Commercial new car sales in Indonesia (May 2026)

Research evidence excerpt

Commercial new car sales in Indonesia (May 2026)

16 June 2026

Mizuho Securities Equity Research Autos and Auto Parts

Industry Overview

Sales still not bad; China’s market share and BEV ratio down

Senior Analyst: Summary

Yoshitaka Ishiyama According to Gaikindo, new car sales were up 14% YoY to 69,000 vehicles for

+81 3 6202 8415 wholesale and up 17% to 72,000 vehicles for retail in May. As has been the

yoshitaka.ishiyama@mizuho-sc.com case so far, sales were not bad overall. Chinese automakers’ market share

(wholesale basis) was around 15% (see Figure 5), and the ratio of BEVs

(wholesale basis) was around 14% (see Figure 6). Both figures had been rising

over the past few months but turned down in May. The Indonesian government

reportedly plans to launch a program to incentivize the purchase of EVs in July

(the launch date was pushed back by one month from June to July). As a result,

people may have refrained from buying in anticipation of these incentives, and

this factor may have lowered Chinese automakers’ market share and the BEV

ratio in May. We will be monitoring the sales trends as crude oil prices stabilize

to an extent as the situation in the Middle East improves.

Mitsubishi Motors’ Destinator logged wholesale sales of 1,668 vehicles in May

(versus 821 in February, 1,481 in March, and 960 in April), and production

(including for exports) was at 5,401 (versus 5,707 in February, 3,856 in March,

and 4,853 in April). For the Xforce, wholesale volume was 289 vehicles in

May (versus 431 in February, 298 in March, and 233 in April), and production

(including for exports) was 3,992 (versus 2,033 in February, 485 in March, and

2,225 in April).

Wholesale sales of commercial vehicles (gross vehicle weight of 5MT or more)