Sector Update / Click here for full PDF version
Author(s): Aurelia Barus ; Halima Yefany
- During the event, Toyota launched the long-awaited Veloz Hybrid, securing over 200 orders to date, with deliveries expected in 1Q26F.
- Chinese brands introduced more affordable models, with Changan making its Indonesia debut at the event.
- We maintain our Neutral call on and the sector, given limited upside to operational performance at the current valuation.
Toyota launched long-awaited Veloz Hybrid
Toyota officially launched the long-awaited Veloz Hybrid (7-seater) on 21 Nov 2025, priced at Rp299-389mn (introductory pricing valid until Dec25), similar to the ICEV model. Sales representatives indicated more than 200 orders received so far, with deliveries expected from Jan-Feb26, which should support 's volume outlook. The promotional pricing is comparable to the Daihatsu Rocky Hybrid, although Rocky offers a more premium interior (Japan CBU) but only as a 5-seater. Toyota also announced the Urban Cruiser BEV at Rp759mn with a 427km range, slightly below the bz4x which now retails at Rp800mn (reduced from Rp1.2bn after CKD localization). However, we view the bz4x as more compelling given its longer 525km range and more premium features.
More affordable Chinese brands models offering
Sixteen Chinese brands participated in GJAW 2025 (vs. 10 in 2024), with Changan making its Indonesian debut, represented by Indomobil Sukses Internasional ( IJ, NR). Changan introduced two BEVs: Lumin - urban compact EV priced at Rp178mn (the cheapest in its class), competing with Wuling AirEV, with <100 units ordered since its 21 Nov 2025 launch; Deepal SO7 - SUV priced at Rp599mn, competing directly with BYD Sealion. Geely opened pre-bookings for: EX2 - urban compact BEV priced at Rp233-273mn (310-410km range, fast charging), and EM-i ( PHEV ) - priced at Rp499mn with fuel efficiency of 1l:26km. Both will be available starting Jan 2026. Wuling introduced two large MPVs: Darion EV (Rp356mn) and Darion PHEV (Rp439-489mn). Chery showcased the J6T off-road BEV SUV (Rp526-585mn, 431-436km range) and launched a new Tiggo 8 PHEV Comfort variant at Rp440mn (-14% vs its previous only premium type; 7% cheaper than the lowest Innova Zenix Hybrid). BAIC launched the BJ30 hybrid at Rp499-575mn, available as CBU and ready stock.
Maintain Neutral call on sector
Based on recent developments, we think 's market share may fall slightly below our FY25-26F expectation of 53%, driven by the growing availability of affordable new Chinese models and the lukewarm reception of the Veloz Hybrid so far. We maintain our Neutral call on and the sector, given limited upside to operational performance at the current valuation. 's share price has risen 30% YTD-25 and is now trading at 8x P/E FY26F (+0.3 s.d. above LT mean since 2021), which we believe has been supported by the improved total shareholder return (TSR) narrative. We prefer to wait and assess the execution and outcome of the plan review next year.
Sumber : IPS