Indonesia’s electric vehicle (EV) technology company PT VKTR Teknologi Mobilitas (VKTR), a subsidiary of PT Bakrie & Brothers [BNBR:IJ], announced its plan to raise USD45m through an IPO on the Indonesia Stock Exchange in November, as reported by Nikkei Asia on August 30. The company primarily works on the development of electric buses, electric motorcycles, and charging stations. By offering 20% of its stake, VKTR’s CEO Gilarsi W Setijono anticipates the business will have a market capitalization of between USD220m and USD225m.
Previously, Chinese automaker BYD [1211:HK] inked a deal with PT Bakrie & Brothers and Indonesian auto parts producer Tri Sakti to promote its new energy vehicle (NEV) business in Indonesia. As part of the partnership, BYD delivered 30 units of its K9 vehicle, a low-floor battery-electric transit bus, to Transjakarta, a bus company in Jakarta. This is Indonesia’s first batch of fully electric buses to enter service. The Indonesian government recently unveiled plans for all new automobiles sold after 2050 as well as all motorcycles sold after 2040 to be electric. In the short term, Indonesia intends to have 20% of locally built cars be electric by 2025. There are now just 14,400 EVs in use in the country, compared to a total of 15m cars and 112m motorcycles.