicle Programs for Road Transportation and to achieve the Net Zero Emissions target by 2060. The government fully supports the development of this facility. This marks an optimistic step in our long-term investment in VKTR’s growth.

Beyond industrial strengthening, the company is also boosting manpower to achieve targets, especially in sales, by recruiting employees specifically in the Commercial, Engineering, and Industrialization Divisions. The total number of employees has doubled compared to 2022.

“We acknowledge that, similar to previous quarters, sales performance in our electric vehicle (EV) segment continues to be impacted by temporary order delays from our B2G clients due to political events earlier this year. Nevertheless, we emphasize that our backlog remains strong. VKTR remains committed to our mission to accelerate sustainable mobility and lead the EV market in this country,” said Gilarsi W. Setijono, President Director of VKTR.

VKTR believes that the company’s strategic investments in local manufacturing, completion of the CKD facility in Magelang, and our diversification into electric mining trucks will contribute to long-term success. Despite short-term challenges, our strong order book and commitment to financial discipline position us well for the future.

“We appreciate the trust and support of our shareholders and stakeholders; and we remain dedicated to delivering value to you. Together, we will overcome these challenges and continue our journey toward a greener and more sustainable future,” he added.

The company also takes pride in its emissions prevention achievements. From a total of 60 VKTR electric buses operating with a combined mileage of ~4.8 million km as of February 2024, our electric buses have prevented up to 4,578 tons of CO₂ emissions (assuming bus fuel efficiency of 2.8 km/liter and each liter of diesel emits 2.68 kg of CO₂). This means approximately 4,995 hectares of vegetation would be required to absorb this amount of CO₂, or the equivalent of planting 208,000 trees.

Through its subsidiary, VKTR continues to provide innovative solutions to address sustainable financing challenges for commercial electric vehicles in accelerating their adoption in Indonesia—namely, by introducing the e-Mobility as a Service (e-MaaS) business model. Beyond sustainable financing solutions, VKTR is also in the preparation stage for a strategic partnership to boost sales penetration with one of Indonesia’s automotive industry pioneers, Indomobil, which has been operating for nearly 50 years.

About VKTR:
PT VKTR Teknologi Mobilitas Tbk. (VKTR – pronounced "Vector") is a pioneer in the electrification of the commercial vehicle segment in Indonesia. VKTR is committed to accelerating sustainable mobility in Indonesia through manufacturing and strategic partnerships with world-class electric vehicle producers

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VKTR Corporate Communications
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