Key View: We forecast total EV sales to rise by 69.1% in 2023 to reach around 17,500 units. Battery electric vehicles will lead the growth in volume terms as more automakers launch fully electric models. Demand will also be driven by a value added tax reduction, as EVs will attract a VAT of 1%. Indonesia will achieve an EV penetration rate (total EV sales as a % of total sales) of just 1.6% in 2023. We expect EV penetration to reach a high of 5.9% in 2032 absent direct EV purchase incentives aimed at lowering costs for consumers beyond the VAT reduction.
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