Jakarta, July 26 2024 – PT VKTR Teknologi Mobilitas Tbk (“VKTR”) has announced its consolidated financial statements for the first half of 2024 (1H24). VKTR recorded net revenue of IDR 409 billion, with total assets growing to IDR 1.717 trillion during the period.

The decline in sales is in line with the overall downward trend in national vehicle sales, which contracted by 19% year-on-year, with an even deeper decline in the commercial vehicle segment, which fell by 26% YoY, according to Gaikindo data. This decline was driven by external factors such as political conditions and global macroeconomic uncertainty, both of which have significantly impacted financial and banking conditions.

On the balance sheet side, VKTR recorded a 3% increase in total assets, reaching IDR 1.717 trillion in the first half of 2024, demonstrating the company’s commitment to continuing its business development. However, liabilities also grew 8% to IDR 563 billion, in line with increased trade payables to support VKTR’s growth.

VKTR has commenced the construction of Indonesia’s first commercial electric vehicle facility based on a Completely Knocked Down (CKD) system through its subsidiary, VKTS, located in Magelang, Central Java. Currently, VKTS is in the stage of building construction and utilities, which are targeted for completion in August 2024. Installation of machines and equipment is scheduled to begin in September 2024, with production line commissioning expected between October and November 2024. Timely completion of the CKD facility remains a top strategic priority for VKTR.

VKTR has also successfully completed its first prototype of a Light-Duty Electric Compactor, which is targeted for launch at the end of August. This milestone provides a solid foundation for VKTR’s expansion, particularly in the B2B segment through electric truck sales. This product marks a new chapter in VKTR’s portfolio, which previously served private companies and is now entering the state-owned enterprise (SOE) sector.

“At present, VKTR is focused on fulfilling client demand for electric vehicles, particularly in the heavy-duty and light-duty truck segments. Therefore, completing prototype manufacturing for client trials is one of our key priorities. With the completion of the VKTS facility, God willing, this will have a significant impact on accelerating the procurement of VKTR products,” said Gilarsi W. Setijono, President Director of VKTR.

Entering the third quarter, VKTR has also received additional product orders from one of the SOEs to supply the first electric trucks/compactors to be used in Indonesia’s new capital city (IKN) according to the region’s specific needs.

“We are also proud to announce that VKTR will supply the first electric trucks/compactors in IKN. This marks another milestone for VKTR, demonstrating the growing trust of our clients — from the private sector and now into SOEs,” added Gilarsi.

In addition, VKTR has expanded its portfolio to include forklifts and transporters. Overall, despite industry-wide challenges, VKTR remains optimistic about continuing to lead the electrification of commercial vehicles in Indonesia.

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 EV issuer in Indonesia to go public. VKTR is committed to accelerating sustainable mobility in Indonesia through manufacturing innovation and strategic partnerships with world-class electric vehicle manufacturers.

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VKTR Corporate Communications
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