Commercial new car sales in Indonesia (April 2026)

Research evidence excerpt

Commercial new car sales in Indonesia (April 2026)

18 May 2026

Mizuho Securities Equity Research Autos and Auto Parts

Industry Overview

Sharp increase owes partly to Lebaran holiday timing, but levels also look good

Senior Analyst: Summary

Yoshitaka Ishiyama According to GAIKINDO, new car sales in April rose 55% YoY to 81,000

+81 3 6202 8415 vehicles in the wholesale market and rose 30% YoY to 76,000 vehicles in the

yoshitaka.ishiyama@mizuho-sc.com retail market. The market share (wholesale) of Chinese automakers, which

has been trending upward for several months, ticked up to around 20% in April

(see Figure 5). The ratio of BEV sales (wholesale) rose to about 18%, and

this has also been trending upward over the past several months (see Figure

6). We attribute the sharp increase in YoY terms in part to the timing of the

Lebaran holiday, although we note that absolute sales levels came in higher

than we expected. If coal prices and palm oil prices were to continue rising,

this could potentially have a positive impact on demand in Indonesia, and we

will therefore be watching closely to see whether favorable demand trends

continue despite the uncertain market environment.

In April, wholesale sales of Mitsubishi Motors’ Destinator totaled 960 vehicles

(versus 1,314 in January, 821 in February, and 1,481 in March), while

production volume (including for export) totaled 4,853 vehicles (versus 4,621

in January, 5,707 in February, and 3,856 in March). Wholesale sales of the

Xforce totaled 233 vehicles in April (versus 399 in January, 431 in February,

and 298 in March), while production volume (including for export) totaled 2,225

vehicles (versus 2,372 in January, 2,033 in February, and 485 in March).

In April, wholesale sales of commercial vehicles (gross vehicle weight [GVW]